Real estate developers are increasingly embracing cutting-edge technologies, revolutionising traditional practices, and paving the way for a more efficient and transparent property development process.
Technology has become a game-changer in shaping consumer behaviour within the real estate market. With the advent of online property listings, virtual tours, and real-time data availability, consumers now have more information and options.
Convenience and accessibility provided by technology have transformed the way prospective buyers search for properties, enabling them to explore a wide range of options, compare prices, and gather detailed insights without leaving the comfort of their homes.
Data from Kenya National Bureau of Statistics (KNBS) reveals that the real estate sector made a substantial contribution to Kenya's GDP in 2022, amounting to 10.5 per cent, an increase of 0.4 percent inS2021.
A report by Statista market forecast shows that in Kenya, the real estate market is experiencing a surge in demand for affordable housing due to rapid urbanisation.
“The real estate market in Kenya is forecasted to grow to approximately Sh89.7 trillion (US$697.80 billion) by 2024. Looking ahead, the market is projected to see steady growth, with an annual growth rate of 3.84 per cent from 2024 to 2028, reaching a market size of Sh 104.4 (US$811.40 billion) by 2028,” the report states
According to the director of Farmyard Real Estate Agency George Ndumia, the rise of online marketplaces has disrupted traditional real estate sales and marketing strategies.
"Technology has transformed the real estate experience, empowering us to connect with buyers in new ways. From online marketing and virtual tours to remote transactions, the industry has changed, allowing us to engage with our consumers in ways that were unimaginable just a short time ago," he said.
He added that using technology has been a game-changer for real estate developers, enabling them to streamline operations and maximise profit.
"The integration of advanced technologies into our daily workflows has been a game-changer in reducing manual labour, this transformation has not only boosted productivity but also enhanced the quality of work while minimizing physical labour,” he said.
He added that realtors must stay at the forefront of technological advancements to ensure they remain competitive and meet the changing demands of the market.
"Technology has changed consumer behaviour and we have to keep adapting to the advancement of technology to attract more consumers," he said.
According to the founder and principal architect at Rezi Construction, Kemunto Barake, technology advancements have also streamlined the construction process.
"We specialize in transforming ideas into stunning realities and Virtual reality (VR) has become an invaluable tool for architects, revolutionising the design process. This allows for more informed decision-making, as architects can identify design flaws, test different layout configurations, and make adjustments in real-time. The ability to visualise a project in such a realistic, interactive way has streamlined the architectural workflow, leading to more efficient, innovative, and client-centric designs,” she said.
”Through technology, we advertise their services online, attracting more consumers,” she added.
