Global Proptech Predictions for 2023

Proptech is a fast-growing marketplace in 2023, following on from strong growth in previous years. In the UK alone, there were several major funding rounds in 2022, along with multiple significant mergers, partnerships and acquisitions. On top of this, new products and services are being developed all the time, with proptech start-ups emerging and making waves.

As a long-time professional in the property industry, Ryan Mahoney of Dubai, UAE, keeps abreast of all new proptech developments. As 2023 gets underway, there are various emerging trends to keep an eye on.

Workplace Tech

Many experts are predicting an increase in workplace technology in 2023, with tech either supplementing or in some cases replacing human employees. While some staff functions may be replaced by tech, the overriding idea is to boost employee productivity by automating certain processes and systems, leaving people with more time to focus on interpersonal professional relationships and other tasks. In real estate, this is likely to materialise in areas such as digital home viewings, online portals and lead nurturing.

Quality Vs. Quantity

The cost-of-living crisis has resulted in a slowdown across the global real estate market. One of the major effects of this is that customers who are looking to buy property are more likely to be focused on high quality. With less money available for the majority, those who are seeking to purchase are looking for the best possible return on their investment. With these discerning consumers at the forefront, real estate developers and marketers are increasingly looking to offer value for money.

Increased Focus on ESG

2022 saw an increased focus on ESG — which stands for environmental, social and governance — in the proptech industry. Experts are predicting this trend will continue into 2023 and beyond. Real estate investors are therefore looking for proptech that can offer real-time metrics tracking how sustainable their investment is. This could involve looking for real estate investments that include social housing or rehabilitating public spaces or looking at opportunities for greener housing developments.