We all have a love-hate relationship with technology. We sometimes feel that we would be better off without it, and sometimes, we just can’t seem to get through the day without it. It makes life easier, and I don’t see it going away anytime soon. On the contrary, I think it will only get more advanced as time passes and we’ll become even more dependent on it. But what kind of impact will the changes and advancements in technology have on real estate development?
Technology has had a profound impact on the real estate industry in recent years. It ultimately changed the way properties are marketed and sold, and how they are built and designed. Let’s take a look at 6 technological factors that will influence the future of real estate development:
6 Technological factors that will influence the future of real estate development
1. Data and Analytics
It’s 2023, and data reigns supreme. One of the most significant ways technology is impacting the future of real estate development is through the use of data and analytics. Today we have more access to data than ever before. Developers can use this data to make more informed decisions about where to build, what types of properties to develop, what marketing strategy to implement, and what the price of a specific property should be. This data can also be used to optimise building designs, making properties more energy-efficient and sustainable.
2. Drones and Aerial Photography
Drones used to be seen as toys for children, but not anymore. Today, they’re being used in almost every commercial industry under the sun, conducting surveys and inspections of properties and capturing aerial footage of development sites. They are quickly becoming powerful commercial tools that provide enormous benefits in terms of safety and efficiency. Being the “drone guy” must be a very fun and enjoyable job.
3. Virtual and Augmented Reality
Through the use of virtual reality and 3D modelling, developers can. These technologies allow developers to give potential buyers and renters a “virtual tour” of a property before it is even built, as potential clients usually have several properties that they’re looking at. It’s time-consuming and costly to go and view each individual property on its own.
VR technology helps to solve these problems by allowing millions of people to virtually visit properties without leaving the comfort of their homes. They can simply put on a VR headset and enjoy an immersive, three-dimensional property walkthrough. This helps generate interest and excitement in a development project, and also to identify any potential design flaws before the construction process begins.
4. Construction Automation
The use of 3D printing, robotics, and other automation technologies will make construction faster, more efficient, and more precise. This can help to reduce costs and improve the overall quality of the finished product.
5. Smart Building Technology
Internet of Things (IoT – describes physical objects with sensors, processing ability, software, and other technologies that connect and exchange data with other devices and systems over the Internet or other communications networks) technology will enable buildings to be more energy-efficient and adaptable to the changing needs of residents and tenants.
The use of smart building technology and IoT is also becoming more prevalent in the real estate industry. This technology allows buildings to adapt to the changing needs of residents and tenants, making it possible for them to control lighting, temperature, and other aspects of their living space from their smartphones.
6. Artificial Intelligence
AI can be used by developers to optimise building designs and predict future demand for properties, allowing developers to make more strategic decisions about when and where to build. It gathers data through deep learning, which can help to calculate house prices, rental growth, and consumers’ debt levels for home financing.
So these are the technologies impacting real estate and will continue to impact the sector in the future as well. At Mooikloof, we’re currently implementing the usage of data and drones in the planning and development of our properties.
These technological advances made it possible for us to accurately plan and execute our Diepkloof development. From R1.9m you can own a beautiful 2-3 bedroom home, fit for a growing family, in the picturesque Garden Route.
Have a look at our Diepkloof offerings: https://mooikloofgardenroute.co.za/diepkloof-floor-plans/
