Real Estate Tech In Hong Kong or PropTech in Hong Kong is an upcoming concept that is changing the way the real estate sector works and paving way for new entrepreneurs in real estate tech. Most of the major developers have started supporting innovation by either investing in PropTech startups or by supporting them for different events, off late there has been a rush of hackathons and pitching sessions for Real Estate Tech in Hong Kong.
Hong Kong SAR, in southeastern China, is a densely populated and vibrant urban center that is considered a concrete jungle by many. It is a typical global financial hub with tall skyscrapers dominating the skyline. Hong Kong can be the breeding ground for many global PropTech startups and a technology hotbed for the Real Estate sector .
It is interesting to note that a large percentage of Hong Kong’s economy is made of construction and real estate. This being said, Hong Kong’s real estate market has been facing heat for the past couple of years, lack of supply and smaller home units, have made innovation a necessity in Hong Kong.
There are a number of factors that contribute to this low including foreigners choosing to rent property than buy due to industry difficulties and high fees. Purchasing and maintaining property has become tougher, riskier and less appealing in Hong Kong. This makes for an opportunity for disruption via technology and a chance for real estate tech in Hong Kong. The Hong Kong property sector has many outdated business models and inefficiencies in the scope of work, calling for a correction.
Real Estate Tech In Hong Kong or PropTech in Hong Kong is an upcoming concept that is changing the way the real estate sector works and paving way for new entrepreneurs in the sector. Intelligent technology helps lower the cost of the business and improves the productivity of different stakeholders involved. Though it is tough to promote adoption of new technology in the traditional method and get the mature brokers to adopt it, the consumers are leading this trend. The youth is driving the demand as well as the adoption of real estate tech in Hong Kong.
Real Estate Tech in Hong Kong
There are a number of technologies that are working in real estate tech in Hong Kong and shaping its PropTech revolution. Getting to which are the startups and companies that are working in this domain, it is also interesting to see the different technologies that have cropped up in this space of real estate tech in Hong Kong, some of them are:
Cloud Computing in Real Estate
While email and online file storage is already a step ahead in using cloud computing, it is quickly taking over the real estate tech in Hong Kong too. Real Estate companies and mostly agents use cloud computing to store and share documentation on the go, and have it updated real time with other stakeholders. It also helps in increasing efficiency of a business by getting rid of heavy machinery servers and moving to efficient cloud servers.
3D and Virtual Reality (VR)
Though VR started in the field of movies and gaming, it is fast finding a strong foothold in real estate tech in Hong Kong. Companies and real estate agencies are using immersive VR tools to provide virtual tours of properties to users, without having them visit the site. It opens up new doors for deals to be cracked even without being on site. This technology is also being used to create 3D models of sites to provide a view of how it is going to look post completion.
CRM tools and Big Data
As is the case with every sector that Big Data has touched, real estate can utilize data analysis on a large scale. In Hong Kong, it has helped commercial real estate to use financial information and credit risk to determine the values of different locations. This, combined with efficient CRM tools, helps target the right consumer for each property as well as provide data-based decision making power to the client. A very interesting startup in this space in Hong Kong is Spacious.hk, that provides a search engine that uses Big Data to collect information about real estate properties and help consumers decide.
Smart Sensor Technology
Real estate companies and as well as PropTech startups are increasingly using cost-effective Internet of Things (IoT) sensors to make homes smarter. The recent discovery of low cost yet efficient IoT sensors makes this technology applicable on a large scale and helps us make smart homes an everyday reality. IoT and smart homes/cities not only make for a better and convenient experience, it also helps reduce our environmental footprint and save energy. With connected homes, one can use sensors and automated controls to adjust thermostats and indoor lighting, analyze temperature and light levels etc. This is true innovation in terms of real estate tech in Hong Kong.
Rise of Robotics in Real Estate tech in Hong Kong
University of Hong Kong’s Knowles Building is home to the US$35,000 six axis orange robotic arm that can mill, 3D print and cut. It is used to help humans at construction sites and promote effective safety and best practices. The robotics arm is being used for architecture as well as building, and industry experts expect this trend to continue with increased dependency on robots for the next 20 years.
Another interesting startup in the PropTech space or real estate tech in Hong Kong is PowerMew, which was in the news recently for receiving a large grant from HKSAR Innovation Technology Fund. It’s platform MewMe is a social network platform for the global real estate industry to connect. It uses different technologies like big data analytics, 3D and VR and cloud computing to connect owners, realtors, buyers, and tenants.
There is also Okay.com that is working in this space and providing right incentives for agents to share information and align their interests. This helps bring a cultural change to the system and make it efficient. Other startups working for real estate tech in Hong Kong are HOHOJO.com, Candid Properties, Arising Land, One House and Landlord Perks.
Way forward for real estate tech in Hong Kong
In a technologically advanced place like Hong Kong, PropTech or real estate tech in Hong Kong is sure to flourish. With the advent of new technologies here, and the scope of real estate market to correct, real estate tech in Hong Kong can be the next big thing that attracts more foreign investment. Real estate accelerator supported by big real estate developers are sure to provide great incubation for game changers of tomorrow.
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Want to know what makes a winning PropTech startup, check out these top 50 Real Estate Tech startups to watch out for in 2018
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