The real estate and tourism industries are closely related; when one suffers, the other one will likely suffer almost similar challenges. The growth of the tourism sector in a country or region significantly impacts real estate. Many investors rush to venture into areas with robust tourist activities as they show great potential for appreciation. In addition, tourism encourages the growth of other businesses that support real estate growth. Therefore, if you are a tourist seeking to invest in real estate properties, it would be best to research appropriately before deciding where to invest.
Below are some real estate trends that can help you decide where to invest in popular tourist destinations.
- Blockchain Technology is Taking the Lead
Investing in real estate in destination countries has been a challenge for many tourists due to the lengthy transactions. In addition, the legal requirements in many countries scare off foreign investors who may be willing to put their money into properties. However, Blockchain is gradually changing the real estate industry, enabling travellers to invest in their desired destinations.
Blockchain technology eliminates intermediaries, meaning a tourist can transact directly and securely with a seller in a different country. So, if you are a traveller seeking to invest in properties in popular destination countries like Panama, here is your opportunity.
- Virtual Reality is the Real Deal
Virtual Reality is another trend linking the tourism and real estate industries. It makes it easy for travellers to explore and buy or identify properties for rent before travelling to their destinations. Similarly, you can invest in rental properties in your favourite destination where you can spend quality time during your visit besides earning profits.
The best thing is that you only need to search online for your ideal property and then request a virtual tour. For instance, Kenya is a great tourist destination for global travellers; you can earn considerable profits from investing in gated community houses for rent in Nairobi.
- The Internet of Things (IoT)
The Internet of Things in real estate refers to appliances and devices with a cloud connection, allowing them to receive and send information. Integrating this technological trend in real estate brings a meaningful change to travellers seeking to invest in their destinations. If you frequent visitors to Poland, you can consider supporting Krakow, the country’s tourism capital.
The influx of students and tourists makes investing in rental properties lucrative in this country. The best thing is that you can invest in Smart Home technology and the Internet of Things to make it easy to manage your clients even when you are away.
- Mobile Applications in Real Estate
Integrating mobile apps in the protech world efficiently links the real estate and tourism industries. Travelers can now search and purchase properties using mobile apps like regular buying. These apps also allow buyers and sellers to hold digital meetings, discuss deals, and search for specific properties.
The best thing with mobile apps is that you can also manage your properties remotely. Investing in popular destinations with booming real estate growth, like Turkey, might be lucrative if you are a frequent traveler.
- Artificial Intelligence and Machine Learning
Even though real estate was a bit late in adopting technology, AI and machine learning are making the process quicker than expected. Real estate developers use AI to collect and analyze data for quick action. Similarly, travelers seeking to invest abroad can use AI and machine learning to quickly search for profitable destinations to invest in properties.
Technology plays a significant role in linking the tourism and real estate industries. The above trends in real estate make it possible for travelers to purchase properties in their favorite destinations.