Real estate is the golden asset industry, where most people prefer to invest in. With the growing spending capability of the Asian region, Thailand has also grown a lot in the real estate domain.
The real estate market is most significant in Thailand at present due to volatile markets, fluctuating scenario of competition, and inner linkage with the tourism industry. Internet of Things (IoT) has started to take a great part in the real estate market of Thailand with its revolutionary technology and most advanced innovations.
An introduction to the real estate market in Thailand
Thailand real estate market will undergo important moderations with the forthcoming events, slow growth in several sectors and incoming waves of new supplies.
The land prices are increasing as ever, which is causing scarcity of free land. As a result, the competition for rare sites is increasing as well. New regulations regarding land are coming into light as well as a new Bangkok city plan that will be active in 2020.
The link between IoT and real estate in Thailand
The real estate industry mainly depends on raw materials such as steel, concrete and cement, so, IoT does not seem very relevant yet. However, if you observe closely, you will notice how IoT is changing every process in the real estate sector. It will soon take the major role in this industry.
Real estate industry of Thailand has always depended on advanced technology and innovation. Now, IoT is bringing more devices that can capture data. Customers can use these devices to control several systems in their houses and offices. It is providing the real estate industry with increasing growth.
The ability of generation making has been transferred from x generation to the millennials. These millennials or the new Thai generation prefers a buy-to-let lifestyle. So, they are showing interest in investing in real estate and opting for technology-enabled services in real estate.
Why does IoT greatly influence the real estate market of Thailand? The answer lies in the fact that data is cheaper in Thailand compared to China or the western countries. As a result, every earning person in this country owns a smartphone and uses the internet on it.
Ways IoT servers the real estate business in Thailand
There are many ways the Internet of Things helps the Thai real estate market to grow, such as –
Making Real Estate Spaces Smart
People of Thailand prefer automated systems that make their lives easier by helping them perform their daily chores. For instance, if a tenant chooses to have a smart HVAC system in his home, then it can sense the optimum usage temperature as well as the schedule of the tenant.
So, it will start automatically when it is time for the tenant to enter his home. Similarly, people can use a smart security system for ensuring safety. It will sense and critically analyze daily activities in the house so that it can inform the tenant about any irregularities. Not only these systems will improve the real estate experience and efficiency of system operation. Also, the tenant will benefit from better economic results.
Improving Energy Efficiency
Energy distribution is a concerned matter in Thailand, and IoT takes an important role in tracking the energy consumption patterns of systems. So, it can assure smooth operations of a system by initiating early maintenance. Devices, sensors and analytics record the pattern of operation.
The user is notified whenever maintenance is required. Whether it is regarding machines like air conditioning, ventilation, heating, elevators, or lighting equipment, automate maintenance services are highly beneficial.
Helping in Decision Making
IoT can be especially helpful to the retailers by tracking the customers’ flood in a store. By analyzing the customers, the retailer can be aware of the areas that attract most customers and make them spend the most time there. Similarly, areas that are not visited can be hunted down easily.
It helps the retailer to make decisions about stocking and designing his store. Not only retailers but the manufacturers and warehouse operators are also acquiring benefits of monitoring the supply chain as well as the performance of people and machine on the floor. Moreover, potential home buyers receive push notifications about residential properties by adapting beacon technology.
Normal devices lack the ability to exchange and use the information and IoT can make up for it. With the IoT solutions, several devices, systems and vendors can make interoperability a reality. However, the threat of privacy infringement remains which may lead people to not seek IoT solutions. So, this risk depends on proper initiatives. IoT will continue to take part in the real estate industry and improve the business in this sector in Thailand.