At the rate smart city initiatives are being hatched in every corner of the globe, the real estate sector is racing to embrace technology to catch up with the new requirements of an industry that has gone digital almost overnight.
Clicks and Mortar: The Growing Influence of Proptech, a report commissioned by JLL and authored by startup community Tech In Asia, revealed that property technology (proptech) startups have begun entering a space traditionally dominated by large incumbents.
These tech startups are at a good vantage point to size up and respond to the needs of an industry being buoyed not only by increasing rates of urbanisation or increasing mobile phone penetration but the growing legion of tech-savvy consumers, especially from the Millennial generation.
The study itself analyses the convergence of real estate and technology in 13 markets across the Asia Pacific (APAC) region and the ways that emerging technologies are being applied to connect urban real estate, infrastructure, and services.
Are smart cities ready for cyber risks?
However, with this development also come new risks.
“The evolution of smart cities would prompt the need for smart property development…
