The real estate sector in Spain began to be digitized at the beginning of the last decade with the appearance of the first real estate web portals such as Idealista, Habitaclia, Fotocasa, or Yaencontré, which contained search engines from which properties could be selected by towns, price, type of investment (rent or purchase), number of rooms, among other segmentations; and showing photos of them, characteristics and providing direct contact with owners or real estate agencies, without having to go before and physically to the agencies.
In the year 2014 was born in the UK, the term Proptech that brings together companies that apply new technologies to the real estate sector.
Currently, worldwide, the US is at the forefront of Proptech development, and in Europe, the United Kingdom is the country with the most implementation. In the year 2017 the consulting firm Finnovating and the real estate agency Savills Aguirre Newman published the first Proptech map of Spanish Companies,There are currently more than 300 companies in our country that we could call Proptech.
The forecast for this year is that Blockchain technology will begin to be implemented in our country in the real estate sector, in fact the JLL consultancy has already begun to apply it within its area of real estate valuations, so that it allows the online appraisal of estate.
Real estate appraisal is a complex task that requires validating each of the data provided to calculate the value of a property (property registration, cadastre, appraisal report etc.), with the application of Blockchain technology. Verifications of the data can be carried out immediately and with certainty that the data cannot be manipulated, and it can be consulted in a simple way with a simple internet connection by the banking entities to which mortgages are requested by individuals, or for those interested in buying a property. The online real estate Compropiso has also signed an agreement with JLL to incorporate Blockchain technology in the real estate appraisal of the real estate; therefore it is expected that throughout this year also more real estate agents adopt and incorporate this technology.
The real estate developer Metrovacesa has joined the Alastria multi-sector consortium, with the objective of developing innovation projects in Real Estate through the use of Blockchain.
Regarding the Participatory Financing Platforms of Real Estate Crowdfunding It is foreseeable that they will continue to rise as an alternative system to investment in general and real estate investment in particular, since they provide a high return both for capital gains due to the revaluation of the assets of their promotions, and for the returns provided by rents of the properties until their sale is decided, and that will undoubtedly be enhanced in 2019 the growth of this type of Crowdfunding platforms, if as expected the legislative barriers are flexible, to which Crowdlending are also subject and that allow to the real estate developers a way of financing their alternative projects and / or complementary to that of traditional banking.
Blockchain technology will also begin to be applied in the Real Estate Crowdfunding and Crowdlending sector, for the verification and safeguarding of the transactions deposited by investors until 100% of the financing foreseen in the different projects is reached and also will apply to allow the promoters of funds deposited by investors to be released transparently, quickly and safely, once the transactions of the investors and the signature of each and every one of them have been confirmed and verified , either of the loan contract in the case of Crowdlending or of the deed of incorporation of the company that will own the property in the investments of Real Estate Crowdfunding.
The application of drones in the real estate sector, it is also foreseeable that throughout this year it will be implemented in the companies of the sector as an aid to the developers, to make detailed monitoring of the progress of their projects by taking photos to show Customers the status of them. They will also begin to be used by real estate agencies to show in an innovative way not only photographs or virtual reality applications of homes, but also videos of the environment in which they are located.
At the end of this year, they are expected to start operating in the United States and China 5G networks, which are the fifth generation of mobile connectivity and that will allow connections greater than 10Gbps, that is, an 100 speed times the current one and that implies a low latency (time it takes to transmit a packet of data within the Internet, from its origin to its destination) and that will be an authentic take-off of the technology applied to the control and intelligent automation of housing through the generalization of the internet of things, which will allow the connectivity of multiple objects for efficient consumption management, security and the comfort of real estate.
The implementation of 5G will also positively affect the virtual reality applied to Real Estate, as real estate agents will be able to take advantage of the reduction of latency and transmission capacity, to create virtual environments from their websites that allow clients to visit the properties from their computer or Smartphone, and even consult the constructive characteristics such as windows, type of floor, etc., or of the facilities such as boilers or type and characteristics of household appliances, with a simple click when viewing them in the virtual tours of 360º
In Spain this technology, however, will not arrive until 2020 year, although the large mobile phone operators are already beginning to install 5G antennas, in the main Spanish cities. While this technology is being implemented, the use of so-called virtual assistants or smart speakers will be advanced, which by identifying voice orders launched from the Smartphones of the homeowners, are able to remotely manage multiple existing devices within the homes .
In summary we can say that PropTech is revolutionizing the traditional and classic real estate market and companies in the sector must be implementing new digital technologies if they want to run the risk of becoming outdated or even disappearing.