The real estate industry has undergone significant changes in the past few years, and the trends are set to continue into 2023. Real estate technology, also known as PropTech, has revolutionized the way people buy and sell properties. From virtual tours to the blockchain, PropTech has disrupted the traditional real estate industry, creating new opportunities for investors and homeowners alike.

According to Ms. Stuti Karan Bedi, an industry expert and Director - Corporate Communications of JMD Group shared her views,“One of the most significant trends in PropTech is the use of virtual reality (VR) and augmented reality (AR) in property marketing. VR allows potential buyers to take virtual tours of properties, eliminating the need for in-person visits. This technology is particularly useful for international buyers who cannot travel to the property location. AR is another technology that is becoming increasingly popular. It allows buyers to use their smartphones to scan QR codes or markers on property brochures, bringing the property to life with 3D animations and virtual tours.”

Blockchain technology is also making inroads in the real estate industry. Blockchain, which is a decentralized digital ledger that records transactions and stores information, has the potential to revolutionize property sales by increasing transparency and reducing fraud. Smart contracts, which are self-executing contracts with the terms of the agreement between buyer and seller directly written into code, are also becoming increasingly popular. They ensure that all parties involved in the transaction are aware of the terms of the agreement and that the transaction is executed smoothly and securely.

Blockchain, which is a decentralized digital ledger that records transactions and stores information, has the potential to revolutionize property sales by increasing transparency and reducing fraud.

According to Ms Bedi, sustainability is another trend that is gaining momentum in the real estate industry. More and more homeowners are looking for eco-friendly properties, and developers are responding by building sustainable properties that are energy-efficient and environmentally friendly. Sustainable features such as solar panels, rainwater harvesting, and energy-efficient appliances are becoming more commonplace.

Another trend in the real estate industry is the rise of co-living spaces. Co-living spaces are communal living spaces where residents share living spaces such as kitchens and living rooms. These spaces are particularly popular with millennials and young professionals who are looking for affordable housing options in desirable locations. Co-living spaces also offer opportunities for socializing and networking, making them an attractive option for those new to a city.

"The real estate industry is undergoing significant changes, and PropTech is at the forefront of these changes."

The COVID-19 pandemic has accelerated the trend towards remote working, which is having an impact on the real estate industry. With more people working from home, the demand for home offices and larger living spaces has increased. Properties with outdoor spaces such as gardens and balconies are also becoming more popular, as people seek to spend more time outdoors.

The real estate industry is undergoing significant changes, and PropTech is at the forefront of these changes. From virtual tours to blockchain, sustainability to co-living spaces, the real estate industry is evolving to meet the needs of modern buyers and sellers. As we move into 2023, it is clear that PropTech will continue to revolutionize the industry, creating new opportunities for investors and homeowners alike.