Video first published on 01 March 2020
The real estate industry is on the cusp of technological upheaval but is playing catch-up with more innovative sectors.
In real estate transaction speeds are significantly lower because of the enormous legal hurdles in place, no matter what the geography is. Nonetheless, a case can be made that both LegalTech and fintech will provide a basis for the rapid growth in proptech.
Globally, significant proptech opportunities arise from two areas, the first, a $3 trillion market over the next 20 years for Smart Cities, and the second, the estimated additional value to the world economy of $300–$400bn from blockchain alone. Additionally, proptech can bring greater social benefit by harnessing Big Data to understand the interplay between infrastructure, human activities, and the broader urban environment.