Country for PR: United Kingdom
Contributor: PR Newswire Europe
Tuesday, February 09 2021 - 17:29
Pandemic propels proptech in Asia
SINGAPORE, Feb. 9, 2021/PRNewswire-AsiaNet/--

    Real estate companies have ramped up their investment in technology in 
response to the COVID-19 pandemic, finds a survey of some of the biggest 
property players in Asia. The survey by independent news source Mingtiandi, in 
collaboration with technology company Yardi Systems, finds 70 percent of real 
estate companies are scaling up their investment in property technology, or 
    The results of the survey, Tech adoption in Asian real estate, builds on a 
similar report from Mingtiandi in 2017.

    "Our latest survey results unearth a major shift towards proptech adoption 
in our region," says Yardi's Regional Director, Bernie Devine.

    "Change was underway well before 2020, but COVID-19 has heightened the 
urgency and amplified the risks of inaction."

    Proptech – innovative technology that reimagines property's core processes 
and business models – is turning real estate on its head. Metaprop, one of the 
world's largest early-stage proptech venture capital firm, predicts that 
proptech innovation will deliver $205 billion of new value to the global real 
estate industry over the next five years alone.

    "Real estate leaders are rolling out technology to support more frequent 
and accurate reporting, deeper data analysis, and technology that underpins 
safety and efficiency," Devine explains.

    A total of 180 real estate specialists – more than a third with assets 
valued at over US$1 billion – took part in the survey in August 2020. 
Thirty-nine percent of respondents were from Hong Kong, 26 percent from 
Singapore and 12 percent from China.

    Among the key findings, 35 percent said Asia was still trailing the West in 
terms of tech adoption, but this was down from 56 percent in 2017. Thirty 
percent said the region was leading the way – up from 12 percent three years 

    "There's a growing perception that Asia is closing the gap with the West. 
Location shapes perceptions more than any other factor, with just six percent 
of respondents in mainland China believing that Asia lagged the world's 
leaders," Devine says.

    Respondents named big data analytics (55%), artificial intelligence (42%), 
business process automation (32%) and the Internet of Things (32%) as the top 
technology plays for Asia's property industry over the next five years.

    However, Mingtiandi's survey also suggests some quarters of the real estate 
sector remain skeptical of the power of technology as an agent of change, with 
77 percent believing real estate trails other industries.

    The region's real estate companies, many of them family-owned, are still 
slow to adopt new tools. In the era of big data, 56 percent are still reliant 
on Excel spreadsheets for their work processes.

    "But as we start to achieve far superior levels of efficiency and insight 
from more sophisticated software, digital will dominate. We expect the property 
companies that seize the lead now will establish an unassailable position in 
the market in the years ahead," Devine concludes.

    Download Tech adoption in Asian real estate []

    About Mingtiandi

    Mingtiandi is the independent source for Asia real estate intelligence, 
helping more than 100,000 unique visitors per month make informed decisions and 
gain an edge over the competition. Since beginning daily distribution in 2012, 
Mingtiandi's list of newsletter subscribers has grown to more than 10,000 
decision makers from companies including Goldman Sachs, Morgan Stanley, 
Deutsche Bank and more.

    About Yardi 

    Established in 1984, Yardi has grown over the last three decades to become 
the leading provider of high-performance software solutions for the real estate 
industry. Today, Yardi employs 7,000-plus dedicated professionals working in 
more than 40 offices throughout Asia, Australia, North America, Europe and the 
Middle East.


    Source: Yardi