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Abstract
The topic of artificial intelligence (AI) is seen frequently in popular media, academic journals, and corporate statements. However, real estate is an industry notoriously slow to adopt new technologies, and with new proptech (property technology) just beginning to open eyes to a whole new approach to investing, it is not yet clear where AI will have the most impact. Companies in the proptech space are beginning to use a variety of AI and machine learning (ML) techniques to enhance insights, productivity, and accuracy. The specific applications of these advancements and their transformative potential are explored in this article through in-depth conversations with technology investors, entrepreneurs, tech industry experts, and real estate professionals and are presented along with research on the latest literature and data on the companies and types of applications in this space. The current applications of AI and ML in real estate are broad and have important implications for how investors and other real estate professionals can incorporate technologies and new strategies into their decision making and operations.
TOPICS: Real estate, big data/machine learning, statistical methods
Key Findings
• AI and machine learning (ML) are starting to have an impact on the real estate market, so it affects all investors.
• There are over 100 real estate technology companies and counting that currently use AI or ML.
• With the new troves of data becoming available and the tools to analyze it, we can and should expect a shift in how investors understand real estate and how buildings are developed.
- © 2019 Pageant Media Ltd
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UK: 0207 139 1600