The Effect of Technology on Real Estate

Abstract

Numerous businesses and models have been profoundly disrupted by technological advancements, and the pace of these disruptions is accelerating exponentially. The real estate industry, particularly in Africa, is no exception. This sector has witnessed substantial growth in recent years, with technology playing a pivotal role in its transformation. Technological innovations have revolutionised the methods by which properties are bought, sold, rented, and managed, thereby enhancing efficiency and cost-effectiveness across the board. In rapidly developing African countries, real estate constitutes a significant component of investment portfolios, underscoring its importance and impact on the economic landscape. The real estate sector has traditionally been perceived as a stable investment class, seemingly resistant to the rapid adoption of new technologies. However, since the COVID-19 pandemic, the rate of technological adoption has significantly increased, with more individuals flocking to the Internet daily for the added comfort and convenience it provides. This surge has inspired a growing number of companies to aspire to become the next major industry disruptors. The confluence of advanced technologies and the pandemic-induced push towards digital solutions has fostered an increased willingness to develop and embrace emerging real estate technologies, fundamentally altering the landscape of the industry.