TechIsland launches PropTech working group — will support digital transformation in Cypriot real estate sector

TechIsland, Cyprus’ leading tech association with over 270 members, on Monday announced the formation of a new PropTech working group.

PropTech, a portmanteau of property and technology, refers to the use of technology and innovation to transform and improve various aspects of the real estate industry.

PropTech encompasses a wide range of applications and solutions that aim to make real estate more efficient, convenient, and accessible. Some key areas within the PropTech sector include data and analytics, real estate marketplaces, property management, and smart building applications, among others.

According to the announcement, this initiative is a “key part of the organisation’s ongoing effort to transform Cyprus into a leading tech hub”.

Moreover, the association explained that the group comprises 9 experienced professionals from the technology and property sectors, coming together to foster improvement and growth in property technology (PropTech) in Cyprus.

The purpose of the PropTech working group, the announcement noted, is to “facilitate discussion and collaboration among all relevant stakeholders, identify key issues and provide practical and sustainable solutions”.

“By doing this, the group aims to drive forward digital transformation in the real estate industry, making processes more efficient and sustainable,” it added.

In addition, stakeholders will be able to work together on identifying necessary advancements, promoting the growth of PropTech, and developing strategic roadmaps for industry progress.

What is more, the association stated that educational events will also be organised, with a view to boosting industry knowledge and expertise.

On behalf of TechIsland, General Manager Marios Giorgoudis said that “the real estate and construction sector is a key contributor to the Cyprus economy”.

“Through the formation of the PropTech Working Group, we aim to strategically leverage technology to enhance the transparency, competitiveness, and overall growth of the sectors in Cyprus,” he added.