Artificial Intelligence in the Real Estate Market
Hi! I'm Gus, the Media Manager at Costa Weflen Group. Today, I had the opportunity to attend a workshop by Idealista on artificial intelligence in the real estate world as an observer. Ana Palacios, the Director of Training at Idealista Spain, led the session and shared very valuable and detailed information.
Artificial Intelligence in the Real Estate Market
The workshop began with a discussion on whether artificial intelligence can predict real estate market trends. The general conclusion was that AI is increasingly capable of doing so, thanks to the vast amount of data it can process and analyze.
2023 Data Analysis
Ana presented a summary of Idealista's data analysis for the year 2023:
- Increase in New Builds: New builds increased by 9.3% since 2022.
- Owners and Interested Parties: 50% of the people interested in buying through Idealista already own at least one property.
- Rental Demand: There is significant pressure on the rental supply, reflected in an increase in demand and prices.
- Alicante and Foreign Demand: In Alicante, 40% of the demand for housing comes from foreigners, and 30% of the rental demand is also from foreigners. Most of these foreigners are now Dutch, rather than English as before.
- Pressure on the Rental Market: Due to limited incomes (many families earn less than €35,000 annually), many people opt to rent instead of buying, leading to an increase in demand for room rentals.
Forecasts for 2024
For next year, several important changes are expected in the real estate market:
- Reduction in Interest Rates: Interest rates and the Euribor are expected to drop, making mortgages more accessible.
- Aid for Young People: There will be specific aid for young people who want to buy a house with a mortgage.
- Foreign Demand: The demand for properties by foreigners will continue to be a key factor, driving market prices.
- Real Estate Technologies: Real estate agencies will need to integrate all possible technologies, such as 360 tours and detailed plans, to stay competitive.
Changes in Negotiation Habits
The arrival of artificial intelligence will change the way properties are negotiated and presented:
- Emotional Connection: It is crucial to connect emotionally with clients, focusing on the advantages and benefits that the properties offer, beyond their physical characteristics.
- Optimization of Listings: It is essential to optimize listings on Idealista with professional content, such as high-quality photos, 360 virtual tours, videos, and detailed plans, to improve positioning and reach.
Practical Example
There was a live case study where a young man was shown property classifieds from 30 years ago when there were no photos and words were charged by the word. It was evident how much the sector has changed, making it inconceivable to buy or rent without first seeing detailed photos.
AI-Powered Tools
Ana highlighted several tools like Canva, CapCut, Photoshop, and Genially, which incorporate artificial intelligence to facilitate the creation of professional content with less effort.
Conclusion
In summary, the workshop was an incredibly enriching experience that left me with many new ideas and a greater understanding of how artificial intelligence is transforming our real estate market. I am excited to put everything I learned in the workshop into practice to optimize our property listings and sell more effectively in the future.
I hope this information is useful and inspires you as much as it did me. Let's stay in touch for more updates in the real estate world!
