Reinventing Real Estate: Exploring the Dynamic Landscape of Prop-Tech driven Digital Transformation in the Residential Sector – Lessons for Sri Lanka

Abstract

This article presents a comprehensive narrative review of published articles focusing on the digital transformation of the residential real estate sector driven by PropTech (Property Technology). The study aims to provide insights into the current state of digitalisation within residential real estate, examining the technological advancements and their impact on various aspects of the market. The review employed a narrative review approach, analysing scholarly articles, industry reports, and reputable online sources that explore the intersection of residential real estate and technology. The findings highlight the revolutionary effect of PropTech on the residential real estate sector, fundamentally changing traditional practice and enhancing operational efficiency. The study identifies key areas where PropTech has made significant strides in the residential real estate sector. These advancements have reshaped the market dynamics, fostering transparency, reducing energy consumption, and increasing access to information for all stakeholders. In conclusion, this narrative review underscores the transformative impact of PropTech on residential real estate, shedding light on its potential to reshape industry practices and improve overall efficiency for developing nations like Sri Lanka. The findings provide valuable insights for researchers, practitioners, policymakers, and industry players seeking to understand and leverage technology in the residential real estate industry.