Digitalization helps to make real estate transactions transparent

Mr. Mathew Powell, Director of Savills Hanoi, commented that digitizing information will bring benefits in controlling land information, to ensure the transparency of information. This is one of the solutions that have been given after the continuous land fevers recently, when land prices were pushed up because of lack of accurate information.

Digitalization helps to make real estate transactions transparent Digitalization helps to make real estate transactions transparent.

According to Mathew Powell, one of the solutions can be mentioned is the establishment of National Data on Land Prices – where all information about land is stored on a digital platform. At that time, everything was controlled by the Land Registry. National digitization of land transactions will create a more transparent outlook.

The fact that the land fever has exploded in many localities over the past time shows that prices are being pushed up based on false or misunderstood information. This leads to confusion in prices and some people will make wrong investment decisions based on inaccurate information. Therefore, the emergence of a data source, where information is widely and accurately disclosed, will allow the real estate market to operate stably and minimize price spikes.

This expert cited, in the UK there is a national land information management background. In the real estate market, every piece of land and transaction that takes place is kept for centuries. This information is accessed and used by all actors in the real estate market and the Government is also used as an effective legal tool.

Another important factor to do is improve the storage and transmission of information, minimizing features that have become obsolete in real estate such as over reliance on papers. When papers are digitized, information is not only transmitted more efficiently, but also offers greater security – Matthew Powell analyzed.

Many experts have the same opinion, Covid-19 has made digital transformation and the role of data storage centers become more important. Based on the advantages available, it can be seen that demand for storage centers will increase over the next five years.

Chris Marriot, Managing Director of Savills Asia-Pacific, said that new technology developments capable of collecting and processing data will provide opportunities for quandation-oriented real estate management. In the future, there will be data services created in real estate, especially commercial real estate.

According to Savills, in response to the explosive demand for digital transformation, data centers have been expanding rapidly globally. By 2026, the size of the global data market is expected to reach $ 251 billion with an average annual growth rate of 4.5 percent. The move to cloud storage will become a key factor for many companies. As a result, demand for data center facilities will continue to grow in the foreseeable future, creating new rental requirements for commercial properties.

Over the years, Savills has established its own software development team, appointing the director of innovation to support and accelerate digital transformation and achieve certain achievements in research and consulting. Particularly outstanding in the management and operation of Savills real estate is property cube application software. This is a user-friendly management software system that can be used on phone applications, websites and is an official and direct means of communication between investors, residents and tenants.

This software is one of Savills’ leading international and Vietnamese digital transformation initiatives. Property Cube offers solutions to support the operation and management of more than 100 real estate projects managed by Savills in Vietnam. During an epidemic, Property Cube helps optimize operating costs and ensure a safe and convenient life for residents.

Source: – Translated by

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