Digital transformation in the real estate industry: A systematic literature review of current technologies, benefits, and challenges

Abstract

The digital transformation of the real estate sector constitutes a pivotal and dynamic field of inquiry as emergent technologies incessantly alter conventional methodologies. This systematic literature review evaluates the integration, utilization, and ramifications of significant digital transformation technologies within the real estate sector, with a particular focus on artificial intelligence (AI), the Internet of Things (IoT), blockchain technology, augmented reality (AR), virtual reality (VR), and digital twins. Employing the PRISMA methodology, an exhaustive search across four principal academic databases yielded 36 studies that provide a solid foundation for comprehensive analysis. This review elucidates how these technologies fundamentally restructure real estate operations, encompassing property management, investment evaluation, consumer interaction, and operational frameworks. The findings demonstrate that digital transformation yields substantial advantages for stakeholders, including property managers, investors, purchasers, and tenants. Principal benefits comprise enhanced operational efficiency, improved data-driven decision-making, and augmented user engagement. Nevertheless, the review underscores significant obstacles, such as elevated implementation costs, apprehensions regarding data security, resistance to technological advancement, and integration challenges that may obstruct seamless assimilation. By furnishing precise analyses regarding these advantages and obstacles, this review presents pragmatic methodologies for industry practitioners to maneuver through digital transformation effectively. It advocates for implementing modular technology to optimize financial expenditures and emphasizes the necessity of resilient cybersecurity protocols to mitigate data-related apprehensions. Subsequent investigations ought to concentrate on the enduring implications of these technologies on market dynamics and the fulfillment of stakeholders. • Systematic review evaluates key digital technologies in real estate. • PRISMA methodology applied. • Digital transformation enhances efficiency, decision-making, user engagement. • Key challenges identified. • Strategic recommendations and a framework for future research.