OVERVIEW: Unsurprisingly, in the recent past years, there is a dynamic change in the lifestyle with the increase in the disposable income which makes the economy more developed and attractive by establishing more buildings and people are investing more significantly in advance concepts of smart cities. Hence, in developing countries, companies of this sector are becoming more active and doing effective job with the development in the technology. According to report analysis, ‘REAL ESTATE MARKET RESEARCH REPORTS’ suggests that it is expected that in the coming years the industry of real estate is growing significantly with the more development in the technology, services and expansion of businesses.
OUTLOOK: The extensive development in the technology can dramatically improve the working of many companies in real estate business and show growing prevalence of technology in way of sharing databases and processes. The development in technology transforms the industry and this sector shift from tradition methods to online modes of dealing. This also eliminates the presence of middle man and leads to reduction in cost. Online mode of dealing leads to fruitful interaction between a buyer and a seller and results in expanding their customer base with their services which are much reasonable and less time consuming. Moreover, block chain technology has significant impact on the real estate industry. Block chain technology in real estate business has an ability to improve the efficiency of transaction and make the unique individual identity for users through which consumers feel secure by sharing financial information. This technology can make the data more accessible with information and can also escort the financing of properties by compiling users’ financial records. The main usage of block chain technology is done for securing financial transaction and also reduces paper work by digitizing and centralizing the information and data related to agreements and contracts. REAL ESTATE BUSINESS REVIEW suggests that block chain is one of the major catalysts leading this movement. Additionally, facilitating transaction is one most prominent application of block chain technology and parties on either side of a transaction does not need to trust each other to do business therefore; this is the greatest technology innovation of the in this segment.
MARKET SIZE: The market of real estate is expected to grow significantly globally with more development in the applications of the block chain. Additionally, the real estate sector is booming whereas thousands of key player are working across the world and generating billion of revenue. The countries across the globe like New York and others are back to being among most expensive markets whereas, Washington, Portland and others are among the fastest rising market. But the market of Canada has been the recent headliner. Many major key player are benefitted by the mergers & acquisition and joint ventures in this industry such as iLOOKABOUT recently signed a joint venture with Cherre Inc. Whereas, many more key players are functioning in this sector such as Block strain Technology, 360 Block chain, Y Dreams Global, GoverMedia and others. US have also launched projects to examine the benefits of block chain for land registry and transfer of documents. Moreover, development in the developing countries is also playing crucial role in the real estate industry such INDIA and others.
COMPETITION: Development in the technology witness the growth in the real estate industries and increase the number of companies like Realty Share has begun to accept bitcoin as a medium of payment that not only increases the speed, but also reduces the transaction fee. Many more companies are functioning for marking the technology of block chain more effective and ensure that many other real estate agents will join that list very soon. In certain cases, some of the major key players are charging more fees for finalizing the deal but somewhere, the companies which accept the money in terms of cryptocurrency such as bitcoin charge less fees or sometimes no fee.
CONCLUSION: The industry of real estate is expected to grow significantly due to more development in the lifestyle of people, increase in disposable income, modernization and others. Majorly, existing companies are also welcoming new players who support them by investing more for the expansion of business. Therefore, the real estate industry is growing in the coming years over the recent years.
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Ankur Gupta, Head Marketing & Communications