The rapid technological advancements of recent years have brought significant changes to various business sectors, including real estate and construction.
Technology and artificial intelligence (AI), in addition to their impact on the internal workings of companies in the sector, have influenced how individuals perceive, invest in, and manage properties.
From automated market analysis to personalized user experiences, technology is creating a new horizon of opportunities and challenges in the real estate sector. Its further integration is expected to bring even more significant changes.
Three industry entrepreneurs shared their insights with InBusinessNews on how technology and artificial intelligence are bringing changes to real estate and their role today.
Specifically, Nikolaos Karoullas, CEO of Karma Group, Giannis Misirlis, President and Founder of Imperio, and Stavros Karamondanis, CEO of Ayia Napa Marina, provided their insights on the matter.
Key Insights:
Nikolaos Karoullas mentions, “The adoption of innovative technologies such as robotic process automation (RPA), virtual reality (VR), project management information systems (PIMS), drones, smart sensors, and artificial intelligence will streamline various processes and lead to increased efficiency and reduced costs.”
Giannis Misirlis emphasizes that virtual presentations of properties for sale or rent have eliminated distances, making property showings much easier. He also adds that various smart solutions and modern automations greatly facilitate tenants’ daily lives, further enhancing their quality of life.
However, according to Stavros Karamondanis, it is important to consider that not all users/clients are on the same level of knowledge, and therefore may not be able to fully utilize technology applications.
“For this reason, more effort and intensive user/client training may be needed,” he clarifies.
A common conclusion among all three entrepreneurs is that although dramatic changes have occurred in the sector in recent years due to new technologies and AI, the future promises even more, as well as areas that still need improvement.
What they said in detail to InBusinessNews:
Nikolaos Karoullas, CEO of Karma Group:
The integration of technology and artificial intelligence (AI) in our sector is expected to bring dramatic changes in the coming years, both in construction and real estate.
The adoption of innovative technologies such as robotic process automation (RPA), virtual reality (VR), project management information systems (PIMS), drones, smart sensors, and artificial intelligence will streamline various processes, leading to increased efficiency and reduced costs.
As for AI, we still have a long way to go, as its use, contribution, and impact are currently limited to specific projects with a minimal percentage.
However, this will change soon, driven by rapid advancements. I expect that companies will soon invest significantly in AI tools for data management, enhanced security and communication, and object simulation, like digital twins that will predict the performance of a specific object or service in the real world.
The revolution of technology and AI in our sector will bring multiple benefits. However, it is important to realize that there are significant challenges such as data privacy, security, and the need for specialized labor capable of utilizing these advanced technologies.
Giannis Misirlis, President and Founder of Imperio:
The technology sector is closely connected to real estate as it influences the environment in which we operate – the way we design a project, construction, implementation, and buying/selling, etc.
New technologies help us significantly in assessing existing needs, so our portfolios are framed with projects that will be useful and serve their intended purpose.
At the same time, virtual presentations of various properties for sale or rent have eliminated distances, making the process of showcasing the property much easier.
Additionally, various smart solutions and modern automations significantly improve the daily lives of tenants, improving their quality of life.
Of course, we still have much to see from new technologies and AI applications in real estate.
Stavros Karamondanis, CEO of Ayia Napa Marina:
Technology and its applications have always played and will continue to play a significant role in developments in both land development and other sectors of the economy.
While the opportunities and integration of technology are undoubtedly critical, certain aspects require attention.
It is a fact that AI & VR technologies offer immersive experiences for users of products and services, as well as potential new clients/investors.
However, at this moment, there is a significant shortage of personnel who can fully integrate and utilize these technologies. Additionally, the application of emerging technologies in the early stages is naturally accompanied by high implementation costs.
One thing that needs consideration is that not all users/clients are on the same level of knowledge, and therefore cannot fully utilize technology applications to the same extent. For this reason, more effort and intensive training of users/clients may be required.
These points should not be seen as obstacles to the implementation and further utilization of these technologies.
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