How virtual reality, nanotech are disrupting the property market

The use of VR in real estate is already a $1 billion global industry, reports Tech in Asia

The property space is one industry heavily disrupted by technology, and continues to evolve. The consumers are the obvious winners. These advancements make their lives more convenient after all.

Looking forward, a lot can change. The property tech (prop-tech) space has tremendous opportunities for growth and transformation. Here are a few that we can already see, simmering on the surface.

Enter virtual reality

Virtual reality (VR) is growing in popularity as a way of marketing property. In the prime London market, where people often live thousands of miles away from their properties of interest, it proves to be a handy tool indeed.

The use of VR in real estate is already a $1 billion global industry. Goldman Sachs even estimates that it is set to treble by 2020.

Australian start-up, StartVR, is currently offering real estate VR among its other VR-related services, while Sotheby’s International Realty has already started showcasing high-end properties in Los Angeles using Samsung’s Gear VR last year.

Nanotechnology to the rescue

When it comes to building better and more durable houses, nanotechnology is already offering far smarter solutions. The technology is now giving rise to various applications such as building materials with insulating properties, durable concrete, windows that are effective in keeping heat in, and mold-free paint.

Automation will make maintenance cheaper and more efficient

Robots and cleaning gadgets will become more commonplace. IoT (internet of things) will take over our buildings and homes, taking care of routine maintenance tasks, inventory supplies, and detecting malfunctions and defects.

We will see more of these robots who make adjustments to our surroundings just the way we like them.

This is an excerpt from Tech in Asia. You can read the full article here