THE PROPTECH PRIMER

While tech­nol­ogy is chang­ing the world, the prop­erty in­dus­try has lagged far be­hind

The Peak (Hong Kong) - - Contents - STORY JIMMY CHOW IL­LUS­TRA­TIONS PERRY TSE

Tech­nol­ogy is chang­ing the world, from fi­nance to en­ter­tain­ment. The prop­erty in­dus­try – par­tic­u­larly in Hong Kong – has lagged far be­hind. But there are big trends emerg­ing around the world that could change the na­ture of ev­ery­thing from build­ing a new home to reg­is­ter­ing ti­tles that could up­end the mar­ket. Here are some ex­am­ples of proptech and how it could change the prop­erty busi­ness in Hong Kong.

Proptech, the con­ver­gence of prop­erty and tech­nol­ogy, is re­shap­ing the way real es­tate is built, oc­cu­pied, man­aged, trans­acted and recorded. Like the fin­tech in­dus­try, the proptech in­dus­try re­volves around thou­sands of start -ups look­ing to dis­rupt the way real es­tate mar­kets work, and the ven­ture cap­i­tal­ists that sup­port them. How elite prop­erty de­vel­op­ers and gov­ern­ments get in­volved is an emerg­ing topic.

In Hong Kong, some com­pa­nies work­ing in prop­erty have be­gun adopt­ing proptech, but by and large, the in­dus­try and reg­u­la­tors have been slow in tap­ping into these ad­vances, and an­a­lysts point to a num­ber of rea­sons for this re­luc­tance.

One rea­son, ac­cord­ing to a re­search note of con­sul­tancy JLL, is “the high cost of liv­ing in Hong Kong and the city’s his­tory as a tra­di­tional fi­nan­cial cen­tre have ar­guably held back in­no­va­tion and the de­vel­op­ment of the tech in­dus­try in Hong Kong.”

An­other is red tape. Dr. Con­rad Tang, chair­man of the land sur­vey­ing di­vi­sion at the Hong Kong In­sti­tute of Sur­vey­ors (HKIS), says reg­u­la­tors are al­ready swamped with their daily tasks, and to pro­mote the use of proptech across govern­ment, a spe­cial task force has to lead the ini­tia­tive. Other rea­sons in­clude the highly com­pet­i­tive agency busi­ness and a stag­nant se­condary mar­ket, as home sell­ers see no in­cen­tive to in­vest in ex­tra mar­ket­ing.

But still, the pri­vate sec­tor has ben­e­fit­ted by adopt­ing proptech so­lu­tions. For ex­am­ple, co-work­ing space own­ers or op­er­a­tors are us­ing sen­sors to de­tect which con­fer­ence room or cu­bi­cle is va­cant, and there­fore can make a full use of the empty spa­ces, says Jeremy Shel­don,

man­ag­ing di­rec­tor for mar­kets and in­te­grated port­fo­lio ser­vices, JLL Asia Pa­cific.

Mean­while, in­vest­ment in prop­erty tech­nol­ogy is pour­ing in. Ac­cord­ing to a No­vem­ber 2017 re­port by JLL, 179 prop tech star­tups based in Asia-pa­cific re­ceived US$4.8 bil­lion in in­vest­ments since 2013, or over 60 per­cent of the to­tal proptech in­vest­ments world­wide. Hong Kong and main­land China were the big­gest re­cip­i­ents of these in­vest­ments, with US$3 bil­lion.

Hong Kong also has fur­ther am­bi­tions to be­come a global hub for in­no­va­tion and tech­nol­ogy. It ear­marked HK$10 bil­lion in 2017, and an­other HK$50 bil­lion this year to boost the sec­tor, specif­i­cally biotech­nol­ogy, ar­ti­fi­cial in­tel­li­gence, smart cities and fi­nan­cial tech­nolo­gies.

Like­wise, the Hong Kong Science and Tech­nol­ogy Parks Cor­po­ra­tion launched the Global Ac­cel­er­a­tion Academy in April 2017. Open to start-ups from around the world, each pro­gramme will have a three-month du­ra­tion and HKSTP and the part­ner com­pany will pro­vide work­shops to the start-ups and help them gain bet­ter un­der­stand­ing of the mar­ket trend of the in­dus­tries.

Could proptech so­lu­tions be one of the big new start-up sec­tors to hit Hong Kong? Here are some key trends to watch:

MAK­ING SMART SPA­CES FIT TO­GETHER, BET­TER

In­te­grat­ing In­ter­net of Things (IOT) de­vices, Wifi con­nec­tiv­ity and cloud com­put­ing, smart build­ing and of­fice de­sign are re­defin­ing workspaces and build­ing man­age­ment. They im­prove space util­i­sa­tion, in­crease pro­duc­tiv­ity, and en­hance en­ergy ef­fi­ciency, says Shel­don.

In par­tic­u­lar, co-work­ing spa­ces have ben­e­fited from the use of sen­sors, Wifi and con­nected de­vices like smart TV or screen that con­nects to lap­tops for pre­sen­ta­tions. Com­ple­men­tary IOT sys­tems boost en­ergy ef­fi­ciency.

Recog­nis­ing the ben­e­fits of cowork­ing spa­ces, such as in­creased in­ter­ac­tion be­tween em­ploy­ees, large firms are also shift­ing some of their teams, es­pe­cially those in in­no­va­tive and R&D work, to these spa­ces. In Hong Kong, HSBC, Deloitte and Man­ulife have al­ready moved teams to co-work­ing spa­ces.

Swire Prop­er­ties, whose co-work­ing space and of­fice were fit­ted with LED sen­sor light with auto on/off func­tion, has inked a

deal with Wework to lease four floors pro­vid­ing about 54,000 square feet of space in a com­mer­cial tower in Taikoo Shing. And with or­gan­i­sa­tions us­ing the work­place to boost em­ployee en­gage­ment and at­tract and re­tain tal­ent, there will be a con­tin­ued rise in com­pa­nies us­ing co-work­ing spa­ces in 2018, Shel­don says.

Also, us­ing an in­te­grated Build­ing Man­age­ment Sys­tem (BMS) to cen­tralise the oper­a­tions of build­ing ser­vice com­po­nents, from CCTV and ac­cess con­trol to HVAC, en­ergy use can be op­ti­mised and re­duced, which helps build­ing own­ers achieve green build­ing ac­cred­i­ta­tions, such as LEED is­sued by the US Green Build­ing Coun­cil (USGBC) and BEAM Plus by the Hong Kong Green Build­ing Coun­cil (HKGBC).

There are about 1,400 greencer­ti­fied build­ings in Hong Kong, a prod­uct of the govern­ment’s in­cen­tive to grant ad­di­tional build­able area on new projects that re­ceived a green-build­ing cer­ti­fi­ca­tion. An­other in­cen­tive is that MNCS pre­fer leas­ing LEED cer­ti­fied of­fice space be­cause of their sus­tain­abil­ity pol­icy.

How­ever, the Home Af­fairs Bu­reau cur­rently lists over 40,000 pri­vately owned build­ings in Hong Kong, mean­ing most own­ers have yet to catch on.

BIG DATA ANAL­Y­SIS HELPS AGENTS PUT BUY­ERS AND SELL­ERS TO­GETHER

Mi­crosoft has teamed up with agent chain Ri­ca­corp to launch Rica+, an Ai-pow­ered home search­ing plat­form that both say will help es­tate agents bet­ter serve their clients.

Un­til now, prop­erty agents would rely on their knowl­edge and in­stincts to pro­vide the right fit for a buyer. But in Hong Kong, Ri­ca­corp has a prop­erty base of 1.7 mil­lion flats of var­i­ous types, 4.8 mil­lion peo­ple and doc­u­ments re­lated to 1 mil­lion com­pa­nies to or­gan­ise. It makes the task of find­ing the right per­son for the right place

ex­traor­di­nar­ily dif­fi­cult.

“Built in the Azure cloud en­vi­ron­ment, Rica+ in­te­grates ma­chine learn­ing and big data an­a­lyt­ics to en­able es­tate agents to short­list and iden­tify the right prop­er­ties faster and more ac­cu­rately based on the client’s se­lec­tion cri­te­ria and pref­er­ences,” says Cally Chan, gen­eral man­ager of Mi­crosoft Hong Kong and Ma­cau.

Ac­cord­ing to Mi­crosoft, Rica+ com­bines AI and ma­chine learn­ing to an­a­lyse list­ings, trans­ac­tion data, bank val­u­a­tions, prices and cus­tomer pref­er­ences to gen­er­ate search re­sults, max­imis­ing the chance of clos­ing a sale. Us­ing an app or the web­site, agents in­put client pref­er­ences to match list­ings they might like.

CON­STRUC­TION SEC­TOR CATCH­ING UP ON BIM

Build­ing In­for­ma­tion Mod­el­ing (BIM) is a 3D process that plays a piv­otal role in a con­struc­tion project; it al­lows for more col­lab­o­ra­tive, cost-ef­fec­tive and ef­fi­cient pro­cesses through­out the de­sign, con­struc­tion and im­ple­men­ta­tion stages of a build­ing. And while cities such as Sin­ga­pore have made BIM manda­tory on all pub­lic projects, Hong Kong’s con­struc­tion in­dus­try is still try­ing to catch up.

In a re­cent cir­cu­lar, the Hong Kong govern­ment said it would pur­sue the use of BIM tech­nol­ogy in cap­i­tal works projects start­ing in 2018, while the Con­struc­tion In­dus­try Coun­cil (CIC) has set up a BIM In­no­va­tion and De­vel­op­ment Cen­tre equipped with BIM soft­ware, 3D printer, scan­ner and dig­i­tal pho­togram­me­try to pro­vide venue for con­fer­ences, sem­i­nars and work­shops on the in­dus­try­wide use of BIM.

The in­dus­try fur­ther hopes that the pro­posed de­vel­op­ment of a ter­ri­tory-wide, com­mon spa­tial data in­fra­struc­ture (CSDI) will help in­te­grate BIM and geospa­tial data of Hong Kong. CSDI is es­sen­tially a mix of all ge­o­graphic data and in­puts onto a sin­gle plat­form. This plat­form al­lows plan­ners com­plete spa­tial aware­ness and un­der­girds what we call smart city de­vel­op­ment. In­com­pat­i­bil­ity be­tween data sets has been a chal­lenge for years ow­ing to dif­fer­ences in co­or­di­nat­ing sys­tems.

Vic­tor Ng Wai-tak, se­nior land sur­veyor of Lands Depart­ment, has been quoted as say­ing that the use of CSDI will en­able app de­vel­op­ers to make use of raw data to de­velop a sin­gle app that meets the needs of dif­fer­ent users in the con­struc­tion in­dus­try.

VIR­TUAL REALIT Y AND AUG­MENTED RE­AL­ITY GIVE HOME VIEW­ING A NEW PER­SPEC­TIVE

Es­tate agents are em­brac­ing vir­tual re­al­ity (VR) and aug­mented re­al­ity (AR) tech­nolo­gies to of­fer im­mer­sive view­ing ex­pe­ri­ence and bet­ter cus­tomer ser­vices, es­pe­cially when the buyer or the de­sired prop­erty is overseas.

Cen­taline and ex­pat-fo­cused agent OKAY.COM use Mat­ter­port, a Us-based VR com­pany, to pro­duce and pub­lish VR footages on their web­sites. Lo­cal VR start-up Mewme of­fers VR pro­duc­tion tools and a net­work­ing plat­form for agents.

Sotheby’s In­ter­na­tional Realty is the first real es­tate brand to launch a mo­bile AR app. The AR app up­dates the home buy­ing and sell­ing ex­pe­ri­ence. It brings a home’s vir­tual stag­ing images from 2D per­cep­tion into aug­mented re­al­ity, the in­ter­na­tional real es­tate bro­ker­age says. Es­sen­tially, the app al­lows the user to vir­tu­ally fur­nish and dec­o­rate a va­cant space.

“When a client pur­chases a prop­erty, it is not only a mat­ter of money. It also re­flects his per­sonal taste and life­style. The app, CU­RATE, al­lows us to take the con­sumer on a per­sonal jour­ney in which they can vi­su­alise the house with their choice of fur­ni­ture and decor be­fore pur­chase. On the other hand, for the home­seller, it brings out the true po­ten­tial of the home,” says Binoche Chan, COO of LIST Sotheby’s In­ter­na­tional Realty Hong Kong.

But com­pared with the US, adop­tion of VR among lo­cal, spe­cially smaller agents has been rel­a­tively slow. That could be due to Hong Kong’s highly com­pet­i­tive busi­ness na­ture and ver­ti­cal built en­vi­ron­ment. Tor­b­jörn Dim­blad, CTO of OKAY.COM, ex­plains: “When agents are all com­pet­ing to match clients with land­lords, there is less in­cen­tive for the out-of-pocket ex­penses as­so­ci­ated with VR and other in­vest­ments in mar­ket­ing the prop­erty.”

MO­BILE APPS FOR HOME­BUY­ERS AND HOME­OWN­ERS

As a pi­o­neer in us­ing VR to mar­ket new homes, Sino Land used the tech­nol­ogy to im­merse po­ten­tial buy­ers of a Sai Kung project into the coastal beauty of the lo­ca­tion. The devel­oper also uses mo­bile apps to pro­vide buy­ers and agents with updated project sales in­for­ma­tion, ac­cord­ing to Vic­tor Tin, as­so­ciate di­rec­tor of sales for the devel­oper.

“Our app, de­signed for ev­ery new project, fea­tures com­pre­hen­sive project in­for­ma­tion, in­clud­ing build­ing and floor plans, videos and pho­tos, sales ar­range­ments, brochures and price lists. To stream­line the buyer reg­is­tra­tion process and shorten queu­ing time, we also use QR code to au­then­ti­cate buyer iden­ti­ties and ar­range flat se­lec­tion pri­or­i­ties,” he ex­plains.

Ex­ist­ing own­ers may use an­other app, pur­pose built for each com­plex, to ac­cess concierge and club­house ser­vices, book fa­cil­i­ties, or­der de­liv­ery, read no­tices and con­tact ser­vice staff. He adds that fu­ture res­i­den­tial projects, such as the one un­der con­struc­tion in Kwun Tong, will be built with smart home fea­tures.

THE AI SHOP­PING CONCIERGE

While it is un­de­ni­able that the suc­cess of on­line shop­ping comes at the cost of brick-and-mor­tar store sales, re­tail prop­erty own­ers and malls are now us­ing newer tech­nolo­gies to lure shop­pers back.

Asi­abots, a start-up spe­cial­is­ing in ar­ti­fi­cially in­tel­li­gent chat­bots, sup­ported by an in­cu­ba­tor pro­gramme run by Hong Kong Science and Tech­nol­ogy Parks Cor­po­ra­tion (HKSTP), was the win­ning team in the LINK-HKSTP Proptech Ac­cel­er­a­tor Pro­gramme, held last year with about 10 com­pa­nies par­tic­i­pat­ing.

“The chat­bot is built on our pro­pri­etary AI en­gine that can un­der­stand a lan­guage, which is Can­tonese right now, and gives sen­si­ble re­sponses. When­ever the shop­per vis­its a LINK mall, he can ask the app any ques­tion, and the bot will tell the lo­ca­tion of the shop, restau­rant or any­thing else the user is look­ing for,” says Thomas Wong, founder and CEO of Asi­abots.

Be­sides cus­tomer en­gage­ment, the AI concierge also en­ables LINK to col­lect and an­a­lyse shop­per in­ter­ac­tion and turn the data into use­ful an­a­lyt­ics that will be ex­tremely valu­able to LINK and its ten­ants.

Draw­ing on this ini­tial project with LINK, Wong says they are plan­ning to de­velop their prod­ucts

and es­tab­lish a big­ger pres­ence in Asia by adding new lan­guages to the ser­vice.

As Hong Kong’s largest mall owner and op­er­a­tor, LINK en­gages with these start-ups and pro­vides them with valu­able real-life use cases and prob­lems, al­low­ing them to adapt their tech­nolo­gies ac­cord­ingly, says Damien Wu, CIO of LINK As­set Man­age­ment Ltd, co-or­gan­iser of the LINK-HKSTP Proptech Ac­cel­er­a­tor Pro­gramme.

“We are able to iden­tify match­ing op­por­tu­ni­ties with a se­lect few, and we work to­gether with these se­lected start-ups to de­velop pi­lot projects, al­low­ing them to fur­ther val­i­date their so­lu­tions in real-world con­di­tions. Through this cy­cle of val­i­da­tion, feed­back and fine-tun­ing, we hope to help these start-ups iden­tify their prod­uct-mar­ket fit.”

How­ever, LINK has yet to con­firm whether it will hold a sim­i­lar pro­gramme this year, but says it is dis­cussing with HKSTP for an­other col­lab­o­ra­tion.

FA­CIAL RECOG­NI­TION TRACKS FOOT TRAF­FIC AND PRO­FILES SHOP­PERS

Shop­ping malls and re­tail­ers in­creas­ingly use fa­cial recog­ni­tion tech­nol­ogy to track cus­tomers and col­lect data about their de­mo­graph­ics, ac­cord­ing to Eric Or, man­ag­ing di­rec­tor for Hong Kong and Ma­cau at Jar­dine Ones­o­lu­tion (JOS), a tech­nol­ogy ser­vices firm.

“Have you ever won­dered how shop­ping malls these days could ob­tain de­tailed de­mo­graphic stats about shop­pers? With­out the de­ploy­ment of fa­cial recog­ni­tion tech­nol­ogy in a CCTV sys­tem, that would not have been made pos­si­ble.”

JOS de­vel­ops and im­ple­ments fa­cial recog­ni­tion sys­tems to track foot traf­fic and iden­tify ba­sic de­mo­graphic data, such as gen­der, age and eth­nic­ity. The data is an­a­lysed and turned into ac­tion­able

in­tel­li­gence that helps re­tail­ers un­der­stand cus­tomers bet­ter.

“When us­ing sen­sors and cam­eras to col­lect per­sonal data, it also in­volves pri­vacy and se­cu­rity is­sues. That’s why re­tail­ers also have to think about in­vest­ing in data se­cu­rity to pre­vent costly data breaches,” says Or.

3D PRINT­ING

Keith Griffiths, chair­man and global de­sign prin­ci­pal at Aedas, an ar­chi­tec­ture and de­sign prac­tice, says 3D print­ing has be­come a very im­por­tant tool in the ar­chi­tec­tural pro­fes­sion.

“Ar­chi­tects use soft­ware such as Rhino and Sketchup to cre­ate 3D mod­els of their de­signs. These 3D mod­els can be used to gen­er­ate movies, ren­der­ings and phys­i­cal mod­els of the de­signs. 3D print­ers cre­ate phys­i­cal mod­els of the de­signs within a few hours. Many dif­fer­ent de­sign op­tions can be drawn and ex­am­ined on the com­puter screen be­fore the most promis­ing op­tions are 3D printed for fur­ther anal­y­sis.”

Un­til three or four years ago, 3D print­ing was not com­mon in the in­dus­try, but ar­chi­tects, en­gi­neer­ing firms and in­te­rior de­sign­ers are in­creas­ingly us­ing it. Although the con­struc­tion in­dus­try presently uses 3D print­ing to val­i­date de­sign for man­u­fac­tur­ing and assem­bly, ver­i­fy­ing the fea­si­bil­ity of the de­sign, en­hanc­ing the ef­fec­tive­ness of con­struc­tion and elim­i­nat­ing un­cer­tain­ties, 3D-printed ob­jects still lack struc­tural strength.

PREFAB CON­STRUC­TION

Richard Soon, di­rec­tor and ar­chi­tect at P&T Group, says Hong Kong is an ideal place to in­tro­duce pre­fab­ri­cated pre­fin­ished vol­u­met­ric con­struc­tion (PPVC), which has been in use in Sin­ga­pore for a few years.

PPVC refers to man­u­fac­tur­ing pre­fab­ri­cated mod­u­lar units in a fac­tory off-site be­fore they are trans­ported to the site in blocks and fixed to a struc­tural frame.

“It al­le­vi­ates con­struc­tion worker short­age, min­imises air and noise pol­lu­tion, short­ens con­struc­tion time and im­proves site safety,” Soon says. “The tech­nol­ogy is ideal for project own­ers who pre­fer stan­dard­i­s­a­tion and ef­fi­ciency to cus­tomi­sa­tion, like pub­lic hous­ing, hos­pi­tals, schools, etc.”

But Soon says the method has lim­i­ta­tions. As build­ings are con­structed block by block, struc­turally the build­ing can­not be higher than 20 storeys. Given the very tight plot ra­tios in ur­ban ar­eas, res­i­den­tial de­vel­op­ers want to build taller and denser, mak­ing the tech­nol­ogy un­suit­able for tall build­ings or high rises, at least for now.

Also, prefab build­ings may look bor­ing as the trade off is aes­thet­ics and style. Most de­vel­op­ers claim their projects are lux­ury and PPVC un­does this ar­gu­ment. But thanks to stan­dard­i­s­a­tion and ef­fi­ciency, Soon says PPVC is ideal for pub­lic works like schools, hos­pi­tals, com­mu­nity fa­cil­i­ties and pub­lic hous­ing.

ADOPT­ING BLOCKCHAIN IN HONG KONG TI­TLE REG­IS­TRA­TION – THE MOTHER LODE OF SMART CON­TRACT­ING

While blockchain is hailed as the next big thing in the fin­tech, us­ing blockchain to digi­tise and se­cure prop­erty ti­tle reg­is­tra­tion and con­veyanc­ing (trans­fer­ring land from seller to buyer) is a dis­tant dream if Hong Kong does not re­form its an­cient deeds reg­is­tra­tion sys­tem and make changes to the out­dated reg­u­la­tory frame­work, ac­cord­ing to ex­perts. And yet, the need is only grow­ing.

“To most de­vel­oped coun­tries, Hong Kong’s deeds reg­is­tra­tion sys­tem is a thing of the past. The en­tire UK, where the legacy sys­tem was in­her­ited from, al­ready switched to ti­tle reg­is­tra­tion in the early 1990s. If there is no re­form, which was ac­tu­ally en­acted in 2004 as the Land Ti­tles Or­di­nance, to sim­plify ti­tle reg­is­tra­tion and trans­fer, Hong Kong can’t claim it­self to be a real smart city,” says Dr Con­rad Tang of the Hong Kong In­sti­tute of Sur­vey­ors (HKIS).

Un­der Hong Kong’s ex­ist­ing deeds reg­is­tra­tion sys­tem, the Land Reg­istry only serves as an in­dex and does not legally prove that a per­son is the true owner of a prop­erty. As part of the con­veyanc­ing process, both the buyer and seller have to hire a so­lic­i­tor, sep­a­rately, to make sure the seller truly owns the sub­ject prop­erty, or that the ti­tle is “clean”.

This process is time con­sum­ing, costly and lacks trans­parency, Tang says. He points out that while the govern­ment may have scans of deed doc­u­ments, these scans and the text within them are not search­able – much as an email con­tain­ing a scan of a doc­u­ment, rather than the text it­self, is not search­able. To move for­ward, the govern­ment must digi­tise all deeds, and then carry out an ex­haus­tive land sur­vey to iden­tify bound­aries, ease­ments and en­croach­ments.

And then to make way for blockchain it­self, there are le­gal ob­sta­cles to clear. The Hong Kong Mon­e­tary Author­ity stud­ied the sit­u­a­tion and con­cluded in a white pa­per that a com­put­erised blockchain ti­tle reg­is­tra­tion sys­tem is not pos­si­ble un­der the cur­rent le­gal regime. One statu­tory re­quire­ment stip­u­lates that “for any land trans­ac­tion to be valid is that it has to be made in writ­ing”.

Still, mov­ing to ti­tle reg­is­tra­tion and then to blockchain of­fer clear re­wards. Ti­tle reg­is­tra­tion will pave the way for clearer land and prop­erty own­er­ship; faster con­veyanc­ing process; au­to­ma­tion and trans­parency; and fewer le­gal dis­putes. Us­ing blockchain, on the other hand, al­lows for a smarter, more trans­par­ent sys­tem, and is seen to dra­mat­i­cally cut the tra­di­tion­ally lengthy process of record­ing and trans­fer­ring ti­tles, with the added ben­e­fit of vir­tu­ally bul­let­proof trans­parency.

In 2004, Hong Kong has en­acted the Land Ti­tles Or­di­nance, which aimed to move Hong Kong from a deed sys­tem to a ti­tle sys­tem. But so far, the govern­ment has been un­able to get stake­hold­ers to move for­ward on the is­sue. As of Septem­ber 2017, it was still work­ing to­wards forg­ing a con­sen­sus on the or­di­nance.

But Hong Kong should take note that other ju­ris­dic­tions are pur­su­ing ini­tia­tives to us­ing blockchain in ti­tle reg­is­tra­tion. The UK has an­nounced plans to move the coun­try’s land reg­istry to blockchain by 2022, while Swe­den, Ukraine, Dubai and The Repub­lic of Ge­or­gia are all re­port­edly tri­al­ing the tech­nol­ogy.

ABOVE In­te­grat­ing In­ter­net of Things will up the en­ergy ef­fi­ciency of build­ings.

OP­PO­SITE AI learn­ing and big data an­a­lyt­ics en­able real es­tate agents to short­list and line up po­ten­tial clients with the right prop­er­ties faster and more ac­cu­rately to their pref­er­ences. BE­LOW VR and aug­mented re­al­ity al­low buy­ers to get a bet­ter...

ABOVE Mo­bile apps al­low buy­ers to ac­cess com­pre­hen­sive in­for­ma­tion on pric­ing and floor plans, as well as fa­cil­i­tate the reg­is­tra­tion process. RIGHT Chat­bots use AI en­gines to han­dle vis­i­tor re­quests and can cat­e­gorise these in­ter­ac­tions and pro­vide...

ABOVE Blockchain tech­nol­ogy al­lows data to be de­cen­tralised, and there­fore en­hance the se­cu­rity and au­then­tic­ity of sen­si­tive doc­u­ments.

LEFT 3D print­ing does not only help dur­ing the de­sign stage of a build­ing and pro­duce phys­i­cal mod­els in a much shorter time than tra­di­tional mod­el­ling; it's also used to cre­ate large-scale com­po­nents for con­struc­tion.

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