European Proptech Casavo Identifies Trends Expected to Impact Spanish Real Estate Market in 2024

Casavo highlights that technology is redefining the way in which individuals and professionals interact “with the real estate market: from algorithms that project the future value of properties to virtual experiences through augmented reality.”

Proptech identifies sustainability as “a crucial element  influences home buying and selling decisions.”

The company advocates for the real estate industry “to adopt responsible practices, such as energy efficiency and proximity to green areas, thus challenging traditional paradigms.”

With the new year approaching, Casavo, the European proptech that simplifies the purchase and sale of homes through the use of technology, has “identified the trends that will set the course of the Spanish real estate market during 2024.”

Likewise that in many other sectors, technological progress and growing awareness of sustainability have reached the real estate field. The company, aware of the peculiarities of the Spanish real estate environment “after several years operating in the country, has developed a list with different trends that the sector must take into account for next year.”

Artificial intelligence: a new way to predict

Technological progress has “introduced artificial intelligence as a valuable ally, especially for the home acquisition process.”

The algorithms used by this tool “allow data analysis and projections on the future value of properties, expected rental income and profitability for the investor. Likewise, this evolution has made possible the virtual visualization of future homes through augmented or virtual reality.”

Although these applications are becoming “more noticeable, their adoption in the real estate sector has been limited until now. However, as the industry recognizes these tools as solutions to overcome challenges, by providing more affordable and scalable options, we can see them progressively being integrated into the equation.”

Sustainability and environmental responsibility, new purchasing drivers

Today, conventional criteria such “as room size, price and location are no longer enough to attract potential new home buyers. Instead, there is a growing preference for properties that incorporate sustainable values, highlighting the importance of energy efficiency and environmentally friendly building practices. Proximity to green areas and good accessibility by public transport are also decisive factors for buyers.”

Consequently, it is essential that companies “adopt a more comprehensive and responsible vision for the coming year, going beyond traditional market demands. Such as, for example, the integration of sustainable principles and contributing to the development of more ecological and livable communities.”

Considering the decrease in mortgage loans during 2023 (1 in 3 mortgage study cases have been denied in Spain during this year) mainly “attributed to the effects of inflation, the increase in home values and complications in the processes banking, the real estate sector must prioritize the optimization of resources to facilitate the acquisition of homes in 2024.”

A trend to consider is the digitalization of purchasing processes, “taking advantage of the growing preference for online transactions thanks to their speed and security.”

Eliminating intermediaries and streamlining the process “from the comfort of home are key strategies to improve the buying experience and overcome current obstacles in the real estate sector.”

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