Over time, the real estate sector has marked significant economic importance. As large as the real estate sector is, it is considered equally sophisticated. Despite being one of the latest sectors to adopt innovation, technology has undoubtedly added a new dimension to the industry. The introduction of Artificial Intelligence (AI) technology revolutionized the whole industry, bringing real estate properties, innumerable housing societies, diverse housing types, changing market trends, different agents, and distinctive pricings at one’s fingertips.
The history of AI, defined as of today, spans no more than a century, with the idea being roughly discussed in the 1940s and formally introduced in 1956. AI is the simulation of human intelligence in machines having the power to form decisions on their own – similar to human beings; thus reducing the likelihood of human errors. In its initial phase of progression, AI is assisting humans and their cognitive processes, however, at its pinnacle Artificial Intelligence is being assumed to overtake human roles in future.
Where the outbreak of the COVID-19 pandemic relegated every business across the world; with advisories of minimal human interaction resonating everywhere, it is ‘technology’ that kept industries, and businesses alive amidst the pandemic. Moreover, where the pandemic has stagnated the daily activities of life, it has also brought decision-makers to deliberate and consider the role of technology. Amidst these unfavorable times, AI can cover the losses and normalize business.
In this backdrop, the real estate sector is not new to Artificial Intelligence, the practices round the world show that construction industry is also adjusting to the ‘data-focused world’. With technology seeping through the normal business practices of real estate, the long term outlook will completely change in the upcoming time. In the context of changing global environment and technology, AI is acting as some extent of departure for several businesses. 90% of entities related to the traditional real estate sector believe that technology will open the gateway of opportunities for their businesses. Moreover, the decision-makers of major real estate firms are thinking to amalgamate the real estate sector with AI in order to have a competitive advantage while at the same time broadening the scope of their businesses.
Artificial Intelligence in the real estate sector can help to realize transparency and revamp the old practices that have not resulted in benefits for the real estate sector. Similarly, data analysis, construction activities, architecture, and market valuation can gain through Artificial Intelligence by efficiently computing the data using algorithms.
Artificial Intelligence undoubtedly possesses a disruptive potential to change not only the real estate sector but also the entire world. This technology is growing day-by-day. The penetration of Artificial Intelligence has undoubtedly transformed the real estate industry. However, there is still a long uphill road before a full-scale adoption of innovative technology, especially in Pakistan. This highlights not only an enormous gap but also a wholesome market opportunity waiting to be explored.
[box type=”note” align=”” class=”” width=””]The writer is a Karachi-based freelance columnist and is a banker by profession. He could be reached on Twitter @ReluctantAhsan[/box]