Report explores the potential impact of new technologies on real estate transactions
- Innovations include property passports, AI valuations and virtual reality viewings.
- Our property data could be democratised or monopolised by technology firms.
- The Oxford Future of Real Estate Initiative is supported by Arcadis, Bryan Cave Leighton Paisner, CBRE, The Crown Estate, EY, Nuveen Real Estate, Redevco and UBS.
Most of us experience frustrations with the property transaction process at some stage in our lives. Statistics tell a story of a procedure stretched to its limit: conveyancers are undertaking 55% more work per person than they were in 2015, the average sale takes 11 weeks and 25% of all property transactions fail to complete*. Meanwhile, an ever-increasing array of technologies are being developed that could transform the way we buy and sell property, with profound consequences for the real estate industry, businesses and property owners.
So, what are these new technologies, why can’t we use them now, and how long will it be before we can purchase property in a nanosecond?