Millennials and Gen Z Shape Hong Kong’s Proptech Landscape
by Fintech News Hong Kong December 11, 2023Hong Kong is emerging as a central player in the evolution of property technology (proptech) within the Asia Pacific region, influenced by the distinct preferences of Millennials and Gen Z.
These demographic cohorts, expected to represent 25 percent of Asia’s population by 2025, are reshaping the real estate sector, emphasising affordability, flexibility, sustainability, and wellness. This shift is particularly noticeable in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA), where Hong Kong’s proptech developments are becoming increasingly influential.
A vital aspect of this evolution is the digitalisation of the real estate sector, highlighted by the growing use of artificial intelligence (AI) and augmented reality in property searches and virtual tours. These technologies are increasingly prevalent in the management of co-working spaces and shared accommodations.
Hong Kong’s development as a proptech hub is instrumental in this sector’s growth. The region’s government initiatives and incubation programmes from entities such as the Hong Kong Science and Technology Park and Cyberport foster a supportive environment for proptech start-ups.
These start-ups are introducing solutions that cater to the changing needs of younger consumers, focusing on creating smarter, more sustainable living environments and thereby transforming the real estate landscape across the region.
