What does this statement mean?
As we move into the digital era, and strive to be digitized economies - our standards of living will change. Digital technologies will cause a shift to the real estate world. Smart Living has now become the trend.
How do we define ‘Smart Living’? - the best definition we found is from a case study by the European Commission “Smart Living is a trend encompassing advancements that give people the opportunity to benefit from new ways of living. It involves original and innovative solutions aimed at making life more efficient, more controllable, economical, productive, integrated and sustainable.”
Let’s check out some numbers - According to the European Commission: Global growth of residential construction is expected to be 5.6 per cent between 2010 and 2015, and 4.4 per cent between 2015 and 2020, with smart construction being a new and growing trend in the industry.
With technology in the equation, we can achieve the above. In order for our homes and buildings to be sustainable - we need systems in place.
With new technologies entering the market, developers will have to change too.
With technological disruption, the real estate market has to be at the forefront and understand how to utilize these digital technologies and smart solutions. Customers are highly aware of their needs, and will demand smart facilities to be embedded in where they live.
In addition, these digital tools can be leveraged by real estate developers to gain a competitive advantage. Residents demand customer experience; which is driving success in every industry, and real estate will have to embed that experience for the future.
Let’s look at some of the trends for smart living:
What are some examples elsewhere within the real estate space? We found the case studies below quite interesting:
Dwelo, is a leading provider of smart-technology solutions purpose-built for apartment owners, managers, and residents
The U.S. National Association of Realtors (NAR)’s venture capital arm Secondary Century Ventures has invested in blockchain-based real estate startup Propy; which utilizes Ethereum blockchain to stream home-buying
In Beijing, Panasonic is working with Starwood Hotels and Resort Group on a project at the Westin Hotel Beijing Financial District where 47 'Green Room' guest rooms were fitted with Eco-POWER METERs and tablets to control lighting and appliances within the room.
In conclusion, we will end it with an interesting fact - The Majority of Home Buyers Are Millennials! This group of home buyers will expect intelligent technology to embedded in their future homes. We look forward to the dynamic changes happening in this space, and what initiatives will take place in the region.