Is proptech a real game changer for the real estate sector?

  • Date: 13-Nov-2020
  • Source: Gulf Business
  • Sector:Real Estate
  • Country:UAE
  • Who else needs to know?

Is proptech a real game changer for the real estate sector?

The advent of innovative technology solutions and the gains reaped from it have catalysed digital enablement across most industries.

Real estate is no exception.

As the industry grew more receptive to disruptive technologies, prodded by widespread digital adoption and the demand for greater convenience, it saw the rise of specialised tech solutions focused on real estate asset and property management - known as proptech.

The scope of proptech has expanded significantly in recent years to include information transparency, AI-powered valuations, virtual viewings, online listings and blockchain transactions, among others. With widespread adoption, 2019 proved to be a banner year for proptech, securing $2.6bn of global investment, up from $1bn in 2016, a KPMG report suggests.

"There has been increased demand for proptech related services within the real estate industry. Part of this can