The growth projection for PropTech sector is estimated to be $86.5 billion in 2032 from $18.2 billion in 2022.
The response from players in the industry is already encouraging especially in the middle east. For instance, investors such as BY venture and MEVP amongst others raised $8 to support Stake’s investment in the Kingdom of Saudi Arabia in August, 2022. Similar success are also apparent in Huspy to expand its investment in the Middle East.
The path to technological success in the real estate continue to be favourable to start-ups. This is apparent in the $26.7 million venture capital fund launched by Watheeq Financial to support technological development in the sector.
You may ask, why Middle East especially Saudi Arabia? The simple reason why many global players are relocating to the region is the economic reforms that have created buoyancy.
In as much as the region has had online property offering, the untapped potential put it number one among the global peer as an investment destination. Real estate agents still play an integral role in the realisation of success. However, the technological innovations are promising to change every aspect from leads to listings!
Simply, PropTech is the future of real estate. PA serves in this space to provide the local market insight to leverage the reliance on PropTech.