The reality is that technology is dramatically reshaping property markets throughout the world, with real estate companies being forced to quickly adapt to the digital age or get left behind. A recent article featured on Property Week talks about how blockchain supply chain, cryptocurrencies, artificial intelligence (AI) and virtual reality is driving a massive evolution within the property sector.
Over the past few years Property Week has conducted an ongoing survey to track this space. When it first launched in 2017, the survey showed that 91% of respondents said investment in technology would have a positive impact on their revenue over the next five years. This figure then increased to 95% last year, but now the stats show that 96% respondents expect investment in technology will have a positive impact on revenue, with 54% believing they expected it to have a ‘significant impact’.
How well has South Africa embraced PropTech? Many believe that it’s hotting up with a number of start-ups making waves in the PropTech space and an increasing number of established companies completely changing the way in which they do business.
There is no doubt that technology will play an increasingly crucial role in the success or failure of any real estate company in South Africa. At Galetti Corporate Real Estate, we ensure we remain at the forefront of this by developing proprietary software that enables us to closely monitor the market, and our team attends PropTech conferences around the world so that we have an in-depth understanding of trends and forecasts.
Read more about the Property Week survey here: https://www.propertyweek.com/client-solutions/power-of-proptech-2019-proptech-makes-waves-in-sector/5103227.article.
Stay tuned for some insights from the most recent PropTech conference we attended in London.