Research from legal practice Osborne Clarke shows that London is the best city in Europe when it comes to the usage of technology, the so-called proptech, in the property sector. The survey of technology experts from across Europe found that 42% of them think London is the leading city for proptech, followed by Amsterdam, Berlin, Paris and Stockholm.
“The UK capital has a long, successful history with the property market, attracting developers, investors and landlords from all over the world”, said Conrad Davies, head of real estate and Infrastructure at Osborne Clarke.
“London is also the technology capital of Europe, largely driven by the fact that it attracts the most venture capital investment in Europe and has a mature tech ecosystem. These two factors combined mean it is understandable that London is fast becoming the proptech capital of Europe,” he continued.
In addition, the majority of experts also believe that London is the city most likely to rank number one in five years’ time. However, other cities, such as Amsterdam, Berlin and Paris are expected to close the gap in the next five years.
“The real-estate sector has been criticised in the past for being an industry that has failed to embrace technology and innovate. However, this is changing rapidly and the market is starting to open up to the opportunities technology brings,” Davies added.
“The next five years will certainly be an exciting time for as we continue to see accelerated growth in the use of proptech in cities across the globe,” he concluded.