Client Update: Proptech Trends for Ireland-Based Projects
As a leader in non-bank lending for real estate and construction projects in Ireland, the team here is always keeping an eye on industry trends that may impact your projects. With increasingly onerous compliance responsibilities across ESG that have a huge impact on construction delivery and the PRS, it is interesting to see the broader industry get excited about proptech and construction technology again.
Chris Horn, writing in The Irish Times this week, highlights a potentially interesting new tool called howmuchrent.com. This free website combines data from the Residential Tenancies Board (RTB) with rental listings to provide unprecedented transparency in the rental market. It offers a zoomable map of Ireland showing rental properties down to individual streets, information on RTB registration status and advertised rent levels, tenant reviews, dispute history, and even flags properties that may be violating rent pressure zone regulations. This level of transparency could be invaluable for both investors and tenants, potentially reducing disputes and improving the overall rental experience.
Horn also mentions an innovative company called Ambisense, which offers monitoring sensors to detect damp and mould, as well as machine learning algorithms to predict the likelihood of mould outbreaks. This type of technology could help landlords and property managers address issues proactively, potentially reducing maintenance costs and improving tenant satisfaction.
In a separate article in the Irish Independent last month, Paul McNeive further discussed how major estate agents are adopting proptech solutions to increase efficiency. He highlights online bidding platform technology, which automates many aspects of property transactions, and Elinx, a company that helps implement one of the Irish-founded proptech solutions. According to David Murphy of Elinx, these technologies can automate up to 90 percent of manual tasks in property sales, including client onboarding, reporting, viewings management, offer management, contract generation and digital signing, and payments. Murphy notes that “Streamlining not only cuts out inefficiencies, but it reduces costs, reduces the risk of mistakes and increases profitability”.
Across our clients’ construction sites, we are starting to see more integration of the technologies that the commercial teams have been using for a number years now. We have yet to see a robotic bricklaying machine on any of our supported sites, however, 2D panels arriving on site for rapid installation is now a regular occurrence. And Taoiseach Simon Harris can’t get enough of offsite and other modern methods of construction (MMC). He believes it is the lever Ireland needs to ramp up housing delivery; time will tell if his confidence is well-placed.
As your lending partner, we’re excited about these developments and how they might benefit your projects. We will continue to monitor these trends and keep you informed of any developments that could positively impact your delivery. In the meantime, please do not hesitate to reach out to discuss your next development project.
Ian Lawlor
086 3625482
Managing Director
Lotus Investment Group