Digital technology is gradually changing the way we plan, build, maintain and use our social and economic infrastructure. The buzzword for the real estate sector now is property technology (Proptech) and most of the real estate players, large or small, are abreast on what advances it might bring to the sector. Proptech enables to bring the current piecemeal uses of technology into cohesive manner that will make economy more productive, improve standard of living, and our society more responsive to people’s needs and aspirations.
Therefore, with the rise of innovation, data democratisation and our growing understanding of how technology can give birth to new opportunities, Proptech will improve business performance and enhance the end-user experience. This indicated that the real estate sector is now poised for a “Proptech Boom”. While several companies are still in process of exploring enormous wave of digitisation and technology, below are some major developments that have emerged as of now: