How is Proptech making waves in Asia Pacific?
Proptech start-ups are both driving change and catering to the changing demands of the real estate industry in Asia Pacific.
Defined as digitalization of services and products to improve real estate processes and solve the modern challenges facing the industry, Proptech is a fast growing area. Global investment has risen by 36 percent from 2015 to hit US$2.67 billion, according to research from CB Insights.
“Data analytics, artificial intelligence, the Internet of Things, virtual reality, blockchain – all of these will have significant repercussions for how we invest in and occupy real estate in the future,” observes Anthony Couse, CEO of JLL Asia Pacific
And Asia Pacific is leading investment into proptech start-ups. A new report by JLL shows that US$4.8 billion of US$7.8 billion worth of funding poured in Asia Pacific proptech start-ups between 2013 and 2017.
“There is a great deal of potential for proptech in Asia Pacific,” adds Couse. “With its young population, rapid urbanization and ‘mobile first’ mindset, all the conditions are in place for this new sector to accelerate.”