Is “brick and mortar” the way forward for PropTech?4 min read 29 Oct 2021, 05:08 PM IST
PropTech companies have, hitherto, been more “tech” than “prop”, and have been typically founded by technology entrepreneurs and funded by venture capital firms who specialize in tech investing. These technology firms aim to transform the real estate industry into digital players.
Global real estate is worth more than USD 217 trillion and accounts for 60% of worldwide assets owned by individuals. Despite being the single largest asset class, real estate has long remained a sector yet to be revolutionized by technology, and it has only been recently that it has been infused with innovation. During the past decade, buoyed by the sheer size of the opportunity in real estate, a number of technology firms have made inroads into this traditional industry, creating the PropTech industry and making it easier for both consumers and service providers to transact, own, and share real estate assets.
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