Real Estate Data Marketplace

Abstract

Real estate financing, construction, and management are being revolutionised by the data science and infrastructure technologies of Artificial Intelligence (AI), Internet of Things (IoT), Big Data, Digital Object Identifiers (DOI) and Blockchain. The key to automation and integration is a Real Estate Data Marketplace across the lifespan of finance, planning, construction, regulation, management, even refurbishment and demolition. Integration of digital 4.0 and industry 4.0. Real estate is becoming increasingly digital, automated and integrated; embracing connected-buildings, wearable personal devices, integrated transportation systems, buildings and infrastructure data management and smart cities. The key to promoting the use of data-driven techniques in the real estate sector is the introduction of a Data Marketplace that promotes validation of data and tokenisation to create value for the owners of the data, Blockchain security and governance for users of the data, the application of Artificial Intelligence for data analytics and ethics for governance. The technical capability exists today for a complete end-to-end reshaping of the real estate market based on data and ethics. This is data-driven real estate (cf. Google, Amazon, Alibaba, Tencent). The contributions of this review paper are fourfold: (a) to provide a vision of a fully digital real estate marketplace; (b) to brief the industry on digital technology and also stimulate engagement with the computer science community; (c) to encourage debate amongst professionals, academics and politicians of the benefits of full automation and integration of real estate; (d) present ethics for the Real Estate Data Marketplace based on lawfulness, fairness and transparency.