PropTech Conference: impacts and challenges in Monaco and around the world

As part of the Extended Monaco programme, the Prince’s Government and the Monaco Economic Board hosted its third conference on property technology at the Yacht Club of Monaco last Tuesday.

Supported by professional organisations in the sector – the Chambre Immobilière, the Monegasque Chamber of Builders, the Union of Property Developers and the Association of Architects – the conference brought together local and international experts in PropTech, a field combining real estate and digital technology and set to overhaul of the entire real estate value chain.

Real estate, long considered a vital pillar of the Monegasque economy (it is the source of nearly 20% of the country’s GDP and employs over 15% of the workforce), has seen significant changes in recent years due to the transformative power of digital technologies

“Real estate is an essential part of our economy. Digital technology, and more recently artificial intelligence, is driving a complete strategic transformation of the industry. The Government is working with the Monaco Economic Board, the different Chambers and our academic partner ESCP to accompany this major shift and make Monaco a European centre of property technology”, recalled Frédéric Genta, Country Chief Officer for Attractiveness and the Digital Transition, in his introduction.

During discussions, several local and international PropTech stakeholders, including some of international renown, shared their vision and presented their solutions. Among them were:

• The architecture firm Foster & Partners, founded by Sir Norman Foster and the firm behind the Yacht Club of Monaco, the Viaduc in Millau and the Great Court of the British Museum, reported on work that is shaping the future of architecture through innovative design and the incorporation of cutting-edge technology in projects
• Oghji, YouStock and Net0, three Monaco-based start-ups, outlined their strategy to reduce the carbon footprint and optimise the energy efficiency of buildings
•  The investment fund A/O Proptech, specialised in identifying and exploiting the opportunities offered by technological innovations in real estate.
  - Club Funding, a new-generation investment platform specialised in real estate crowdfunding for the general public

The conference was also an opportunity for the Prince’s Government to present its fourth barometer study on the international PropTech market in partnership with the ESCP Business School (accessible on the Extended Monaco for Business website).