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Technology "removes difficulties" for the real estate market

1602-2024
Real estate is a rather conservative field when it comes to technological innovations. After the COVID-19 pandemic, technology gradually changed the real estate market, information became transparent and created convenience in the transaction process.
 

Lan Anh wants to buy a two-story house for 2.5 billion VND in Thu Duc City, Ho Chi Minh City. It took her 9 months to search for information on the internet. This 35-year-old female office worker said that although she received more information, it was still a difficult problem. Besides "pocket money", factors that play a decisive role such as geographical location, project legality, and related utilities are equally necessary.

Hoang Minh (Nha Be, Ho Chi Minh City) is busy looking to buy a house via the Internet, negotiating and discussing prices online. Hoang Minh said that finding information helps buyers be proactive about prices and can also refer to appropriate loan packages.

They often have to go through difficult journeys to receive the desired information. That is why the Vietnamese real estate technology market is expected to bring positive results. Besides, it contributes to supporting people who want to buy houses, invest in real estate, and businesses and individuals who are real estate brokers.

 

Proptech is a term that refers to technologies. It includes real estate information, real estate transactions and real estate management.

 

Proptech penetrates real estate

Proptech (Property Technology) is a term that refers to technologies in the real estate industry. It includes real estate information, real estate transactions and real estate management. The real estate technology market in Vietnam is forecast to be billions of dollars.

Many individuals and businesses are applying proptech technology to real estate such as reaching customers, managing portfolios, and connecting buyers and sellers. The application of technology helps many businesses achieve more success because of the convenience of the transaction process. At the same time, it reduces many costs and increases liquidity and sustainability for the market.

Experts say that Vietnam has witnessed a strong development in the application of technology in the real estate industry.

According to Savill's research, smart technology is applied to many aspects of the real estate market in Vietnam. With a young population structure and a large number of technology enthusiasts (64 million Internet users, account for 66% of the population; 62 million people regularly use social networks and account for 64% of the population) Quickly accept smart technology and gradually keep pace with world trends.

Mr. Chris Marriott, Managing Director of Savills Southeast Asia, said that although the market is still quite young in technology, Vietnam will have enough ability and opportunity to keep up with other technology markets. Because Vietnam will rely on market supply and demand, rapid development, and adaptation to technology.

 

Although there are still many challenges, proptech in Vietnam still has much room for development. especially applications used to develop projects, optimize costs or provide management data. In addition, Vietnam is still a fairly new market in the technology field. It is also room to attract interest from international investors, Mr. Marriott assessed.

 

Fertile market

Although Vietnam's proptech market is still in its infancy, it is considered rich in potential for investors. A study by the Vietnam Real Estate Association noted that the size of the national real estate market will reach 1,232 billion USD, and account for 22% of total economic assets in 2030.

In the context of the economy in general and the real estate market facing many difficulties, a series of industries and business types are shifting from traditional forms to online models. The real estate market approaches the digital transformation trend to enhance the ability to operate flexibly and adapt to survive and develop.

After car, room, and e-wallet applications, real estate will be the next industry by technology companies. The COVID-19 pandemic brings many challenges but also creates opportunities for real estate to completely apply digital transformation to save time and costs for participating parties.

The market is gradually getting used to online real estate information. Find real estate completely online through 360-degree virtual tour technology and virtual reality technology. Smarthome solutions are gradually becoming more familiar to parties involved in the real estate market.

Công nghệ góp phần gỡ khó cho thị trường bất động sản
 

In that context, the CafeLand Proptech platform aims at values that help standardize the real estate market. This is an improved version of the original data from the real estate trading site CafeLand. The site has been accompanying users for more than 13 years. It belongs to Network CafeLand - one of the major online real estate investment platforms in Vietnam.

The development team said that CafeLand Proptech's database has more than 4,000 real estate projects nationwide. More than 2,000 projects are being traded and more than 100,000 properties are being advertised for sale/rent daily on the application. All users who are buyers or sellers in any province/city can connect.

Any user can participate in “property broker registration” when he or she has an advantage. The application has connections with investors nationwide so users can do this. For personal property, the seller and buyer can connect to reach an agreement based on mutual voluntariness.

In addition, the application also provides users with the ability to look up surrounding amenities free of charge such as Planning, projects, properties, rentals, and utilities... Users can identify through Planning maps or inputting plot numbers, sheet numbers, and coordinates to check the planning of the real estate they own or want to learn about.

The CafeLand Proptech platform also has a legitimate "National Real Estate Brokerage Community" with 18,000 brokers who have publicly listed their profiles and have ratings from traders. Thereby, it creates opportunities to expand business connections, and cooperation and increase chances of success.

Users who are broker professionals can easily search for broker colleagues in other regions. They can also connect and share shopping carts to bring customers the most satisfactory assets. The real estate brokerage community can try many products in many different segments.

According to the developer, every day this page has thousands of listings for sale nationwide. It is concentrated in Hanoi, Ho Chi Minh City, or developing markets such as Binh Duong, Dong Nai, Da Nang, Binh Thuan, and Khanh Hoa... The large number of posts and continuous updates will help diversify information. Therefore, it meets many customers' search needs. Besides, the application uses AI tools to suggest more information to users.

Therefore, all users who are buyers or sellers in any province/city can connect on this platform. It's completely free, for real sellers and real buyers, and helps customers make decisions faster and more accurately.

Tin Liên Quan