Technology in real estate has dramatically transformed the industry over the past few years. Proptech, as it is commonly called, is found in the start-up space, within real estate businesses and in education institutes working on technologies that influence the built environment. Proptech innovations range from digital portals and platforms to the latest in architecture, construction methods, materials and environmental alteration.
According to CREtech, more than US$14 billion (RM56 billion, or almost double the value of Malaysia’s residential transactions) were invested in real estate tech start-ups in the first half of 2019. Proptech companies can be found in various categories in residential and commercial real estate and use virtual reality, blockchain and big data, among other innovative technoligies.
In my opinion, there is now clarity in proptech, heavily focused on the following key areas:
• Faster and more automated construction;
• Streamlined purchase processes;and
• Data that delivers insights on commercial real estate.
