{"id":364580,"date":"2023-11-20T22:27:40","date_gmt":"2023-11-20T14:27:40","guid":{"rendered":"https:\/\/www.mingtiandi.com\/?p=364580"},"modified":"2023-11-20T22:32:06","modified_gmt":"2023-11-20T14:32:06","slug":"technology-transformation-in-asian-real-estate-released-in-singapore","status":"publish","type":"post","link":"https:\/\/www.mingtiandi.com\/real-estate\/research-policy\/technology-transformation-in-asian-real-estate-released-in-singapore\/","title":{"rendered":"A Third of Asia Real Estate Executives Expect Revolutionary Industry Impact From AI"},"content":{"rendered":"
\"Bernie

Bernie Devine, senior regional director for APAC at Yardi<\/p><\/div>\n

Following the launch of ChatGPT one year ago, more than a third of Asia real estate executives expect artificial intelligence to have a revolutionary impact on the industry, according to a report released this past week by Yardi, based on a Mingtiandi survey.<\/p>\n

Having accumulated an estimated 100 million users in the two months following its launch last November, ChatGPT is estimated to be the fastest growing Internet application ever, with real estate leaders expecting major changes from the tech innovation, at the same time that they continue to struggle with managing internal data on leases, sales and other business metrics.<\/p>\n

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In the fourth in a series of surveys of tech adoption in Asia\u2019s real estate sector by Mingtiandi and Yardi, artificial intelligence jumped in importance for respondents, compared to earlier polls, while the majority of those filling in the questionnaire reported challenges in adopting more elementary systems for managing information.<\/p>\n

The findings in the report, which also compared the results of this year\u2019s survey to earlier polls, were released to the public by Yardi regional director Bernie Devine and Mingtiandi\u2019s Michael Cole at an event in Singapore this past week, where the findings were reviewed by a panel of experts from industrial real estate specialist ESR, online investment platform Investax, industrial developer and fund manager Emergent Capital Partners and law firm Goodwin.<\/p>\n

Getting Ready for AI<\/h3>\n

In the survey, which received 116 responses, 34 percent of the respondents predicted that artificial intelligence will have a revolutionary impact on the real estate industry. In the 2021 survey, AI was\u00a0 seen by only 16 percent of respondents as being the technology likely to have the most significant impact on the industry within five years, ranking behind big data analytics and business process automation and just one percentage point ahead of the Internet of Things.<\/p>\n\n\t\t