Malaysia explores Innovative Technologies for Real Estate
In the changing world of real estate, Malaysian property developers are using cutting-edge technology to improve customer experience. The 16th Malaysia Property Summit 2024 (16MPS), which recently took place in Johor Bahru, explored the theme 'Prop-Tech, Big Data, & High Impact Projects: Building the Future of Real Estate.'
Leading real estate advisory firms such as Anarock and Hiranandani are at the centre of this technological shift. Anarock's AI/ML proptech solution, ASTRA, has purportedly increased primary housing sales by up to 15%. ASTRA uses predictive analysis to evaluate consumer behaviour, generating high-quality leads and allowing sales teams to focus on queries with the highest conversion potential.
Despite the current economic conditions, Malaysia has had positive post-Covid growth with a 4.0 percent gain in gross domestic product (GDP) during 2023. The country’s real estate industry has seen a particularly strong boost in confidence resulting from higher transaction volumes and values.
Sr. Tan Ka Leong, group managing director of CBRE|WTW, believes that upcoming technologies such as artificial intelligence, blockchain, and virtual reality will change the Malaysian property sector. Big data and artificial intelligence (AI) enable professionals to make data-driven decisions, forecast market trends, and improve customer service.
As Malaysia navigates the changing real estate landscape, the integration of prop-tech, big data, and high-impact projects foreshadows a future in which technology plays a critical role in shaping the real estate experience, driving economic growth, and creating new opportunities for both developers and investors.
Sources:
Business Times
https://www.nst.com.my/property/2024/01/1002796/tan-future-malaysian-real-estate-will-be-driven-ai-big-data-virtual-reality
Business Standard
https://www.business-standard.com/industry/news/real-estate-players-deploy-ai-plug-into-ar-and-vr-tech-to-boost-sales-124011500755_1.html
