South Korea welcomes first Proptech Forum
The Korea Proptech Forum has hosted its inaugural meeting, attracting 26 South Korean real estate companies and proptech startups.
The forum was founded in order to map out the direction of the rapidly changing environment of real estate technology convergence and lead Korea’s own proptech growth and development.
Individuals from the following South Korean companies have pledged to support the forum:
- Awair | Indoor environment management
- Cupix | Cloud-based 360-degree photos and 3D models
- Disco | Platform for transaction data
- Spacewalk | AI-based development tool
- UrbanBase | Virtual reality tools for interior design
- Valuemap | Land & building market information platform
- Woozoo | Co‐living start‐up to address affordable housing
- ZigBang | Apartment hunting app
- Fides Development | Property developer
- Woomi Construction | Construction contractor
Through the network, the forum will share various technologies and experiences to create opportunities for cooperation and thus promote the mutual development of the industry. In particular, they will offer support to domestic companies who have the core foundation and skills to bring their technology to the global marketplace.
Sungwoo Ahn, CEO of ZigBang, was named chairman. He said: “Based on my longstanding interest in proptech, I made a point to attend ‘Future: Proptech 2018’, which was held in London last May. I was amazed at digitisation of the world’s leading proptech companies and the pioneering of new real estate trends.
“The Korea Proptech Forum is a meaningful way to create opportunities for both current leaders in the real estate business and startup pioneers in a new market. With the real estate environment – an integral part of our lives – undergoing rapid transformation, I expect this forum to contribute not only to progress in the industry, but to users’ lives and to society as well.”
Proptech growth in Asia
In April, JLL released a report looking at ‘The Growing Influence of Proptech’ in the Asia-Pacific market. The research showed that Asia-Pacific startups received around 60% of US$7.8 bn invested in proptech startups worldwide since 2013.
Property listing startups have the lion’s share of funding, fuelling rapid expansion into adjacent verticals such as big data and analytics. JLL predicts the number of blockchain startups will surge in the region, due to increased funding from initial coin offerings, venture capital funds and banks. China and India remain the two most dynamic markets for proptech. However, the JLL report outlined that the wider region may have difficulties recruiting top talent due to lack of homegrown tech skills and lower wages compared to other markets.