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Milan, 27 November 2023 - The real estate sector, like many others, is undergoing a major transformation thanks to constant technological innovation and growing awareness of sustainability issues. Casavo, the digital platform that matches the needs of home sellers with the desires of buyers, has selected the real estate trends and developments to keep an eye on in 2024.
- Growth in the use of artificial intelligence and predictive analytics
Artificial intelligence algorithms allow for the analysis of enormous amounts of data in a very short time: for the real estate sector, this data includes, among other things, the location of a property, historical information on properties in the same neighborhood, socioeconomic indicators, environmental factors, and more. This data allows industry professionals to make increasingly accurate predictions on key aspects such as future property values, potential rental income, and return on investment. Artificial intelligence will therefore increasingly become a valuable assistant for market operators, particularly in the decision-making phase. - Green solutions as a fundamental purchasing driver
The “basic” characteristics of a property, such as the number of rooms, the square meters of paintings, and exposure, are no longer entirely sufficient and convincing characteristics for buying a house. More and more, those buying new buildings are interested in the energy efficiency of the property and the sustainability practices construction. Requests for eco-friendly building materials, projects that minimize environmental impact, solar panels, and smart home technologies will be increasingly frequent. The surrounding environment also matters: for example, proximity to green areas, public transportation, or bike-sharing services and cycle paths. This is an increasingly pressing request, also perceived by institutions, which are demanding that the European energy efficiency targets set for 2035 be achieved.
- Digital transaction management
Interest in transactions managed online will be increasingly greater: while those who want to buy a new home are already accustomed to starting their search online, those selling have traditionally relied on the local real estate agency. Digitalization is changing the rules of the game, offering consumers new alternatives and the ability to start and complete part of the buying and selling process conveniently online. Thanks to technology, home sellers will have the ability to reach many more potential buyers (thus having greater opportunities to maximize the selling price) and access much more information. This will contribute, in the short to medium term, to making the market increasingly transparent and giving consumers greater control over the transaction.
- New impetus for VR and AR applications thanks to artificial intelligence
VR, despite being a technology already widely known and of which it is Much discussed, it has not yet reached full implementation in the real estate sector, and in particular in the real estate listings segment where a significant impact was expected (most of them still don't foresee it). Artificial intelligence, however, promises to change things, thanks to cheaper and more scalable tools and solutions that will improve the real perception of spaces and "virtually let" customers enter homes. At the same time, AR will make It is possible to visualize the furnishings within the spaces of the property, for example with virtual staging techniques, which allow you to visually furnish a property according to the buyer's tastes. Virtual staging promotes freedom creative and potentially endless modifications, with significant savings in terms of time and money.
- Partners to support the entire buying and selling process
In most cases, home buyers (especially first-time buyers) don't have a clear idea of all the additional costs involved, and struggle to calculate the financial impact of the entire transaction. This is a particularly important variable in this historical period in which house prices are constantly increasing (unlike people's purchasing power), and in which access to credit has become more difficult. complicated by the rise in interest rates (in this regard, 2023 is proving to be a year of decline in mortgage disbursements, with a -33% in the second quarter compared to 2022). Partners who offer complete support from the beginning to the end of the buying and selling process will therefore be increasingly in demand, guaranteeing transparency on costs from the early stages of the search, and integrating credit access services in line with the preferences of increasingly digitalized consumers.
- Homes increasingly Small, how spaces are redesigned
Inflation and rising interest rates are leading buyers to purchase homes with increasingly smaller square footage (from January 2019 to today, Casavo has observed a decrease in the average size of apartments sold, recording a 13% drop in Milan and 9% in Rome) and the consequence is the re-design of spaces: the kitchen is increasingly integrated into the open-plan living space and, having to recover square meters, bathrooms with windows are often sacrificed in favor of other more functional spaces, such as the bedroom. Creativity and a design approach become key in these contexts and requests for positioning a desk, even a small one, for office needs will also multiply. of increasingly widespread home offices.
These trends for 2024 will determine the way people buy, sell, and manage a property. Keeping pace with these technological advances will be crucial for both consumers and professionals in the ever-evolving sector.