The increase in technological innovations has reshuffled the real estate sector. With the growth in population, existing cities are about to burst and new cities are coming forth in the landscape.Technological innovation and sustainability are now the key drivers for value in the real estate. These innovations are set to provide new business tools and an enabling environment where traditional methods may be not suffice.
Lamudi Kenya MD Dan Karua says, “With 32.8 percent of Kenya’s population aged between 25 and 54, who are educated and tech savvy want to own a home indicates that the demand will escalate in the coming years as 42.1 percent are below the age of 14 according to the Kenya National Bureau of Statistics.”
With an increase in internet penetration at 54.8 per cent in the previous quarter according to Communications Authority of Kenya shows a need for businesses to open up new paths. Real estate agents will have to adapt to the dynamic environment and provide the best customer service experience possible.
Dan added that technology will definitely disrupt the real estate not only in marketing but also making some types of real estate ancient.As the return on investment stand between 20-30%, it is the prime time to tap into these new technologies before they are mainstream that will improve lives and bring convenience to our day to day experiences.
Sustainable houses will have to be developed that will provide their residents with pleasant places to work and live. The use of alternative building methods will be appreciate from the traditional brick and mortar construction design.
Mini-cities will be on the rise and mixed-use developments will increase rapidly that will enable working, living and shopping stress-free. This will improve on land use and making effective use of land and technology.