Evolving technology, faster processing, wider data collection and new business models are set to stimulate the property market creating new opportunities as well as challenges, said services network Deloitte this week.
According to Deloitte’s annual Real Estate Report, smarter technologies are expected to improve real estate business performance and improve profitability.
Commenting on the report in relation to the Greek property market, Christos Kosmas, Deloitte Greece Real Estate Leading Partner, said in an announcement that the Greek economy is showing signs of recovery, following a tough and extended period of recession.
Kosmas added that the real estate sector in Greece has been presenting significant opportunities for investment and an increased interest in foreign investment in tourism properties since 2014.
Deloitte’s report notes that thanks to new technologies, the real estate market now has access to large amounts of information with regard to properties which can be used strategically by investors, asset managers, real estate managers and tenants to gain a significant advantage and develop services, data and new business models that focus on specific needs.
Deloitte analysts also note that the development of smart buildings is creating the need for property agencies to upgrade their platforms and digitize their assets allowing them to centrally manage buildings, reduce management costs, obtain real-time information, and create additional services and favorable conditions to improve customer experience.
On the downside, a key challenge posed is the issue of personal data protection.
Looking ahead, other developments include the use of blockchain technology, stronger interest in industrial buildings such as factories, warehouses and distribution centers, a trend towards a circular economy aimed at reducing waste and making the most of resources, and emphasis on friendly work environments.