Back in May, the International Monetary Fund released a warning about Ireland’s property market. The organization stated that residential prices across the country were modestly overvalued and urged the Irish government to cut taxes in the 2019 budget. Ireland has recovered somewhat from the 2008 housing crash that forced the nation into an international bailout, but the recovery has come at a price. National house prices rose 12.7 percent this year alone and the average national cost of housing is up 75 percent since 2013. With rapid job growth, an increase in immigration, and years of a pent-up need for housing, there’s a severe housing shortage throughout the nation. Realizing these challenges, tech companies are working with real estate agents to develop a solution. Now, these technologies are dominating the market and working to make the home buying process easier and more accessible to sellers and buyers.
Virtual Tours through Daft.ie
Daft.ie is one of the biggest online portals for selling, renting, and purchasing housing throughout the entire nation. Daft originally revolutionized the real estate industry and is now changing the market again. Now, potential home buyers can view property anywhere in the world without leaving their own homes. These buyers simply enter all the information about what they want and need in their new home. Then, the app provides housing that is relevant to their searches. Once the user picks a house they love, they can then view each room in the house virtually through a smartphone, laptop, or VR headset. This unique tool allows more buyers to enter the market and see more homes. It is especially beneficial for the working class who may not be able to leave work or their families to wait in long lines to view homes. Daft.ie can now even the playing field and allow more people access to potential homes.
Using Sound to Unlock Doors
Standard Access, a Dingle-based company, is using sound to allow access to homes. The data-encrypted sound is transmitted wirelessly through a radio frequency that is inaudible to the human ear. The waves are then received by the technology at the house which instantaneously unlocks the door. This provides many different realtors access to multiple homes. Particularly when demand for housing is extremely high across the nation, Standard Access’ unique technology will allow more people to visit more homes without having to worry about busy schedules or any conflicts.
Artificial Intelligence Providing 24/7 Real Estate Assistance
Last year, Ireland was highlighted as a global leader in artificial intelligence. Many AI companies have a presence in the country and are working to make groundbreaking discoveries to help facilitate daily activities. Now, the nation can expect AI to make a huge impact in the realm of real estate. With AI, potential homebuyers can be given a virtual realtor that can help them navigate the competitive housing market. This provides anyone the ability to receive tips and information about housing and be updated with the newest listings.
Technology has become the catalyst for real estate. In Ireland, it’s helping to alleviate the issues of overcrowding and overvaluation by giving buyers equal opportunity and the right tools to make smart decisions.
By Jocelyn Brown, who is a professional freelance writer and mother. She loves the freedom that comes with freelancing and the versatility it allows her in covering many different topics and themes. When not at work she enjoys running, hikes in the country and making the most of family time.