Proptech startups boom

Source: Xinhua | 2017-11-09

PROPERTY technology, or proptech, start-ups in Asia Pacific are outpacing their counterparts in Europe and the US, international real estate consultancy JLL said in a research released yesterday.

Since 2013, 179 proptech start-ups in the region have raised around US$4.8 billion in funding, representing more than 60 percent of proptech investment worldwide, according to the latest research, which analyzed the state of proptech and its growth potential in 13 markets across Asia Pacific.

Proptech refers to the application of technology to solve challenges in the real estate sector.

“Technology and real estate are converging in exciting ways and we’re already seeing the potential of data analytics, artificial intelligence, the Internet of Things, virtual reality and blockchain, to transform how we invest in and occupy real estate in the future,” said Anthony Couse, chief executive officer of JLL Asia Pacific.