Proptech uses digital innovation to solve problems within the real estate market. The overall aim of proptech is to make it easier to buy, sell and manage property.
Online real estate agents are becoming increasingly popular with the likes of PurpleBricks. Ubiquity is using blockchain technology to record property transfers and store deeds. Habiteo created a collaborative platform that simultaneously manages sales and marketing activities to act as a "sales booster".
Proptech is attracting more investment from VC firms and analysts predict that further technological disruption to the real estate market is looming.
But at a time where technology is at the forefront across all industries, the real estate industry spends less than 1% on information technology.