The combined funding value hit $3.03b across 34 deals so far.
Mainland China and Hong Kong led property technology, or "proptech," investments in Asia Pacific and comprised 41% of the global total, JLL revealed.
According to their study, Greater China, which includes the mainland and Hong Kong, has a combined funding value of $3.03b across 34 deals so far.
Meanwhile, India has the most number of proptech deals at 77 with a funding value of $928m.
The report revealed that proptech in Asia Pacific has evolved significantly since it first emerged in 2007 with residential property listing startups. In its current iteration, it is beginning to serve larger enterprise needs and the commercial real estate sector, JLL said.
JLL Asia Pacific Research associate director Christopher Clausen said, “The high cost of living in Hong Kong and the city’s history as a traditional financial centre have arguably held back innovation and the development of the tech industry in Hong Kong. But the city’s tech industry is steadily gaining momentum and there are an increasing number of unicorns that got their start in Hong Kong. The Hong Kong Government’s recent launch of the HKD2 billion Innovation and Technology Venture Fund should help spur further growth of the tech, and with it proptech, sector in Hong Kong.”
According to the study, proptech startups serve four main niches, namely, brokerage and leasing, investment and financing, project development, and property management.
About 52% of the start-ups that have raised funding since 2013 are in the brokerage and leasing space, where they serve as a marketplace for brokers, property owners and purchasers.
Do you know more about this story? Contact us anonymously through this link.