Artificial intelligence (AI) has been at the forefront of the human imagination over the past decades, making regular appearances in different spheres of our society, from the latest blockbuster movie to literature and cartoons. Through the eyes of the past, this new technology has been viewed as having the potential to be tremendously transformative and disruptive to many, if not all, areas of modern society.
With the growth and expansion of AI in recent years, this transformation and disruption has begun to be felt across a variety of industries. Coupled with the immense availability of data, AI has created opportunities to increase efficiencies, reduce costs and increase revenues, even within traditional real estate. These opportunities are also beginning to shape the way we work, and the skills which will likely be demanded of workers in the future.
Demonstrating this growing interest in AI within the real estate sector, venture capitalists have invested almost USD 80 billion over the past five years in PropTech, or Property Technology, start-ups that leverage technology to manage, assess and transact real estate, according to figures from Venture Scanner.