Proptech is changing the face of real estate in Asia Pacific
According to JLL, a property brokerage and consultancy, the total value of investable global commercial real estate is estimated to reach US$65 trillion by the year 2020, with the Asia Pacific (APAC) accounting for over 30 per cent of it.
The value of APAC real estate is expected to grow strongly alongside increasing urbanisation across the region. However, despite being a key driver of economic value creation in APAC, the real estate industry is still relatively slow in terms of technology adoption.
This is in contrast to the current disruptive trends of technology seen in multiple industries in the region, including finance, fashion, food and transport.
The value chain in real estate is complex and exhibits a high amount of information asymmetry. The industry involves multiple participants, the organisation of disparate information and highly administrative tasks.
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