Spain invested the second highest amount of any country in the world in proptech, which includes real estate technology. Over the past 2 years, Spain has invested €824 million in this sector. According to experts, this sector will grow even further this year.
Spain made this multi-million investment in the period 2020 and 2021. Proptech refers to companies in the real estate sector that use technology to make their processes more efficient. It has become an essential activity for the purchase, sale and rental of assets, construction processes, financing, design, maintenance and management of commercial assets and residential construction.
Only America invested more in proptech than Spain
As mentioned, Spain invested no less than €824 million during these two years. Only America invested a higher amount (€5,889 million) in proptech during this period. These investments are apparent from a report presented by the Association of Real Estate Agents (API) in Catalonia and Deloitte Spain. According to the report, investment in this segment has “growth strongly and exponentially” in recent years.
Spain is the third country in Europe with the most proptech companies
The United Kingdom is the country with the most proptech companies in all of Europe. Moreover, it has has 709 of the 4,100 proptech companies in Europe. However, the UK invests a lower amount (€769 million) than Spain in this sector. Spain has a total of 536 such companies in its own country. Some examples of proptech companies in Spain are Fotocasa, Idealista, Housfy and Madiva.
According to API and Deloitte Spain, proptech will continue to grow in 2022. The sector will digitize even further and demand will increase. In Spain, these companies focus on the housing sector and technologies that can be applied to it. However, in other European countries there is more focus on the business construction sector (of offices, etc.)
More growth expected in proptech investments in Spain
Both parties expect more investment in proptech this year in Spain, mainly to optimise energy consumption in homes and buildings. They also expect to take steps to further develop the virtual visualisation for potential buyers and investors of properties and homes.