Optimizing Real Estate Development with Smart City Technologies: Added Values Across Life Cycle Phases

Tarek Al-Rimawi and Michael Nadler

ERES from European Real Estate Society (ERES)

Abstract: Integrating smart city technologies into real estate development is one of the most significant factors that would transform traditional real estate into smart ones. It presents significant opportunities for enhancing real estate developments' smartness, efficiency, sustainability, and overall value. This paper explores the added values of these technologies across various phases of the real estate development life cycle phases. By comprehensively reviewing existing literature and case studies, 131 distinct added values that smart technologies contribute to real estate development were found. The findings highlight how smart technologies optimize smart real estate throughout their life cycle phases, leading to smarter, enhanced user experiences and more valued and integrated real estate developments. The research investigated sixteen Key smart technologies: big data, artificial intelligence (AI), information and communications technology (ICT), Internet of Things (IoT), clouds and software as a service (SaaS), drones, 3D Scanning, wearable technologies, virtual reality (VR) and augmented reality (AR), Geographic Information Systems (GIS), Building Information Modeling (BIM), Digital Twin, blockchain and smart contracts. This paper aims to provide real estate developers, urban planners, and policymakers with actionable insights into the strategic implementation of smart city technologies to develop smarter real estate. Stakeholders can better leverage these technologies by understanding the specific benefits and possible challenges associated with each life cycle phase. They would be able to clearly identify which technology suits their needs and enhance their goals.

Keywords: integrative review; Smart City; Smart Real Estate; smart technologies (search for similar items in EconPapers)
JEL-codes: R3 (search for similar items in EconPapers)
Date: 2025-01-01
New Economics Papers: this item is included in nep-ict
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