Digital real estate takes the limelight in 2023

AI and the metaverse are among the proptech trends to take centre stage

VR and AR have become a staple in real estate. Sorn340StudioImages/Shutterstock

Over the past few years, the pandemic has prompted industries to adapt to the unprecedented situation. Fortunately with the current technological advancements, the real estate industry was able to integrate itself into the digital market. Now, with the doors of real estate widening, the floor has opened for new trends to foster.

Artificial Intelligence

Albeit not a new trend, Artificial Intelligence (AI) has become a favourite for most industries. Yet in real estate, an emerging AI trend – quantum computing AI – has so far seen limited attention. This methodology was recently used by Finnish computer company CSC to calculate the price of homes in Helsinki in 2021 through the use of data from the previous ten years. Their findings unveiled that the actual EUR5,009 per square metre price was very close to the predicted EUR4,997 per sqm.

By 2021, the global quantum computing market size is forecasted to grow USD1,765 million in 2026 from USD470 million in 2021.

Virtual Viewing

Virtual Reality (VR) and Augmented Reality (AR) are becoming a staple in the real estate industry. Throughout the era of social distancing, investors and homebuyers alike have been able to check the layout of the units, buildings, or houses they consider purchasing without having to step out of the door. VR and AR have also allowed potential buyers to see the house, possible layouts, and ways of expansion online easily rather than going to an in-person live showing.

The Metaverse

This year, Forbes revealed that the Metaverse technology will continue to steer the sector. In 2021, the global metaverse real estate market was worth USD821.9 million and it is projected to surge to USD5.95 billion by 2028. The metaverse has aided the industry wherein it served as a digital place to interact with one’s peers, own different assets, and diversify one’s portfolio.

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PropertyGuru, Southeast Asia’s leading PropTech company, has been at the helm of these trends. The most recent acquisition of the start-up Sendhelper has offered digital convenience to homeowners and tenants in Singapore. With this application, users may search for and book home services, including cleaning, air conditioner maintenance, and handyman and repair services, among other necessities.

“Homeowners and tenants can enjoy transparent pricing, quality service, and flexible scheduling options from a network of trusted and legally operating vendors, thereby saving time and effort in looking for service providers from multiple platforms. Sendhelper [by PropertyGuru comes with] over 2,000 trained and verified freelancers in Singapore,” said PropertyGuru in a statement.

All these trends are rooted in the idea of making real estate easier for anyone and everyone involved in real estate, whether it is a buyer, an investor, or an owner. As the trends grow and the doors of real estate stay open, the future will see a real estate industry made more convenient and accessible.

The Property Report editors wrote this article. For more information, email: [email protected].