The impact of technology on real estate

The impact of technology on real estate

Technology is rapidly entering all spheres of our lives and the real estate sector is no exception. There is a distinct industry dedicated to implementing technology in the sector, called “proptech” (property technology). Let’s see precisely how technological tools affect the way we buy, sell, and rent properties, as well as what the residences themselves represent.

The first step, of course, is the construction of the property. New technologies play a key role right from the start, with 3D printing of buildings becoming increasingly widespread and affordable. This not only saves time but also significantly reduces the cost of property and labor. An interesting fact is that Dubai plans, by 2030, for 25% of newly constructed buildings to be made through 3D printing.

Moving on to the viewing and selection of a property. This process has been greatly facilitated thanks to modern platforms. They offer search, filtering, and personalization methods that were not possible a few years ago. Users are now much more informed, which predisposes them to make the right decisions regarding sales, purchases, or rentals, as well as to avoid abuses. And the best part is that everything is just a click away.

Here virtual and augmented realities come into play. With VR, we can look at a property located on the other side of the world without having to get up from the couch in the living room. Augmented reality often helps us visualize what the furniture we are about to choose would look like. This definitely makes the buying, selling, or renting experience not only more convenient but also much more satisfying.

The so-called “smart” homes are gaining increasing popularity. Smart appliances, intelligent lighting, voice assistants, and numerous other gadgets and functionalities that aid households. These accessible conveniences turn the home into a space dedicated to maximum facilitation and assistance in everyday life. There is an expectation that more thought will be put into environmental conservation in the construction of homes. A step in this direction is for buildings to produce the energy they consume to avoid drawing from other sources.

The payment and finalization of transactions are also becoming more modernized. It is likely that soon, this process will happen entirely online and much faster, thanks to a variety of technologies like blockchain.

The proptech industry is developing along with all new technological solutions and will further optimize methods of construction, buying, selling, and renting properties. It remains for us to follow the new trends, adapt to them, and take advantage of the numerous benefits they offer.