Real estate prices have been on the rise, making it difficult for many people to afford homes. However, the push for affordable housing has gained traction. More and more stakeholders believe that addressing the affordable housing crisis can not only meet the urgent needs of society, but also boost the growth of the real estate sector.

Affordable housing can attract a large group of buyers, stimulate construction activities and create job opportunities – all of which contribute to the growth of the real estate market.

Moreover, more and more organizations and thought leaders are asserting that housing is a basic human right, similar to clean water and food.

Demand for affordable housing not only drives social impact, but also provides significant investment opportunities. Experts firmly believe that investing in affordable housing offers attractive financial returns, supported by stable cash flows, tax incentives and reduced vacancy rates.

Related: Property Tech is creating an incredible real estate opportunity for entrepreneurs

PropTech – channel for community and collaboration

Needs arise and people increasingly seek communities where they can collaborate seamlessly. This is the place where PropTech By integrating technology with real estate, PropTech companies enable easy access to community facilities, making neighborhood collaborations simpler and more inclusive.

Space for young entrepreneurs:

The field of PropTech is vast and constantly evolving. While many businesses are already making significant progress in this space, there remains plenty of room for new entrepreneurs to bring unique value propositions.

PropTech is poised for a transformative evolution. Emerging trends such as artificial intelligence (AI), virtual reality (VR), blockchain and the Internet of Things (IoT) are continuing to shape the field. As these technologies mature, they will provide unprecedented opportunities for innovation in the real estate sector.

Artificial Intelligence (AI): Artificial intelligence can optimize property management and improve customer experiences through predictive analytics and chatbots. Entrepreneurs can develop AI-driven platforms that help property managers predict maintenance needs, streamline tenant communications, and even predict market trends.

Virtual Reality (VR): VR offers immersive property tours, which are essential in today's digital-first world. Entrepreneurs can VR joysticks to provide prospective buyers or tenants with a virtual description of properties, making it easier to make informed decisions without physically visiting multiple locations.

Blockchain: Blockchain technology provides transparency and security in real estate transactions. Entrepreneurs can take advantage of blockchain to develop smart contracts that simplify property sales and lease agreements, as well as reduce fraud.

Internet of Things (IoT): IoT devices can improve property management by automating lighting, heating and security systems. Entrepreneurs can create smart home solutions that provide occupants with comfort and safety while providing property managers with valuable data to improve operational efficiency.

Related: How this new and innovative technology is disrupting the real estate industry

Strategic entry points for entrepreneurs

Affordable Housing Solutions: With the call for affordable housing ever increasing, entrepreneurs can focus on developing cost-effective building technologies and materials. Solutions that reduce construction time and cost can make affordable housing projects more viable.

Sustainable living: The push for eco-friendly living solutions is stronger than ever. Entrepreneurs can invest in sustainable proprietary technologies — solar energy systems, rainwater harvesting solutions and green building materials — that not only reduce operating costs, but also appeal to an environmentally conscious market.

Community-centric platforms: Platforms that facilitate community engagement and collaboration are increasingly in demand. Entrepreneurs can develop apps or platforms that allow residents to connect with local services, organize community events or even share resources.

Data analysis and markets: Date is the new oil in real estate. Entrepreneurs can create data analytics platforms that provide insights into property values, market trends and investment opportunities. Similarly, online marketplaces that connect buyers, sellers and renters can streamline transactions and increase market liquidity.

Capitalizing on PropTech – practical steps

1. Identify market gaps: Start by identifying unmet needs in the real estate market. Act thoroughly market research to understand existing solutions and identify gaps where your innovative idea can flourish.

2. Build a strong business model: Develop a business model that outlines your value proposition, revenue streams and growth strategy. Make sure your model is scalable and adaptable to changing market dynamics.

3. Lever technology: fold the latest technologies to differentiate your solution. Collaborate with technology experts to ensure your platform or product is user-friendly, secure and efficient.

4. Engage with stakeholders: Build relationships with key stakeholders in the real estate industry, including property developers, investors and community leaders. Their insights and support can be invaluable in refining your product and scaling your business.

5. Secure financing: Funding is essential to turn your PropTech idea into reality. Explore different financing options, including venture capitalangel investors and government grants. Present a compelling case for the potential impact and benefit of your business.

Related: The Future of Proptech: Next Billion Dollar Opportunities

The future of PropTech is bright, filled with opportunities for entrepreneurs to innovate and thrive. By focusing on affordability, sustainability, community engagement and the use of advanced technologies, you can carve out a profitable niche in this dynamic industry.

As the real estate market continues to evolve, those who are willing to embrace change and drive innovation will find themselves at the top of this lucrative sector. Stay tuned as we further explore practical strategies and inspiring success stories within the PropTech arena.