The real estate industry is among the most popular, most profitable and fastest growing. The fact is that many people think that real estate is a great investment for the future. Indeed, anyone who invests in real estate will not go wrong. This can be noticed thanks to the increasing number of property technology startups that are trying to improve the market and offer new ideas and implement technologies.
Most startups of this type are launched in the United Kingdom, United States and Canada, which means these markets are extremely suitable for real estate investing. However, the real estate industry, as well as other industries, tends to grow and develop year after year. By some estimates, this industry will reach a whopping $45.3 trillion this year. However, as we said, trends are changing every year, regardless of industry. Today, we have decided to present to you some of the trends that will change the real estate industry in 2024. So, if you’re ready, let’s get started.
1. Transformation experts will improve productivity
Wondering how productivity can affect real estate? It is simple, productivity is very important for every industry, and therefore the real estate industry. The fact is that a large number of people work for a company that has office space in a particular building. Also, we all live in residential building. Therefore, the environment around us has a profound effect on us and our daily lives. This directly implies productivity, which is particularly important in the workplace.
What we want to say is that the implementation of new technologies for improving the interior space, whether our homes or workplaces, is one of the leading trends in the real estate industry. This trend is especially important for experts who are very capable of transformation, for example, the workplace into a comfortable environment that will greatly improve the productivity of people (workers) and thus bring greater profits. In 2024, there is a growing demand for people specialized in these issues.
2. The market will be strengthened with experts
You know, the fact is that in every industry you have experts and those who are less skilled. However, while knowledge can be acquired relatively quickly, experience is the thing that separates professionals from the average. Now, as technology becomes more and more prevalent in the real estate industry, this feature is very noticeable. For experts with experience, it will be very easy to adopt new trends and technologies and further improve their business.
This is also very important for anyone who trades real estate on their own. For example, you sell or buy a house for your family. You need an expert who can help you and who has experience and knowledge. Thanks to the advancement of this industry, 2024 will be the year of experts, not false advisers. By the way, we have one great example that can be linked to our previous example of selling or buying a home. If you really are looking for qualified and professional agents with years of experience, you can use the technologies (Internet in this case) to find them. Visit UpNest and you’ll notice that finding the right real estate agent has never been easier.
3. ConTech will revolutionize the industry
As you can see by now, technology and its implementation will have a major impact on the real estate industry in 2024. With that being said, we must emphasize the impact of ConTech in months to come. In case you don’t know, ConTech involves application of new technologies in the development of 3D and even 4D model buildings that would then be presented to customers. ConTech involves construction work using technologies such as virtual reality and augmented reality, wearable technology or drones.
For example, VR is used to create 4D models and present them to interested parties. AR, on the other hand, is a great thing for presenting a realistic appearance of a future building, both interior and exterior and even very detailed things such as the appearance of furniture or the distance between walls. All of this is great and is revolutionizing real estate. Also, construction is considered a crucial part when it comes to a building. Thanks to the use of ConTech, any shortcomings can be anticipated.
4. The growth of property technology (PropTech) startups will slow down
In the past, everyone following the trends in the real estate industry has witnessed the launch of a number of new startups that are looking to improve the business of agencies and individuals to buy, sell, or manage real estate through analysis and research using new technologies. So far, the demand for the services offered by these startups has been high because information technology can enhance the business of one real estate agency, for example.
However, a trend that will become evident in 2024 is that the need for new startups will start to diminish or rather be slowed. This is quite a normal thing because it indicates the normal functioning of the market. Also, this will mean that PropTech startups will improve their business and offer even better services.
5. Increase investment in PropTech startups
As we said in the previous section, PropTech startups have reached critical numbers, so in the coming months, the emergence of new ones will slow down, which is good when it comes to market functionality. However, the progress and further development of existing startups (currently over 7000) will not stop. All experts predict that new investments will come in, especially across borders.
Simply, the services offered by PropTech startups are much sought after, so it is logical to make further progress in this area of the real estate industry. Perhaps the greatest demand will be present in Africa and Latin America as that part is still underutilized. It has a really high population but also a lot of potential that must be harnessed.