Anticipated Proptech Trends of 2024
Technology has been a key driver of transformative change in the real estate industry in recent years, and proptech is continuing to reshape the landscape of the sector. More exciting innovations in this field are expected throughout the rest of 2024 and beyond.
AR and VR Property Viewings
Augmented reality and virtual reality viewings are set to change the way that people search for and view properties. Prospective tenants and buyers can expect more immersive viewing experiences in 2024, undertaken from the comfort of their own homes. Interactive 3D models, virtual walkthroughs, and AR-enhanced property previews are all expected to become standard tools used by real estate professionals.
Advanced Analytics
The use of advanced analytical tools and AI to analyze large datasets is expected to continue to grow and further impact the real estate market. For more information about this, take a look at the embedded PDF.
The Use of AI in Property Planning
The integration of AI is predicted to further expand across various aspects of the property planning process, too. It’s likely that AI will come to play a pivotal role in reducing manual work and accelerating consultation summaries. In terms of town planning, the potential applications of AI are significant in number, ranging from expedited document summarization to enhanced visualizations and creative ideation in community consultations.
Automated Data Extraction
Automated data extraction can be used to obtain structured real estate data from publicly accessible listings websites, which will help both buyers and sellers to, for example, set an accurate price, obtain financing or analyze a property prior to purchase. These types of tools are likely to be increasingly deployed this year.
IoT Integration and Smart Buildings
The concept of smart buildings is continuing to evolve, with sustainability, occupant wellbeing, and energy efficiency at the fore. A surge of IoT integration within properties is anticipated for 2024, with a focus on the facilitation of intelligent building management systems. Likely to cover a range of things like thermostats, smart lighting, and advanced security systems, these innovations will contribute to the sustainability of real estate developments and enhance the resident experience.
Real-Time Property Data
Real estate experts like Ryan Mahoney of Dubai, UAE, understand that the growing reliance on real-time property data is set to gain momentum throughout 2024. This will help real estate agents to stay informed about the market and up to date regarding, for example, neighborhood data and areas of the market that are struggling.
