What should you expect from the real estate market in 2024
Have you looked around you lately? The Real estate industry is changing. With each passing year, the Nigerian property market undergoes a profound change, reflecting the evolving needs of Nigerians. As we gear up to enter the year 2024, it is important to keep tabs on emerging trends.
What should you expect from the real estate market in 2024? What new trends should you jump on? What technology is going extinct, and which ones are coming to take over? Well, all of these have been duly addressed in this blog. From the integration of IoT in our homes to sustainable and eco-friendly building practices, join us as we analyze the technological innovations that will define the narrative of 2024 for Real Estate.
Smart homes are making waves in the industry today. There is a rapid transformation of traditional homes into Smart Homes, and this trend is here to stay in 2024. Smart homes consist of home automation systems that are integrated. A central hub usually controls the devices in these homes.
Also, the Internet of Things is another highly valued technology in play in homes today. According to research, the global smart home market was valued at $80.45 billion in 2022 and is expected to increase to over $500 billion by 2032. Also, the global number of users in the smart home market was forecast to continuously increase between 2023 and 2027 by 311.9 million households. The numbers are an indication of the general acceptance of smart homes.
IoT is a network of interconnected devices that can communicate and share data. When you hear Siri and Alexa doing their thing, you can be sure that IoT is in play. Other devices that use IoT technology are smart thermostats, lighting systems, and security cameras.
Here are some smart home trends that are already common in 2023:
Some of the notable benefits of smart homes;
In 2024, we will be getting fewer physical tours. The use of virtual or augmented reality in the real estate industry is not new. However, since it has produced numerous positive outcomes, it is here to stay. Around 70% of buyers are more likely to view a property listing if it includes a virtual tour.
A virtual tour is the use of virtual reality technology to get an in-depth view of the interior of the home and give the potential buyer a feel of the home. These tours provide a realistic online experience of properties. They provide an immersive and interactive experience for buyers and sellers, which can increase engagement and help buyers understand the property’s unique features and amenities.
Blockchain has gained a high level of reliability in different parts of the globe. Statistics show that the blockchain market size is expected to grow at a CAGR of 62.4% during 2022-2030. Following the decentralized and secure mode of transaction, it handles one of the major issues in real estate- transparency.
Most real estate transactions are high-priced. They involve a lot of money, complex paperwork, and a third party. This can make the payment process more time-consuming and complicated. To simplify the entire process, Blockchain technology is being adopted.
Blockchain technology allows the meticulous recording of property ownership and transactions in decentralized ledgers, thus eliminating the need for third-party interferences most of the time. Blockchain encourages smart contracts, streamlined processes, transparency, and security.
One of the most transformative technological advancements in the construction industry is the introduction of 3D printing. This is the creation of three-dimensional buildings using printers. This is a process of laying down cross-sectional layers of material one after another until the complete object is built.
The global 3D printing construction market size was valued at $1.4 billion in 2021 and is projected to reach $750.8 billion by 2031, growing at a CAGR of 87.3% from 2022 to 2031.
By the end of 2022, there were 129 3D-printed buildings globally found on 105 building sites.
Some benefits of this include;
Sustainability is a force in 2023, and it is about to be a greater force in 2024. According to the World Green Building Council, building sectors are said to account for approximately 36% of the total energy use and carbon emissions globally. The introduction of sustainability into the real estate industry is aimed at reducing the environmental impact of buildings and improving their energy efficiency. Here are some ways to apply sustainability to buildings:
Sustainable real estate is about creating and managing properties that are resource-efficient, environmentally friendly, and socially responsible while also delivering economic advantages. It is also an effective way to mitigate the environmental impact of buildings, promote human health and well-being, and create economic benefits.
With the large quantity of documentation that real estate agents and investors have to handle regularly, cloud-based CRM Software has been introduced into the real estate industry.
With these platforms, agents can keep tabs on their clients, articulate their records, and secure their paperwork. Because these CRM platforms are cloud-based, they can be accessed at any time, thus making data available when needed.
From 3D-printed construction to biodegradable materials and beyond, the future holds the promise of even more advanced real-estate techniques. As a realtor or a real estate investor, staying abreast of these developments will give you a competitive edge and help you make better-informed decisions.