1 minute read
Letter from the Editor
WE LIVE in a wonderful world where so much is possible.
Nowhere is the new more evident than in technology.
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I remember using my first computer in the early 90s thanks to my then IT partner. I also remember being enthralled by his email and how he was able to keep in touch with a Dutch colleague via this new form of communication. Fast forward a decade or so and we are FaceTiming with loved ones in different cities and doing virtual tours of the ancient Greek ruins.
The upward trajectory of technology has changed how we as humanity function in our everyday lives. We even have devices that can monitor how many steps we take in a day. In fact, tech knows more about us than we know about ourselves.
Nowhere has the new world been more exciting than in Proptech. This has reshaped the property world, a world that has sometimes been slow to change, preferring the safety of the known. And we are only at the beginning.
I believe we are still going to see major strides in technology that will completely alter the way we interact in this market.
As it stands, digital technologies with the ability to change the lifecycle of real estate assets are already here, including blockchain and AI. Add in tokenization and we are talking a whole new world.
Globally we have seen how cryptocurrency can be used to pay both rent and the purchase price of properties. It’s still early days. Tokenization, simply described as the process of creating a virtual token to represent ownership of a real estate interest, is also a new development, allowing people to invest in homes in the US for as little as $5 – $10 (R150).
The last year of lockdown has seen change happen faster out of necessity, and technology and communication are delivering solutions. In the next five years, tokenization, according to reports, is expected to yield a whopping $4.2 billion for the global real estate industry.
It may feel like we are experiencing a lull right now, but know a new world is coming fast. In this new world the candy store is full with old and new ways of doing things... and it is replenished frequently.
Take your pick.
It’s all valid.
Have a great weekend
Vivian Warby vivian.warby@inl.co.za
