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© Michael Alesi / Direction de la Communication

The PropTech Global Trend Barometer, which is published by the ESCP Business School and supported by the Principality of Monaco, analyses the international PropTech industry.

In 2021, the Principality of Monaco decided to support the PropTech Global Trend Barometer, published by the ESCP Business School (Paris). “This barometer brings together two issues which are vital for the Principality: property, a strategic economic sector for Monaco, and digital technology, which is one of the priority factors for the country’s current and future development. The barometer is the foundation stone of Monaco’s ambition to become a global hub for real estate technology,” explains Frédéric Genta, Country Chief Officer for Attractiveness and the Digital Transition in the Principality of Monaco.

PropTech – short for “property technology” – encompasses all of the digital tools (software, platforms, applications, websites, etc.) associated with the property industry. Today, the PropTech ecosystem comprises four key links: project financing, infrastructure construction, management of sales and rentals, and living in the housing that has been developed.

According to the PropTech Global Trend Barometer, the PropTech market now represents a total of more than $45 billion raised since 1999 by US PropTech companies. Behind the United States, Japan and the United Kingdom are in second and third places. These three countries are responsible for 88% of the investment in the ten countries which invested the most in PropTech in 2021 – those countries also include Switzerland, China, Hong Kong, Bermuda and Germany.

© Stéphane Danna / Direction de la Communication

Jaime Luque, a professor at the ESCP Business School, who leads this research, explains the value in interpreting these developments: “We are in a constantly changing world. The strategic players in the property industry are seeking to expand their offering of digital solutions to improve residents’ quality of life. This is a sustainable trend which will become more pronounced with each passing year.”

Monaco, currently in the middle of a digital transition, can become part of this strategy by relying on its strong infrastructure: the first sovereign cloud in Europe, Monaco Cloud, full 5G and fibre coverage of the entire country, guaranteeing security and power, as well as government support (the Blue Fund) to help entrepreneurs with their digital plans.

Developing PropTech will help Monaco to put its expertise in this sector to use in order to generate economic growth in a digital world. The traditional property sector alone accounts for 9.6% of the Principality’s GDP* (20% if construction is included) and supports more than 1,750 jobs. “This revolution affects every aspect of property expertise and is changing the way we work. Digital technology is a genuine source of opportunity for our profession, and a tool that will support the competitiveness of businesses and the society in which we live,” notes Michel Dotta, Chairman of the Monaco Economic Board and Honorary Chairman of the Chambre Immobilière Monégasque.

Find out more : https://extendedmonaco.com/la-principaute-de-monaco-et-lescp-business-school-devoilent-la-nouvelle-edition-de-leur-barometre-dedie-a-la-proptech/

© Manuel Vitali / Direction de la Communication
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