Top 5 Singapore’s Real Estate Tech Trends to Watch in 2019
Singapore is a country with the vision of a “Smart Nation”, where real estate tech is developing at a greater pace than ever. Rising competition, innovative business models, widespread use of technology, and changing user behavior is reshaping the real estate tech. Therefore, real estate tech here is evolving and realigning according to the latest technology in the world. If you want to get a cheap condo in Singapore by making use of these changing circumstances, it is essential to anticipate upcoming trends. So, here are the top 5 of Singapore’s real estate tech trends to watch in 2019.
Big data can be defined as the vast amount of data which can be analyzed under a specific algorithm to predict the future purchase behavior mostly based on the previous patterns and trends.
Big data helps to collect data when a person visits a certain website and what he/she is doing on that web page. This data would be able to predict when that person would purchase or sell a property. Also, this would give an idea about the number of people likely to turn up at the next “open for inspection” of certain property. This, in turn, would help in creating more personalized interactions between the seller and the buyer.
2. Green Real Estate:
Singapore stands on the second rank in the list of global-cities for green-buildings. The Building Construction Authority (BCA) in Singapore has focused on “friendly building solutions” which are energy-efficient plans, technologies, and practices of the building. The concept of Net-Zero Energy Building is being embraced in the country, according to which buildings produce the energy they use.
Real estate businesses that advocate eco-friendly construction are looking at better market-value for the property. The capital value of such buildings would increase which would be proof that eco-consciousness is not a bad investment in green real estate.
Singapore has amazing shopping malls which are so densely spread over the country’s landscape that the whole country feels like a one giant shopping center. But the recent increase in online shopping has made it challenging for the real estate agents to sustain the mall industry.
In response to this, new technologies are used which would, in turn, generate a richer customer experience. Technologies like indoor positioning systems are being used within the malls by property managers to track shoppers and offer them relevant promotions and deals. And in future newer technologies would allow these businesses to sustain and stand against the new trend of mobile shopping.
The mysterious internet’s pocket-the cloud is no longer mysterious and unknown to the world. Therefore, the cloud is becoming the norm in Singapore as compared to the server-based software. This is mainly due to the various benefits of cloud in the real estate world. Softwares like cloud property management save time and cost and also provide increased security and accessibility. Many cloud-based systems offer the client access which means owners and tenants can log in whenever they want and check their property and its finances. This would mean less need for communication between the buyer and the seller.
Cloud computing is therefore said to have a measurable effect on the businesses in the real estate world.
5. Blockchain and Real-Estate:
The technology behind the cryptocurrencies is Blockchain. It is basically a public database which records all the online transactions and does not require any verifying authority like a bank. No middle party makes such transaction fast and cheap. The blockchain is extensively being hailed as a safe transaction and database recording gateway for real estate dealers. Furthermore, this trend has the potential to streamline international and local payments by stripping away currency limitations. In short, Blockchain will revolutionize Singapore’s real estate for good.
By the end of 2017, many properties have been sold with the help of blockchain technology. And since then many new real estate companies from different parts of the world including Singapore have emerged in the market. Singapore is said to take the charge in innovative-firms and companies utilizing the blockchain technology. The blockchain is developing technology in the field of real estate and is said to be evolved into a much successful market in Singapore in the coming future.