Publication on New Straits Times (4th March 2024)

The Transformation of Property Searching in Malaysia

The traditional, laborious home-searching methods have been long abandoned for the convenience of scrolling and filtering through property options with just a few clicks. In Malaysia, the total property transaction value reached RM85.37 billion in the first half of 2023 and is on its way to promising growth this year. But will it be enough? Datuk Seri Ivan Wong, the chief executive officer of Property Genie, believes that technology must be at the forefront of the real estate sector to simplify and improve all aspects of buying, renting, and selling properties. This involves cutting down paperwork and making buyer-agent interactions smoother.

In 2023, the proptech market was projected to be valued globally at US$20.7 billion and would grow at a compound annual growth rate (CAGR) of 6.5 percent until 2030.

Making Property Buying Easy

The advent of technology has ushered in a transformative era in the property-buying process, distinct from traditional methods. "By granting users remote access to an extensive range of property listings, these platforms break down geographical barriers," said Wong. "For example, the inclusion of interactive maps and high-quality images provides users with a comprehensive view of property locations, facilitating more informed decision-making. Additionally, the use of personalized analytics can tailor recommendations to individual preferences, streamlining the overall property search experience and making it more efficient and user-centric," he said.

Property Tours at the Comfort of Your Home

Visiting potential property in real life can be very tiring. With tech, users no longer have to drive far just to view a property. "Virtual tours, for example, eliminate the need for physical property visits, offering users immersive experiences from the comfort of their homes," said Wong. "Besides that, real-time market insights, made possible through data-driven tools, empower buyers with up-to-date information on market trends, property values, and related dynamics. This shift reduces the reliance on conventional, time-consuming practices, enhancing the speed and efficiency of decision-making in property transactions."

Growth on the Horizon

With the proptech industry gaining momentum globally, the expected impact of technology on Malaysia's property realm is substantial. The adoption of advanced technologies is set to propel growth and enhance efficiency in the real estate sector. "Virtual reality (VR) and augmented reality (AR) are likely to become more prominent, offering immersive property experiences. Further advancements in artificial intelligence (AI) will enhance personalization, providing users with tailored property recommendations. Blockchain technology may bring increased transparency and security to transactions. The continued emphasis on data analytics and machine learning will refine market predictions and user interactions. These innovations, combined with a user-centric approach, will define the evolving landscape of Malaysia's real estate sector," he added. He said the future of Malaysia's real estate sector is poised to be shaped by ongoing trends and innovations, fostering sustainable growth and improved user experiences.

 

Source:
Printed edition of New Strait Times, publication 4th March 2024