Digital transformation expected to renovate property market

Real estate is a major investment channel, and technology will help investors feel more secure (Photo: tuoitre.vn)

Applying information technology in the real estate sector is a major trend, helping to easily connect parties in need with product and service providers, and changing the path of the Vietnamese property market, according to experts.

Vietnam has a lot of advantages to develop digital technology in this sector because there are about 93-95% of smartphone users out of a total of more than 140 million phone users. Furthermore, the demand for housing in the country remains huge.

Duong Thuy Dung, Senior Director of CBRE Vietnam, said that in recent years, developers have quickly innovated to suit the market situation, from sales policies to applying online technology and virtual reality into product introduction and marketing.

Real estate is a major investment channel, and technology will help investors feel more secure. Companies want to bring the most reputable and authentic experiences to customers, so real estate businesses are interested in researching and applying technologies in their business and management activities.

In addition, Vietnamese people often view real estate as an investment channel or an asset to save. Therefore, this potential market has plenty of room for developers to exploit and develop more diverse types to meet actual needs, from housing, commercial centres to industrial parks. Therefore, technology development in this field is also very promising.

According to a report on the real estate consumer sentiment index by batdongsan.com.vn, Vietnamese people are better adapting to technology in real estate buying and selling activities. Currently, up to 72% of buyers choose real estate online, 60% negotiate prices online, and the rate of sales and purchase contracts signed online is 6%.

Therefore, in the current context, to operate, develop and optimise customer access, real estate businesses are advised to focus on digital transformation and technology application.

Dr. Can Van Luc, Chief Economist at the Bank for Investment and Development of Vietnam (BIDV), said that digital transformation will help businesses reduce transaction and management costs, increase access to market, information and data, increase business opportunities, and overcome challenges in the new context.

Real estate technology will help increase customer experience, optimise operational processes and become a market-leading trend in the future, thus making a major contribution to helping the market develop transparently and professionally, he added./.