Property technology – or PropTech – and the evolving role of AI in enhancing various aspects of the global real estate market, from property management and transactions to construction and urban development, were put in the spotlight at the fifth edition of the PropTech Symposia in Monaco earlier this week.
The event, which united 150 industry figures and leaders, as well as numerous online participants, was held at the Grimaldi Forum on Monday 10th March. It delved into the intersection of technology and real estate through the theme PropTech: Reinventing the Future of Real Estate and offered a fascinating exploration of the strategic impacts of AI on the global market, emerging economic models and transformative innovations that are reshaping the industry in an increasingly tech-focused era.
The day began with a thought-provoking address by Dominique Alba, General Director of Jean Nouvel Workshops, who discussed the integration of AI into architectural projects and urban design.
Later, panel discussions on the future of technology in real estate featured big industry names such as Ana Lozano Portillo, CEO of Nidus Lab, who explored how automation and generative AI are shaping real estate design; Brice Vandevoorde, CEO of Realiz, who spoke about the economic potential of tokenisation and AI; Jaime Luque, Professor at ESCP Business School, who analysed market trends and the impact of AI on investment; and Anas Bataw, Partner at Zacua Ventures, who highlighted AI’s potential to optimise urban development productivity and sustainability.
The symposium also served as the unveiling of the 2024 Global PropTech Barometer, a major publication developed by Monaco’s Cellule Économie Numérique, part of the Interministerial Delegation for Digital Transition, in conjunction with ESCP Business School. The 137-page report offers valuable insights into the future of PropTech as an industry in its own right.
In his opening remarks in the report, Frédéric Genta, the Monaco Government’s Delegate for Attractiveness and Digital Transition, notes, “With a global value of $643.9 trillion USD, real estate lies at the heart of major economic, ecological and technological transitions. In 2023, PropTech accelerated this transformation, attracting $47.94 billion USD in investments and achieving a growth rate of 13.78%.”
He continues, “Technologies such as AI, digital twins and tokenisation are redefining every stage of the real estate lifecycle, from building to living, making processes more efficient, sustainable and interconnected.”
Genta goes on to describe the Principality of Monaco as a “key player in driving innovation in digital real estate,” pointing to its status as a pioneering hub for urban innovation, its state-of-the-art digital infrastructure and its strategic partnerships with PropTech leaders and visionaries.
“The Principality of Monaco,” he writes, “with its ambitious vision of a smart city that blends innovation with digital excellence, offers an inspiring example of how PropTech can transform urban environments while preserving identity and attractiveness.”
For more information on the Global PropTech Barometer 2024, click here.
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