Cape Town - Forget about the old saying that property is all about location, location, location - it is now all about technology, technology, technology and data, data, data, according to Associate Professor Francois Viruly, a property economist of the University of Cape Town.
Research by Viruly and his team at the UCT Urban Real Estate Research Unit points out that data is now becoming the world's most valuable commodity. It is argued that the next industry leaders will be organisations that can filter and analyse data to guide business decisions.
"Anybody entering the property market – whether it is commercial or residential property – needs to take into account the long term trends. Central to these long term trends is something called 'STEEP'. This stands for social trends, technology trends, economic trends, environmental trends and political trends," Viruly told Fin24 at the annual convention and expo of the SA Property Owners Association (SAPOA) taking place in Cape Town.