The real estate industry is currently undergoing a digital transformation that not only changes its nature in terms of the markets and work environments, but is also influencing its growth. What are the main trends and concerns related to this transformation? To what extent is the real estate industry already prepared for this? This paper reviews the situation in terms of the emergence of a phenomenon known as PropTech. PropTech is characterized by the massive implementation of emerging technology such as home matching tools, drones, virtual reality, building information modelling (BIM), data analytics tools, artificial intelligence (AI), Internet of Things (IoT) and blockchain, smart contracts, crowdfunding in the real estate sector, fintechs related to real estate, smart cities, regions, smart homes and shared economy. This survey of changes in the real estate industry due to PropTech covers four areas: (1) PropTech applications in the real estate industry; (2) implications of PropTech for real estate market transparency; (3) how PropTech could give a region or a company a competitive advantage; and (4) concerns on the wider implications of these changes on a labour market and education. In a plausible scenario, changing the real estate technologies could change system dynamics and improve real estate market transparency. Moreover, it can be asserted that, in a broader sense, PropTech is beneficial for territorial competition and territorial growth strategies. And lastly, under different institutional arrangements, PropTech can affect the changing structure of the real estate market, the demand for hi-tech, new skills as well as emerging policy challenges for the real estate industry.
Building Information Modelling (BIM) is the latest software technology used widely by many construction businesses - big and small - particularly within the Architecture Engineering Construction (AEC) sector. Besides being a design and documentation tool, building information models (BIM) provide a platform for enhanced knowledge base collaboration, the potential to manage modification, and therefore the capability to provide information support throughout the lifecycle of an apartment building. A big share of the eastern European construction industries remains excluded from BIM technology and the potential advantages it will hand over to their business, particularly for renovation projects. It requies the involvement of all stakeholders to realize higher-level coordination, productivity, visualization and value efficiencies. The advantages of BIM exploitation for renovation projects are considered in the article. Tendencies in the development of BIM technologies throughout the globe and in eastern European countries on example of Ukraine are shown. Examples of the exploitation of local building information systems in realizing renovation processes are given, and proposals for policymakers in terms of applying BIM technologies in housing renovation activities and facility management are formulated.
It can be argued that sustainable urban land development depends on the long-term viability and management success of local economic development. It can be further argued that here, economic sustainability is the key. This would furthermore signify a paradigm change to long-term administrative behavior (via an institutional approach), long-term market behavior (heterodox economics approach), and human behavior in actors' consumption and location choices (behavioral approach). This article examines two criteria within this discourse: innovativeness and social cohesion. In doing so, it proposes a framework for empirical analysis where it is suggested that western, postsocialist and low developed cases choose different strategies due to their different starting points.
The aim of this paper is to propose a decision support model for real estate development and recommendations that could help Lithuania during economic crises. Research, theoretical and practical tasks of sustainable real estate development process were revised, particular examples presented. Different models and methods for analysis of real estate development discussed. Decision support model, encompassing extensive analysis of the global trends, best crisis management practices, assessment of the factual situation and provision of recommendations for different stakeholders under conditions of market instability presented. According to proposed model, the research was performed by studying the expertise of advanced industrial economies and by adapting such to Lithuania while taking into consideration its specific history, development level, needs and traditions. Basing on these findings, accumulated know-how, the results of previous scientific studies and practical insights of the other authors, specific recommendations to avoid crisis and minimize its consequences in macro-, meso- and micro- levels were provided. Recommendations illustrate holistic point of view and assumption that real estate development consists of creativity, research and art.
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