Just as FinTech has aggressively spread globally using technology in finance, property technology is now emerging. Property Technology, popular referred to as PropTech, is an array of technological advancement and tools that are currently revolutionizing the way people operate, buy, sell and rent and properties. Globally, investment in PropTech is projected to reach $40 billion in 2021 from a mere $20 million in 2010. These new investments have been witnessed in portal listings, agency and brokerages, virtual reality, real estate crowdfunding, collaborative economy (shared spaces), big data and analytics, blockchain, artificial intelligence and smart building technologies. The advent of PropTech is seen to be making real estate development companies more efficient through the deployment of technology through its value chain.
At AIHS, we will be looking at various aspect of PROPTECH including:
▪ Artificial Intelligence
▪ Virtual reality
▪ Augmented reality
▪ Big data and analytics
▪ Smart building technology (Internet of Things- IoT)
▪ Construction technology
▪ Property listings
▪ Smart contracts
Projections are that the industry While hitting US$ 40 billion will see Asia Pacific region raking in about US$ 7billion. Venture capital firms are beginning to explore PropTech investments in Africa. Who will be the winners and losers? Who will be affected? Developers, Lawyers, Valuers, Construction Companies, or Agents?
What are the matters of concerns to various real estate stakeholders? These and many more will be the focus of conversations at the AHIS 2021 where the Property Technologists Association of Nigeria ( aka Nigeria Proptech Association) will be showcasing lots of innovation and transformation in the emerging PropTech Industry.