Impact of Technology and Changing Regulations on Real Estate

Governments from all over the world have taken action to address issues related to affordable housing, sustainability and consumer safety.

Feb 1, 2024 - 07:11

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Impact of Technology and Changing Regulations on Real Estate

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In the past, property search was a tiresome job that involved flipping through newspaper listings or physically visiting several properties to determine which ones would be best. Today, the process of looking for a house has been made as easy as ABC by the use of the internet and mobile technology.

Mobile technology and the internet have revolutionized the property search experience. Numerous websites and applications, such as BuyRentKenya and PigiaMe, offer extensive databases of real estate listings that include virtual tours, high-quality photos, thorough descriptions, and even virtual videos.

This shift to technology on matters of online property search has had tremendous significance from virtual property tours to increased access to information. Buyers and Sellers can now access a wealth of information at their fingertips, through websites such as BuyRentKenya which allows potential customers to customize their search by location, price range, and property type. Interactive maps offer insights into neighbourhood amenities, valuable market trends and expert advice to empower seekers to make informed decisions.

Moreover, the real estate market has been significantly shaped by evolving rules. Governments from all over the world have taken action to address issues related to affordable housing, sustainability and consumer safety. For example, a zoning law is the process of dividing land into different zones or areas to regulate the type of activities that can be carried out in each zone. This has been altered to enable mixed-use developments and boost urban density in response to a global movement toward more sustainable and inclusive urban planning.

As technology continues to evolve, it will bring new improvements and completely change the way the real estate sector functions as it develops further. While artificial intelligence (AI) and Virtual Reality will open up new possibilities, real-time market data, remote transactions, and data privacy protections will become even more important. Both professionals and consumers will need to keep up with these technology advancements as the real estate industry embraces the future. The impact of technology on real estate market trends will undoubtedly have an impact on how we buy, sell, and occupy real estate in the years to come.

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