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To gain insight into current property technology innovations and solutions, PwC together with PropTech Lab are pleased to publish this 2023 edition of the PropTech Directory. This directory contains a selection of the PropTech solutions currently on offer (with a focus on the Belgian market), based on positive outreach responses. It aims at generating awareness of PropTech in the construction and real estate industries and helping all practitioners to increase their innovation maturity.
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Embracing digital transformation in a real estate market ripe for change
Everyone will tell you that real estate has long been (perceived as) an industry resistant to change.
In today’s rapidly evolving landscape where technology plays a pivotal role, one - and the real estate market is no exception - must embrace this new reality to lead and shape the future. Failing to adapt could result in irreversible consequences for growth, as well as a loss of relevance and attractiveness.
Yet, we see that this race of all parties towards innovation has somewhat slowed in recent times. Real estate actors are indeed facing several other obstacles and still have many key challenges to overcome. Environmental and sustainability concerns, the current economic environment with increasing interest rates, construction costs, availability of resources and related inflationary pressures to name but a few. Real estate actors have had to prioritise, postponing innovation and digital transformation as a consequence.
While 63% of the respondents surveyed in the framework of PwC and ULI’s Emerging Trends in Real Estate®: Europe 2023 considered technology as one of the factors to have had the biggest impact on the real estate industry over the past 20 years, only 28% were concerned about digital transformation (against 42% in the 2022 edition). Inflation, interest rate movements and European economic growth are currently their top three priorities.
We strongly believe that the real estate market is ripe for change and that actors will need to become more (pro)active in embracing their own as well as others’ digital transformation in the near future. That observation is mirrored in the view of the respondents to the PwC and ULI’s Emerging Trends in Real Estate®: Europe 2023. Digital transformation was indeed the business concern with most notable increase when looking at a three to five-year time horizon (according to 34% of the respondents).
Real estate actors must therefore adopt property technology innovations and solutions (known as ‘PropTech’) at a faster pace going forward. Such transformation however requires digital capabilities and skill sets that traditionally have not existed in typical real estate organisations.
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PropTech Directory, 2023 edition
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