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PropTech Industry: Ten Leading Trends for 2023

Emmanuel Nnaemeka

Nairametrics

  Studies on industry trends are very important for businesses and their founders as they will help them plan, restrategize, revamp and remodel their operations. It’s also good for investors as well as various industry stakeholders who may glean these trends and make the right decision when it comes to investments and other business undertakings.
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Like any other industry, the PropTech industry is saddled with new trends and emerging patterns that industry stakeholders must take note of. In Nigeria, there are dozens of PropTechs solving the housing deficit that has become commonplace, especially in urban areas. To optimize solutions, it is important to review the leading trends in the industry so that founders can leverage them. Virtual and augmented reality technology is becoming more advanced and accessible, allowing for virtual tours and 3D renderings of properties to be created easily. This technology is becoming increasingly popular as it allows potential buyers or renters to get a better sense of a property before visiting in person. With the growing popularity of the Internet of Things (IoT) and advancements in technology, smart homes and buildings are becoming more prevalent. This includes features such as automated lighting, temperature control, security systems, and other features that can be controlled remotely through a smartphone or other device. Blockchain technology is being explored as a way to improve the transparency and security of property transactions. It could also be used to create digital records of property ownership and to facilitate the buying and selling of property through smart contracts. AI is being used in the PropTech industry to analyze data and make predictions about market trends, property values, and other factors. This technology can also be used to automate tasks such as property management and leasing.
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With an increasing awareness of the need for sustainable living, more and more properties are being built with energy-efficient features such as solar panels, green roofs, and other environmentally-friendly technologies. The trend of co-living spaces, where multiple individuals share a single living space, is becoming more popular as it allows for more affordable housing options for young professionals and students. Online platforms, such as online property marketplaces, are becoming increasingly popular as they provide a convenient and easy-to-use way for buyers, sellers, and renters to connect. As urban areas become more densely populated, micro-apartments are becoming an increasingly popular housing option. These small apartments are designed to be compact and efficient, making them well-suited for city living. The trend of flexible office spaces, where individuals or companies can rent office space on a short-term or flexible basis, is becoming more popular as it allows for more flexibility and cost-efficiency.
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Crowdfunding is becoming an increasingly popular way for property developers to raise capital for new projects. This allows individuals to invest in property development projects and potentially earn a return on their investment.

Closing Remarks

It’s worth noting that the trends mentioned above are not mutually exclusive, but rather complement each other to change the way the real estate industry will function in the future. The PropTech industry is expected to grow significantly in the next couple of years, as more and more companies and property developers adopt technology to improve the efficiency and accessibility of property transactions. Featured Image Source: Nairametrics
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