New technology is changing the real estate industry as we know it. Traditional companies are constantly applying new tools and business models, while new players are entering and challenging the real estate industry. Investments in proptech are growing exponentially around the world, and ground-breaking technology will be increasingly important to the industry.
The proptech wave affects all areas within the real estate industry. In particular, major changes are caused by (1) smart buildings and smart cities, (2) the introduction of fintech technology for real estate and (3) the fact that the sharing economy is creating new business models. New and existing buildings are equipped with ever more technological innovations to make them "smart" (sensor technology / measuring equipment / management tools / etc.). This creates new legal issues within everything from protection of personal data to planning and building law requirements. Smart city technology is also applying urban informatics to optimise urban experiences for the pleasure of the city's residents, but is also creating new challenges related to issues such as data ownership and surveillance of portable technology.
New models and technical solutions from the fintech world also affect transactions and financing. The models can provide smoother processes, but can also result in legal issues concerning everything from lending licenses and permits to the implementation of automatic and smart contracts, as well as related issues when implementing solutions based on blockchain technology. Furthermore, the sharing economy also fills existing buildings with new content, as shown by companies like AirBnb and WeWork. Co-working, co-living and new lease-models also trigger the need for new contract models. In addition, everything from the establishment of large data centres to the use of drones may trigger hitherto untried legal issues.
Wiersholm has leading expertise within all aspects of proptech. Our multidisciplinary team can quickly identify the relevant legal issues and provide the expertise needed. Wiersholm is part of Norwegian, Nordic and international networks from which we can benefit.