A new study has revealed London as the most advanced city in Europe for the usage of technology in the built environment, known as PropTech.
This is according to research from international legal practice Osborne Clarke, which predicts that Amsterdam, Berlin and Paris will close the gap on London in the next five years.
The report Future Proof Real Estate – is the property sector ready for the 2020s? builds a picture of how the technology sector thinks innovation will change the face of the built environment in Europe over this five-year period.
Several hundred tech experts from across Europe were asked to name the city they feel is leading the PropTech pack, with London being cited by 42% of respondents.
Amsterdam (28%), Berlin (26%), Paris (23%) and Stockholm (23%) complete the top five cities.
Conrad Davies, Head of Real Estate and Infrastructure at Osborne Clarke, said: “The UK capital has a long, successful history with the property market, attracting developers, investors and landlords from all over the world.
“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.”
The Netherlands, for example, is already developing a number of smart ‘neighbourhoods’, including Strijp-S in Eindhoven and Slim Seingraaf in Duiven, whilst increasing investment into automated vehicles and intelligent travel systems.
Davies added: “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.”