By Shafa’at Gilani & Esa Imran
What is Proptech?
Simply put Proptech is the marriage between property and technology. It can be as simple as listing a property on an online marketplace, to as complex as breaking down a multi-story apartment complex into asset-backed tokens and trading them on a virtual exchange. Tech
enablement of real estate has been a revolutionary step towards user convenience and asset liquidity, whether the objective is to make capital gains or to own an asset.
Global trends in Proptech
Proptech is not a destination, but a journey. Broadly speaking there have been three major waves of revolution in Proptech powered by the pace of technology and its inclusion within real estate. The spectrum ranges as follows:
Proptech 1.0: PropTech 1.0 ranges roughly from 1982 with the introduction of Personal Computers and the launch of Autodesk.
Proptech 2.0: The second wave mainly focused on property and portfolio management, mapping, insurance, and IoT.
Proptech 3.0: PropTech 3.0 involves the introduction of big data, augmented and virtual reality, blockchain-based platforms, as well as 5G technologies etc.
Although real estate was one of the last few industries left majorly untouched by technological progress, the merger between technology and real estate is now in full flow. Globally, Proptech is in its second generation (PropTech 2.0) and, with the growing fame of virtual reality, IOT and cryptocurrencies, it is now heading towards the revolution.
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Read Full Story: https://en.dailypakistan.com.pk/28-May-2022/proptech-the-inevitable-digitization-of-real-estate-in-pakistan
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