The NFTS revolution in real estate - Boom or Bust?
I love looking at how tech is shaking up industry but I’m particularly interested in how it’s going to effect us worldwide in the next decade or so.
News just in is that The land registry in the UK is looking into NFTS a digital way we can own property stored on a digital ledger called a blockchain.
It’s already happening in New York and Dubai so it’s feasible London and Europe will be next. How could this totally shake up the buying and selling of real estate? Property sales in minutes, on new platforms whereby you could trade like stocks.
Entry level buying made super easy with fractional ownership (You could buy say 5 percent of a property instead of stashing it in the bank)
First time buyers could buy a share in a property and sell it on as a way to invest and build up funds for a lions share in their own property. (Things need to be in place so the owner can buy back shares)
- More transparency as the system will be decentralized
- Lower costs (the tech cuts out the middle men)
The bank of Mum and Dad which is a necessity here in the UK for first time home owners to get on the property ladder due to the inflated house prices could be transformed into a much easier hassle free way to invest whereby they would simply be investing in their own share and would be free to sell it on when needed.
Is this a brilliant or terrifying idea for the property market? Will we see a 2008 type crash as wealthy investors worldwide rush for city hotspots or is it exactly what is needed to level the playing field for the 99 percent?
There are also ethical considerations, monestising the property market to this extent. On my worldwide travels filming property TV shows and generally researching and observing the property market internationally I can confidently say The Nordics and specifically Sweden have a much more ethical standpoint on buying property for investment there is a vast difference in attitude to a lot of the world, admirably less capitalist and more humanist so will their be more red tape in The Nordic regions? I think so.
A fascinating space to watch and another example of tech potentially totally revolutionizing another area of the real estate industry.
Sara Damergi, Board Member of PropTech Sweden
På spaning efter framtidens bygg- och fastighetsbransch
– PropTech Sweden