What is it about?
Since the late 1990s the real estate industry has become subject to different kinds of digital transformations. Through smart combinations of digitization, information, location data, and increasing use of AI, so-called property technology (prop-tech) automate many work processes and/or use data for new purposes. Today there are prop-techs addressing different phases of the property life-cycle, for instance from early phase development, dialogues with the planning and building authorities, design, construction, and management, operation, and maintenance of buildings. Some kinds of prop-tech aim for one of the phases, and particular tasks in that phase. Other kinds of prop-tech aim for more than one phase and/or several tasks.
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Why is it important?
Parts of the real estate industry has been relatively conservative, and slower to digitize than many other industries. In the years to come, digitization and AI will most likely change many of the real estate industry's work processes and handling of information. Several kinds of prop-tech can add value to real estate companies and property developers through innovative uses of data collected through the property life-cycle. Prop-tech can also facilitate circular economy and reduced energy consumption.
Perspectives
For decades, Norwegian authorities have encouraged and facilitated digitization of map data, cadastral data, and other property data, and many of these data have been made accessible for software developers and ICT-entrepreneurs. Several of these software developer and ICT-entrepreneurs have identified promising market niches for prop-tech serving one or more phases in the property life-cycle, and many Norwegian real estate professionals have recognized that prop-tech can improve their competitiveness.
Associate professor Knut Boge
Norges miljo- og biovitenskapelige universitet
Read the Original
This page is a summary of: The Norwegian proptech market – an incubator for game changers, IOP Conference Series Earth and Environmental Science, May 2023, Institute of Physics Publishing,
DOI: 10.1088/1755-1315/1176/1/012002.
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