In late 2017, Yardi sponsored a survey and report completed by Chinese real estate business intelligence source Mingtiandi on the state of Asia’s real estate industry, which grew by $867 billion in China, Hong Kong and Singapore in 2016 and accounts for about 20% of China’s gross domestic product. The majority of survey respondents work in China, Hong Kong and Singapore.
Key findings from the survey:
- More than 55% of respondents perceive Asia as trailing the West in the adoption of technology within the real estate industry; less than 12% saw Asia as the leader
- Almost 77% regard real estate as trailing other industries in technology adoption; less than 6% regard property companies as leaders
- More than 83% consider access to information a competitive necessity
- More than 42% manage leasing, sales and property management on spreadsheets
- 43% identify internal resistance to change as the single largest barrier to adopting online tools for improving workflows and streamlining operations
Companies and technology providers are moving fast to align Asia’s real estate technology with the rest of the world. Property management technology companies in the Asia Pacific region have received $7.8 billion in investments since 2013, accounting for 60% of global property management technology investments in that time.