Digital disruption: How tech advancements are transforming the real estate industry
We are at the cusp of another technological revolution. Technology has seeped into every aspect of our lives and aided the flourish of the sharing economy. According to PwC, the sharing economy is projected to grow by more than 20 times between 2013 and 2025, versus only about 40 percent for traditional-economy sectors.
The idea of sharing is not new but, with the coming of age of the millennial generation, who are usually early adopters of technology and more open to sharing, the juxtaposition of technology innovations with the growth of the sharing economy is disrupting the traditional real estate market. The sections below summarise the major disruptors, the impact on traditional real estate and the mitigating factors against the fall in traditional demand.Disruption in retail demand: e-commerce
E-commerce is growing rapidly in Asia, with double-digit growth in 2016 in China, Japan and South Korea. Further growth is expected,