THE growth of the property technology (proptech) in the country is seen boosting the local real estate sector, industry stakeholders underscored.
During the virtual launch of the Property Technology Consortium of the Philippines on Thursday, Finance Secretary Carlos Dominguez 3rd said the “new economy” will be “driven by new information and communications technologies” and real estate would be part of it.
Dominguez said the use of technology would allow real estate players to “reach a wider segment of digitally empowered consumers” and at the same time make housing transactions “more transparent and efficient.”
The finance chief added that the real estate segment could also contribute in the effort to mitigate the effects of climate change through the establishment of climate-resilient structures and spaces that make use of green technologies.
Dominguez noted that they will also push for the passage of the Real Property Valuation and Assessment Reform Act, which looks to “adopt internationally accepted valuation standards and professionalize real property valuation.”
The system, complemented by the use of digital tools, will boost investor confidence in the land and real estate markets, according to Dominguez.
“As our economy reemerges after a period of great difficulty, we will expect an even livelier real estate market with these reforms in place. The intensive use of new digital technologies will add even more vitality to this market,” Dominguez concluded.
Emma Imperial, the chair and co-founder of Proptech Consortium, likewise highlighted the importance of proptech in the future of real estate.
“Proptech will recalibrate the real estate industry towards digital advancement to create more modern, applicable and efficient methods, processes and policies,” Imperial said.
Imperial also expressed her optimism in the country’s property industry taking the lead in sustainable and resilient development through the use of digital technologies.
“Property innovation is what we need to improve the standard of living of Filipinos,” she said.
The PropTech Consortium is a “collaboration between different sectors and industries aiming to uplift the societal quality of life by integrating sustainable, smart, resilient and innovative technologies into real estate.”