The Manila Times Online Forum: State of the Art in Real Estate
- 2 years ago
THE MANILA TIMES real estate online Forum: “State of the Art in Real Estate”
CONSOLIDATING lessons learned from the past two years, industry thought leaders have determined that real estate has continued to be one of the most reliable and resilient investments regardless of geopolitical conflicts, global health emergencies, and natural catastrophes, and property technology (proptech) has been one of the game-changers responsible for this phenomenon.
For example, real estate analysts at Colliers International Philippines said in 2022, the demand for luxury and mid-income residential projects indicated a gradual recovery. In a separate interview, property sales and investment expert Michael Christian Tee Rosanes said now was the “best time to buy properties” with the lowering price of condominiums and assets “like in BGC (Bonifacio Global City), you can get 30 to 40 percent off,” a buyers’ market that “never really happened [in] the last 14 years.” Rosanes added that real estate was a classic asset in which most people invested in times of crisis. In support of this, it was reported that affordable residential real estate continued to thrive in the third quarter of 2021 amid the pandemic.
Granted, countless businesses and models have been disrupted by technology and the speed of these disruptions is growing exponentially. The current pandemic has exacerbated this phenomenon as each disruption happened slowly over time as people got more comfortable with the tech. New realities forced the workforce to utilize and quickly iterate and adapt to new technology in order to have any semblance of productivity. New technology quickly emerged and shaped the future of real estate, and coping with the pandemic fueled the mass adoption of many innovations. Awareness and forward-thinking became vital in strategies and the approach to certain aspects of the ever-evolving real estate environment.
The real estate sector has historically been stable as an investment class and many believed it to be immune to the rapid adoptions of these new technologies.
In fact, as attested to by Imperial Homes President and Chief Executive Officer Emma Imperial, there has been rapid adaptation of proptech along with the green agenda in business. Proptech recalibrated the real estate industry toward advancement, creating more modern, more apt and even more efficient systems.
The statistics, about how proptech was eyed to boost the industry, have been compelling.
Of millennials, 99 percent began their home search online to save time. Property hunters used social media handles to learn about the latest property developers and their projects and the facilities and infrastructure of a building or society.
Of homebuyers, 76 used a mobile or tablet search device in their home search; millennials used mobile devices — nearly twice as often as the silent generation.
CONSOLIDATING lessons learned from the past two years, industry thought leaders have determined that real estate has continued to be one of the most reliable and resilient investments regardless of geopolitical conflicts, global health emergencies, and natural catastrophes, and property technology (proptech) has been one of the game-changers responsible for this phenomenon.
For example, real estate analysts at Colliers International Philippines said in 2022, the demand for luxury and mid-income residential projects indicated a gradual recovery. In a separate interview, property sales and investment expert Michael Christian Tee Rosanes said now was the “best time to buy properties” with the lowering price of condominiums and assets “like in BGC (Bonifacio Global City), you can get 30 to 40 percent off,” a buyers’ market that “never really happened [in] the last 14 years.” Rosanes added that real estate was a classic asset in which most people invested in times of crisis. In support of this, it was reported that affordable residential real estate continued to thrive in the third quarter of 2021 amid the pandemic.
Granted, countless businesses and models have been disrupted by technology and the speed of these disruptions is growing exponentially. The current pandemic has exacerbated this phenomenon as each disruption happened slowly over time as people got more comfortable with the tech. New realities forced the workforce to utilize and quickly iterate and adapt to new technology in order to have any semblance of productivity. New technology quickly emerged and shaped the future of real estate, and coping with the pandemic fueled the mass adoption of many innovations. Awareness and forward-thinking became vital in strategies and the approach to certain aspects of the ever-evolving real estate environment.
The real estate sector has historically been stable as an investment class and many believed it to be immune to the rapid adoptions of these new technologies.
In fact, as attested to by Imperial Homes President and Chief Executive Officer Emma Imperial, there has been rapid adaptation of proptech along with the green agenda in business. Proptech recalibrated the real estate industry toward advancement, creating more modern, more apt and even more efficient systems.
The statistics, about how proptech was eyed to boost the industry, have been compelling.
Of millennials, 99 percent began their home search online to save time. Property hunters used social media handles to learn about the latest property developers and their projects and the facilities and infrastructure of a building or society.
Of homebuyers, 76 used a mobile or tablet search device in their home search; millennials used mobile devices — nearly twice as often as the silent generation.