How is Proptech Revolutionising the Real Estate Sector?

 
 
 
Posted by: IIPS Category: Daily Insights Tags: Comments: 0

Globally, new innovative digital technologies have been introduced into the real estate industry, changing how properties are constructed, sold, and managed. The real estate industry embraces digital transformation for better efficiencies, cost reduction and enhanced decision-making to deliver better customer experiences and satisfaction. Over the years, several technologies like Proptech, Blockchain, Artificial Intelligence, and Asset Tokenisation have made their way into the real estate sector to make it sustainable, profitable and transparent.

Proptech or Property Technology is a digital tool used to optimise the way people buy, sell, research, market, and manage a property. It makes the data collection process easier through Artificial Intelligence (AI) driven marketing, evaluating the development, investment, leasing, buying, and selling strategies. It enhances the automation of paperwork and secures remote transactions. Using such tech tools saves considerable time obtaining property data, land registry, technical information and surveys, and co-ownership information. These technologies are considered a real revolution for the real estate industry. However, Pakistan is also trying to adopt these innovative practices and technologies to benefit from the technological era.

PropTech has rapidly transformed real estate investments and services by bringing a diverse talent pool of people with academic and professional backgrounds in various fields. According to Savills Impact Report, PropTech has significantly increased overall investments in the real estate sector, increasing the digitisation of real estate assets and investments.

 

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IMARAT Institute of Policy Studies

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