PR88009

SINGAPORE, Feb. 9, 2021/PRNewswire=KYODO JBN/--

    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

proptech.

    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

previously.

    "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 [

https://info.yardi.asia/asiaproptechreport/?UTM_Source=newswire&UTM_Medium=press%20release&UTM_Campaign=MTDprQ121]

    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.

    Logo: https://mma.prnewswire.com/media/737275/Yardi_Logo.jpg

    Source: Yardi