Proptech has garnered a lot of popularity over the years and is finally stepping up its game, partly due to the pandemic. Proptech is something that has been considered a solution to all the problems faced by the real estate sector in Pakistan. This is true in the sense that there is a severe need to digitise this sector to bring it up to speed in terms of the digital evolution.
What is Proptech?
It is an amalgamation of two words: property and technology. Proptech is not a very new concept, but it has recently gained traction. Proptech can solve most of the problems of this sector by introducing some much needed change.
Proptech is a series of technological advancements disrupting the real estate sector. Proptech is evolving with the advent of more advanced technologies such as the introduction of 5G, 3D printing, virtual reality, and more. This phase is commonly referred to as proptech 3.0.
How Proptech Can Impact Pakistan
Sustainable development can be impacted by proptech as sustainability is no longer just a marketing trick but rather an actual demand of modern consumers and international firms. Modern building techniques can help build homes that last but don’t harm the environment.
In terms of administration, it can help manage employees and resources remotely, allowing more flexibility in work and how teams collaborate. By incorporating technologies such as blockchain, there can be reduced paperwork and a more transparent process.
Is Pakistan ready for Proptech?
Pakistan has made critical efforts to make PropTech applications more accessible. The Digital Pakistan strategy intends to create a digital ecosystem on the ground to improve connectivity, digital infrastructure, and digital skills investment to stimulate innovation and tech entrepreneurship.
The IT sector is expected to be worth $20 billion by 2025. As a result, the PropTech revolution may easily disrupt the real estate market. Pakistan is ready for a PropTech revolution, and IMARAT Group is leading the way with the launch of Agency21.
A rising youth population in Pakistan is at the ripe age for adopting emerging technologies. As a nation where tech-savvy internet users are increasing at a staggering pace, adopting new technologies can significantly bolster economic growth.
In terms of innovation, Pakistan’s local ecosystem is doing well. Companies like Graana.com are already establishing high expectations for PropTech-based real estate projects. The company’s achievement in establishing itself in a traditionally conservative industry speaks eloquently as to why Pakistan is ready for a proptech revolution.
Pakistan is an excellent investment destination because of its enormous customer base, untapped digital entrepreneurial scene, and lack of foreign companies.
The PropTech revolution is expected to benefit Pakistan. Given Pakistan’s current rate of technological growth, it won’t be long before bitcoins are used to purchase and sell property. Not only that, but communal living allows for greater efficiency and sustainability because both may be integrated into the same location.
Smart buildings will continue to evolve over time, opening up new investment opportunities. PropTech has gained such traction and velocity that it will surely transform the country’s real estate sector.