Did you know today is Science and Technology Day? This day emphasises the importance developing science, scientific knowledge, and research has on society. Observed 10th April, it was established in 1982 by the General Conference of the UNESCO to honour the birth of Dr Bernardo Houssay (1887), doctor and pharmacist.
The PropTech sector is also in luck and celebrates its consolidation in Spain on the occasion of this anniversary. The technology company industry that operates in the property sector has grown since 2000 when the first PropTech businesses appeared.
So much so, 553 companies are at this moment dedicated to PropTech in the country. This is shown by the PropTech map’s (MapaPropTech) latest edition, prepared by the College of Property Agents (Agentes de la Propiedad Inmobiliaria, API) in Catalonia. The first edition of the map was introduced three years ago, April 2020, with a total of 151 companies.
According to Vicenç Hernández Reche, Tecnotramit’s CEO: ‘Growing PropTech is unstoppable as the market needs technology to offer on a supply and demand basis what it needs’. The economist stresses: ‘How we consume has changed a lot in a short period of time since we want everything quick, easy, and available from any mobile phone, something PropTech and blockchain technology allow to easily access the property market’.
Spain, PropTech world power
Under this context of PropTech’s exponential growth, Spain has become a world power in the PropTech sector. According to the ‘Proptech Global Trends 2022’ barometer, the Spanish PropTech industry will therefore increase during the year. As per data submitted in the report, Spain is the 5th country in the world that will invest the most in the PropTech sector: €903.5M during 2023, only surpassed by the U.S. (€366,600M), the U.K. (€5,389M), India (€1,791M), and South Korea (€1,363M).