{"id":57935,"date":"2023-07-22T08:50:43","date_gmt":"2023-07-22T05:50:43","guid":{"rendered":"https:\/\/amlak.net.sa\/?p=57935"},"modified":"2023-07-22T08:50:43","modified_gmt":"2023-07-22T05:50:43","slug":"%d8%aa%d8%a3%d8%ab%d9%8a%d8%b1-%d8%aa%d9%83%d9%86%d9%88%d9%84%d9%88%d8%ac%d9%8a%d8%a7-%d8%a7%d9%84%d8%b9%d9%82%d8%a7%d8%b1%d8%a7%d8%aa","status":"publish","type":"post","link":"https:\/\/amlak.net.sa\/en\/57935\/","title":{"rendered":"\u201cProptech. Real estate tech innovations are changing the industry's navigator"},"content":{"rendered":"

\u00a0<\/strong>Real estate technology is \u201cProptech<\/a><\/strong><\/span>\u201dReal estate is a fast-growing sector that is changing the way real estate is bought, sold and managed, and according to the latest technologies, which can help change the prevailing cultures and the desires and needs of customers in the real estate sector, and this technology has become intertwined in all components and stages of real estate development from the smallest to the most complex, from establishment, planning and engineering drawing to marketing, sales and preparation for implementation, in addition to new technologies regarding construction materials and logistics of the property and energy saving technologies, as well as technology for operating and monitoring real estate facilities.<\/p>\n

25 billion in real estate technology<\/strong><\/span><\/h3>\n

The global real estate technology market was valued at $25 billion in 2021 and is expected to reach $64.3 billion by 2028, rising at a market growth rate of 15.4% from 2023 to 2028. According to a report by MAGNiTT, a total of $128 million in funding was directed to the real estate technology industry by 2021 in the Middle East and North Africa (MENA) region.<\/p>\n

The report also stated that Egypt accounted for 11% of the total deals in the region. Traditional property management processes are time-consuming, costly, labor-intensive, and resource-intensive, as they involve managing the day-to-day operations of the property, such as rent collection, facility maintenance, dealing with tenants, as well as dealing with legal issues, such as ensuring compliance with local laws and regulations.<\/p>\n

Many landlords and property owners are looking for ways to reduce the time and cost of property management.<\/p>\n

The real estate industry and digital transformation<\/strong><\/span><\/h3>\n

With the rapid development of the real estate market and the increasing reliance on technology, it is more important than ever for the real estate industry to embrace the digital transformation in real estate management, as modern properties benefit from technological solutions that aim to make real estate transactions simpler and safer, from making offers and showing properties online to signing contracts digitally.<\/p>\n

Real estate search platforms and virtual reality have reshaped the sales process around the world, allowing customers to view every single detail about the property they desire remotely and can take a virtual tour inside the building. One of the pioneers of this type of technology globally is the ZILLO platform in the United States of America and ZOOPLA platform in Britain. .<\/p>\n

Real estate technology has also impacted project owners on a deeper level, resulting in more accurate and timely investments and increased profitability with the use of construction and planning technologies including 3D modeling and simulation along with a clear Building Information Management (BIM) system.<\/p>\n

Market studies have shown that 80% of companies using Real estate technology<\/a><\/strong><\/span> 70% of these companies have seen a positive impact in managing operations and service delivery, 70% of these companies have seen more efficient decision-making and an increase in funding, and real estate technology has become the most common feature of the real estate industry today. In fact, about 58% of real estate companies are using at least one or two real estate technology tools nowadays.<\/p>\n

What does the term \u201cProptech\u201d mean?<\/span><\/h3>\n

The term \u201cProptech\u201d or real estate technology refers to the integration of technological solutions in the real estate management sector, to provide effective and quick solutions to many obstacles such as energy efficiency and automation of real estate services by leveraging the latest technological developments such as digital property management systems, dashboards for project analysis and tracking, smart home technologies to monitor energy usage and security systems, and much more.<\/p>\n

Digital transformation in the real estate sector contributes to providing better service by analyzing data and information, leading to smart decision-making, improving efficiency, and saving resources across the board without sacrificing the quality of service that customers expect from any residential or commercial property.<\/p>\n

Proptech offers a range of benefits to any property owner, from improved accuracy and efficiency in their property management systems to comprehensive digital dashboards that provide visibility into their operations. In addition to smart home technologies that enhance the efficiency of property maintenance operations and help save on energy consumption.<\/p>\n

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