PropTech refers to the latest in modern technologies that are reshaping the property market as we know it. Think online property apps, virtual apartme
PropTech refers to the latest in modern technologies that are reshaping the property market as we know it. Think online property apps, virtual apartment tours and smart home technologies. The rate at which knowledge in this sector is rising means that the future holds exciting prospects for property, aiding consumers in streamlining the processes of buying, selling and renting.
Despite a wealth of smart technologies becoming a standardised component in many new homes across the world, there is still more to be explored in this forever growing field. Imagine your fridge ordering food shopping by itself, or a building that can measure its own energy consumption.
Breakthroughs like this will not only revolutionise residential living but will also transform the corporate property sector. Employees will be able to order a cappuccino from a phone or tablet app and pick it up from the coffee machine next-door after a few moments whilst also having the capacity to personalise office space and meeting rooms with preferred lighting and temperature settings.
London-based company Pavegen is taking things one step further. They are presently in the process of developing a revolutionary form of flooring which generates renewable energy from the pressure of footsteps. In an environmentally conscious world, reducing energy usage is a popular choice for many. The use of smart, low-carbon technologies is appealing for those on the hunt for property investments or for everyday homeowners looking to cut costs. Pavegen’s concept is a total winner, leading us away from reliance on the natural elements and finding a way to incorporate energy creation into ordinary human activity.
Blockchain is a technology recently surfacing on the PropTech spectrum. It uses an intelligent database that allows for the transfer of digital assets immediately without a third-party.
What does this mean for the property industry? Property exchanges such as mortgages which can take weeks to be processed could now be carried out in an instant. It’s a type of smart contract that doesn’t require the involvement of parties like solicitors, saving users heaps of money when it comes to opting into a property agreement. The digital ledger is a reliable and public source that eliminates the potential for errors and foul play by associated parties and thus will improve exchanges of property immensely in the future.
3D printing may already be in motion, although it is set to get a lot more advanced in upcoming years. In 2016, Beijing company Huashang Tengda revealed the first house constructed purely from three-dimensional printing technologies. Instead of the build taking place over a number of sessions, this was the first instance to successfully complete the build in one go.
The lack of man power is by no means an indication of inferior strength, with the project created with natural disasters in mind. Numerous tests proved that the building can withstand substantial seismic activity typical of that in China itself. If 3D printing of this nature grows in demand over the next few years, the vulnerability of populations at risk of earthquakes could be significantly reduced.
Using machinery as a substitute for conventional construction means that developments can be created in half the time whilst cutting employment costs. It seems to be a very economical possibility for the future market of property development.
From controlling your home, buying a home, to building a home, PropTech is progressing every day and paints a very bright future for property and those who interact with the industry in years to come. It’s not only changing the way we live, but also improving the way we build and buy property to ensure security, safety and efficiency.