Welcome to Digital Luxembourg’s " What The Tech?!" series! As the tech landscape gets vaster and more advanced by the second, most sectors are turning towards tech solutions to provide 21st century services. Stay in the know this summer as we break it down for you tech-by-tech, and show you the Luxembourg innovators making technology happen.
This Week: PropTech
For a while it looked as though the property sector was in deep disruption denial.
Eventually, the traditionally slow-moving and conservative real estate world realized it urgently needed to adopt the if-you-can’t-beat-them-join-them approach and take future-proofing much more seriously.
Proptech (the term coined for technology that disrupts and enhances the way we buy, sell, rent, design, build and manage residential and commercial real estate) is multilayered and bursting at the seams with opportunity.
With over 90 percent of house-hunting done online, long gone are the days of starting the journey at a real estate agency.
Big data, crowdfunding, blockchain and propcoin cryptocurrency are knocking at the door. Real-estate transactions are becoming quicker, easier and more transparent. As easy as ordering books on Amazon, soon we will be able to buy or sell a house online, cutting out all intermediaries.
So, are nine-to-five realtors going to become obsolete? With VR and AR enabling future homeowners and investors to view finished buildings before construction even starts, chatbots giving advice to potential buyers and self-guided property visits available 24/7, client expectations will certainly rise.
Robotics and AI have a significant role to play in the future of construction and building maintenance, and will prove particularly useful for carrying out dangerous, repetitive or time-consuming tasks, such as floor and window-cleaning.
Increased efficiency and productivity is one of the major advantages of proptech innovation. Let’s take drones for instance: they reduce construction site congestion and offer real-time monitoring of a project.
And what about 3D printing? By 2030, 25 percent of all buildings in skycrapered Dubai will be 3D printed, reducing construction material waste and manpower.
And the rest of world is not far behind.
So, is Luxembourg building up a reputation as a proptech hub? Absolutely. With CRTI-B launching its BIM (Building Information Modeling) project, construction stakeholders and real estate professionals are joining the digital race. Let’s see who else is disrupting the property sector for the better:
For potential buyers looking to purchase properties off-plan or under construction, Cognityk enables virtual 3D visits.
Homexperts.lu provides a hassle-free solution for property owners in Luxembourg looking for competent and trustworthy realtors to sell their properties at the right price.
Compiling information from top listing sites, Houser is an advanced property tracker providing property comparisons and in-depth insight into what is happening in the market, helping buyers to make the most informed decisions possible.
The name says it all: no intermediaries and no agency commissions, meaning tenants, landlords, property owners and house hunters take care of their own real estate transactions.
Syment is a digital passport for real estate properties. The application centralizes all the information and activity related to the building enabling all stakeholders (property management companies, owners, tenants, contractors and service providers) to access the details at any time.
Project and document management tool for real estate professionals and homebuyers. Ziggu has also developed Ziggu Construction View, which includes a personal camera platform facilitating remote management of construction projects.