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Artificial intelligence changes three key trends in the real estate industry
Artificial intelligence changes three key trends in the real estate industry
Whenever there is a question about the economy, various industries come under scrutiny, and real estate is no exception. The return to offices has been slow for some in the wake of the coronavirus pandemic, but there could be questions about an industry recovery. If it involves real assets, like real estate, then there's always a good chance an industry will bounce back.
Three key trends changing the real estate industry
Generative artificial intelligence
Artificial intelligence can promote the real estate industry in many ways develop. First, generative AI can create more accurate and precise representations of attributes. It can also identify different building types and create property descriptions based on buyer feedback and market trends.
Additionally, artificial intelligence can automatically review and analyze documents. It can also create personalized real estate listings based on data from sources such as social media. Artificial intelligence’s automation capabilities can take certain tasks off real estate professionals’ to-do lists so they can focus on more critical tasks without putting off anything.
Of course, artificial intelligence also has potential shortcomings, such as inaccuracies and biases. AI algorithms are trained on data, and if that information is incorrect, incomplete, or biased, then AI will produce these types of results.
Currently, traditional architects and interior designers are using artificial intelligence tools to save time as they insert their ideas into 3D spaces. This practice can be used in real-life real estate development and renovations.
Decarbonization and Sustainability
The real estate industry remains one of the largest causes of carbon emissions. This is due in part to the energy required to heat and cool buildings, as well as the electricity required to run the property.
More and more businesses and property owners are taking action to help decarbonise real estate, not only because it’s good for the environment, but also because it’s an incredible cost-saving measure. Paying attention to a building’s carbon footprint can help reduce energy costs and maintenance costs. Improved air quality provides tenants with a better living or working environment. Additionally, buildings are more attractive to potential tenants as they increasingly seek energy-efficient and sustainable properties.
The real estate industry is the largest CO2 emitter on the planet, and real estate-related climate technologies are beginning to explode, including not just software but also hardware and materials technologies that can decarbonize the industry. The interconnectedness of automation and smart building technologies with decarbonization will become increasingly clear as smart assets can become more sustainable assets.
Increase investment in real estate technology
In recent years, from a financial perspective, people’s confidence in real estate technology has waxed and waned. According to Forbes, global venture capital investment in real estate technology dropped from US$32 billion in 2021 to US$19.8 billion in 2022, a drop of 38%.
Despite this decline, real estate technology investment trends have been on the rise over the past five years. From 2017 to 2021, real estate technology funding increased from $10 billion to $32 billion. This rising trend demonstrates the importance of technology to real estate, especially when it comes to buying, selling and managing properties. The market is expected to reach $94.2 billion by 2030, so real estate technology investment is likely to increase.
Proptech funding also provides opportunities to create jobs and boost economic growth. If property is easier to buy and sell, the time that proptech saves for all parties can be used in other economic activities, creating opportunities for people to achieve their financial goals.
These trends not only have the potential to change the direction of the real estate industry, but will also have a significant impact on consumers’ lifestyle experiences and financial stability. Real estate is one of the most important assets in a person's life and it also contributes significantly to the carbon emissions problem, so there must be room for these trends to play out and help society.
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