The real estate sector is the latest industry to embrace the potential of Artificial Intelligence, namely through property technology, which, as Monaco Life learned at the recent PropTech conference at the Yacht Club de Monaco, looks set to reshape how designers and architects integrate sustainability into their projects.
The PropTech conference, which was organised by the Monaco Economic Board on 12th March, brought together key players from the local real estate and architecture fields to showcase the significant impacts that Artificial Intelligence (AI) and PropTech are having on the real estate sector.
As put by Frédéric Genta, the man in charge of Monaco’s Attractiveness and Digital Transition Department, in his opening remarks at the conference, “AI changed the world of PropTech.”
The integration of AI into design and architecture reflects the sector’s dynamic expansion; a record-breaking $74 billion investment was made in PropTech during 2021, according to the PropTech Global Trends Barometer, in a demonstration of the industry’s willingness to embrace advancement and innovation.
Architectural innovation
During the conference, speakers from Foster + Partners, the award-winning international architecture firm founded in 1967 by Sir Norman Foster, shed light on the evolving role of technology and sustainability in their field.
Yorgos Bitsianis, an Associate Partner at Foster + Partners, stressed how sustainability is central to the company’s operations, with tools like carbon calculators enabling smarter, quicker decisions in the design process.
On the topic of digital twins, an innovative technology that generates virtual models of physical buildings for detailed simulation and analysis, Bitsianis noted the revolutionary potential of simulation in design, saying, “The opportunities presented by designing with digital twins are boundless.”
Meanwhile, comments by Martha Tsigkari, the company’s head of Applied R&D, that “AI will augment our creativity and our capacity to solve problems” underlined the tech-enhanced future of the architecture sector.
Transforming real estate
The panel discussions, which featured Monaco-based startups including Net0, YouStock and Oghji, highlighted the role AI is playing in achieving decarbonisation within the industry.
Sofia Fominova, co-founder of Net0, made a strong case for AI, stating, “AI is the only answer for decarbonisation.”
See more: New player in the sustainability market: Discloser – Monaco Life
In another discussion about PropTech investment, Gregory Dewerpe, Founding and Managing Partner at A/O, the biggest venture capital firm in Europe to focus on the construction industry, enthused on how technology can change real estate for the better.
“Our mission is to fund tech companies that will revolutionise the construction sector,” he said. “Many businesses aim to achieve net zero emissions by deadlines like 2030 or 2050, and technology is key to reaching these goals. Real estate currently lags behind in digital adoption, and we’re determined to lead the change.”
The PropTech conference also provided a platform for the Prince’s Government, in collaboration with ESCP Business School, to unveil the 4th edition of its global PropTech market barometer, which can be found here.
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Photo credit: Frédéric Nebinger / Monaco Communications Department