London is the best city in Europe when it comes to the usage of technology in the property sector, or so-called proptech, according to research from legal practice Osborne Clarke.
The survey of technology experts from across Europe found that 42 per cent think London is the leading city for proptech, followed by Amsterdam, Berlin, Paris and Stockholm.
A majority of the experts also said they believe London is most likely to rank number one in five years’ time.
“The UK capital has a long, successful history with the property market, attracting developers, investors and landlords from all over the world”, said Conrad Davies, head of real estate and Infrastructure at Osborne Clarke.
“London is also the technology capital of Europe, largely driven by the fact that it attracts the most venture capital investment in Europe and has a mature tech ecosystem. These two factors combined mean it is understandable that London is fast becoming the proptech capital of Europe.”
While London ranks number one right now, Amsterdam, Berlin and Paris are expected to close the gap in the next five years according to technology experts.
Davies added: “The real-estate sector has been criticised in the past for being an industry that has failed to embrace technology and innovate. However, this is changing rapidly and the market is starting to open up to the opportunities technology brings.
“The next five years will certainly be an exciting time for as we continue to see accelerated growth in the use of proptech in cities across the globe.”