As a result, if you weren’t savvy and didn’t put in a considerable amount of footwork, you consistently overpaid on your down payments. Studies reveal that before Zillow’s data democratisation, an investor paid 2%-5% as an ignorance tax. If you were from out of town, you paid an additional 2%. The informed buyer who uses an app like Zillow saves 4.75% on their payments.

The author of Freakonomics, Steven Levitt, examined the selling habits of real estate agents when it came to their own homes and found that they kept their properties on the market around 10 days longer and sold them for roughly 3% higher than those of their clients. This is not a trivial sum. To put things into context, the 5% overpayment is approximately $20,500 to $25,650 for the average American homebuyer. That can get you a brand new Honda Civic or Toyota Corolla, a full kitchen renovation, or the entire down payment for a first-time buyer. Zillow is a revolution in the real estate industry. It is a boon to the buyer, saving American homeowners $750 billion in aggregate since 2010.

When Jeremy Wacksman took the helm as Zillow’s CEO in late 2024, the company had just shuttered its ambitious home-flipping venture, Zillow Offers, after some spectacular miscalculations, leaving it holding properties it had overpaid for. Wall Street was sceptical. Agents were wary. Competitors were circling. Jeremy Wacksman proved the doubters wrong as Zillow made a miraculous comeback with mid-teens revenue growth, which got investors cheering.

In a letter to shareholders, Zillow CEO Jeremy Wacksman and CFO Jeremy Hofmann wrote, “Our consistently strong performance reinforces that Zillow can grow regardless of what the residential real estate market is doing,” proving that Zillow has decoupled itself from the fate of interest rates and will continue to grow irrespective of the number of homebuyers.

Jeremy Wacksman’s vision is transforming Zillow into what he calls a “housing super app,” a one-stop digital ecosystem that touches every step of buying or selling a home.

What exactly is PropTech, anyway?

Before we deep dive into Zillow and its software-realty revolution, let’s look at the industry it operates in. Zillow can be classified as what economists and technologists call PropTech, just short for property technology. The company uses information technology and digital platforms to give you, the consumer, insights into the real estate market, which is traditionally known for its opacity. Think of it as everything that happens when Silicon Valley meets the housing market.

Even though the global real estate market is valued at hundreds of trillions, the technology that services it is in its adolescence, with annual revenues at around $35 to $45 billion and growing at roughly 12%-16% (in places like Bangkok and Manila, that rate is much higher at 19%). Among global giants like China and Europe, the US dominates PropTech, holding 35%-45% (approximately $12 billion to $16 billion) of the global market. The reason for that is companies like Zillow, CoStar, and Procore. America has a unique combination of standardised data (MLS), high transaction volume, and a tech-centric culture that encourages digital adoption.

Zillow doesn’t control the housing market, but it is definitely in charge of the digital front door of the real estate business. It generated a revenue of $2.5 billion in 2025 and has a massive 15%-20% of the American PropTech market share. Over 60% of Americans who use their mobiles to browse real estate do so through Zillow, and in the residential sector, Zillow is the de facto search engine. It’s Google for home buyers. While they only capture a small slice of the commission dollars (via agent fees), they control the flow of customers.

And why is this happening? It’s because of three major technological shifts. For starters, generative AI is no longer about experimental chatbots and is adept at statistical analysis and can accurately predict which homeowners will sell their property. Artificial intelligence (AI) also performs exceptionally well in automated mortgage underwriting (which improves liquidity by reducing underwriting time from weeks to days), and writes listing descriptions tailored to each customer and with better precision than most human agents.

Then there are immersive technologies like virtual tours and 3D walkthroughs, which help you visualise and feel which home is right for you. Finally, sustainability tech has emerged as a serious value driver, especially in Europe, where buildings are increasingly valued based on their energy efficiency and carbon footprint.

What makes PropTech fascinating is that it varies significantly by location. In Southeast Asia, it’s about managing rapid urbanisation through state-level infrastructure; think government platforms that coordinate transit systems with residential development. In Europe, it’s driven by sustainability regulations, with digital twins of buildings used primarily for energy optimisation and compliance.

American PropTech solves a uniquely American problem. Companies like Zillow have figured out how to bring efficiency and transparency to a fragmented market dominated by 1.5 million independent agents and a patchwork of local Multiple Listing Services.

The story of Zillow

Zillow, an idea thought up by Rich Barton and Lloyd Frink, was launched in 2004. What’s interesting is that both these men were former Microsoft employees who launched Expedia in the 1990s. It’s interesting because Expedia was a web portal that freed information from travel agents and ensured that ticketing and hotel prices were transparent. It was a data democratisation company that disrupted travel. All Barton and Frink did was to apply the successful techniques they used in the travel industry to disrupt the real estate industry. The duo were about to revolutionise real estate by making all home values public.

At the time, this was a radical move. Real estate data was locked away behind agent gates, and if you wanted to know what your neighbour’s house sold for or what your own home might be worth, you had to call a real estate agent and hope they’d share that information. Zillow’s “Zestimate” (an algorithmic home valuation tool) changed everything. Suddenly, anyone with an internet connection could get an instant estimate of any property’s value. The industry opposed it, with agents concerned about job security and critics lamenting inaccuracies in price. However, consumers loved it. Within a few years, Zillow had become the most visited real estate website in America, attracting millions of people who were curious about home values, not necessarily looking to buy or sell.

For years, Zillow operated as what insiders call a “media portal.” It made money by selling advertising and leads to real estate agents through its Premier Agent programme. Think of it as the Google of real estate, a place where buyers started their search, but where the actual transaction happened elsewhere, facilitated by traditional agents and lenders.

Then came the iBuying era. Flush with investor confidence and inspired by the success of companies that were “disrupting” traditional industries, Zillow launched Zillow Offers in 2018. The concept was a simple one. We will use data and algorithms to buy homes directly from sellers, make light renovations, and resell them at a profit. You cut the middleman off and inefficiencies of the traditional market, and capture more of the transactional value. It made absolute sense and was a bold move, championed by Barton, who returned as CEO in 2019 to steer the ship through this “Moonshot.”

However, the algorithms miscalculated. The company overpaid for properties just as the market softened. By November 2021, the real estate market had become erratic, COVID-19 had hit, and home price appreciation was behaving unpredictably. Zillow’s algorithms, designed to forecast prices, struggled to keep up with the wild swings of a market influenced by a pandemic, inflation, and supply chain shocks. A simultaneous labour shortage and supply chain crisis meant that Zillow could not renovate and flip homes fast enough. The company discovered a backlog of inventory it could not clear, comprising thousands of homes that were depreciating each passing day. In the third quarter of 2021 alone, the Zillow Offers segment posted a staggering loss of $339.2 million, necessitating a write-down of over $540 million. Zillow Offers shut down, and a quarter of Zillow’s employees paid the price with unemployment. A truly humbling moment for a company that had spent years positioning itself as the smart data-driven disruptor.

Innovation of the Housing Super App

Instead of doubling down on Zillow Offers, caught in a vicious sunk cost fallacy, Zillow shut down the venture. The brilliance of this move became apparent in the years that followed. By exiting the capital-intensive, low-margin business of house flipping, Zillow was able to pivot back to its core strengths of audience, data, and software. This strategic retreat gave birth to the “Housing Super App” strategy, the engine driving Zillow’s success in 2025. So, the whole Super App vision is really about playing the role of the conductor in a real estate orchestra. It’s managing the transaction from start to finish without actually owning any of the assets involved. It integrates buying, selling, renting, and financing into a seamless, all-in-one digital experience. Zillow profits at each stage, avoiding the headaches and risks associated with holding inventory.

Jeremy Wacksman was the one who made this vision a reality. He was the COO right in the thick of that big pivot, and then he stepped up to CEO in August 2024. Under his guidance, this Super App approach has completely revamped Zillow’s financial picture.

The company shifted its focus to “Enhanced Markets,” cities like Phoenix and Atlanta, where it deployed a full suite of integrated services. The results have been spectacular. In these markets, customer transaction share has increased by over 80% since 2022. By early 2025, Zillow had expanded its Enhanced Market footprint to cover 21% of its connections, with a clear path to 35% by year-end and a long-term goal of 75%.

This pivot restored Zillow’s profitability and financial health. In 2024 and 2025, the company maintained gross margins above 75%, a figure characteristic of elite software firms rather than the slim margins of the construction industry. It’s quite impressive how this company managed to make a major comeback. They achieved positive GAAP net income in Q1 2025, and projections indicate they will remain profitable throughout the entire fiscal year. This marks a significant shift from the substantial losses they experienced back in 2021. Their balance sheet? It’s like a fortress now, sitting on $1.6 billion in cash and investments as of early 2025. That level of liquidity allows them to invest in innovation and weather any economic challenges that may arise.

Zillow owes this turnaround to Jeremy Wacksman’s leadership. As a former engineer at Xbox (another Microsoft subsidiary), he was well versed in that sharp, product-focused discipline. And he brought that over to the C-suite. His intellectual curiosity and willingness to admit ignorance when he did not know something were conducive to a team-based problem-solving approach crucial to tackle the crisis at hand. He took this fuzzy idea of a “Super App” and turned it into real, tangible products like Zillow Rentals, Zillow Home Loans, and the agent-facing Zillow Pro. Just look at Rentals now. It grew revenue by 33% year-over-year in Q1 2025, and aims for a $500 million run rate.

Sure, detractors love to bring up the flop of Zillow Offers as some kind of permanent stain, but by 2025, industry folks see it as a “clarifying moment” that actually highlighted the company’s resilience. It eliminated a distracting business model and encouraged everyone to focus on digital integration. The Zillow that emerged from that 2021 situation is leaner, more focused, and much more scalable. They realised their real strength isn’t in owning actual homes, but in owning the digital backbone that makes homeownership happen. That lesson, earned the hard way, is what’s driving all this optimism now. It’s shifting their strategy away from betting on market prices and toward capitalising on the efficiencies they build.

The future of home sales

In 2025, Zillow really dug in this massive technological moat that’s so deep and wide, it’s struggling to seize its market share. They’ve ditched the old-school world of flat 2D photos and scattered data bits, and stepped right into the era of the “Digital Twin.” We are talking about the super immersive, data-packed virtual copy of a home. It’s not just for show, and this tech jump is what makes remote deals possible and sets Zillow miles apart from everyone else.

The star of their tech lineup is “SkyTour,” which they launched in July 2025 just for “Showcase” listings. SkyTour, a breakthrough in computer vision, is powered by this rendering method called “Gaussian Splatting.” Instead of those clunky traditional 3D models with meshes of triangles, it uses millions of “splats,” which are these ellipsoidal bits that nail complex surfaces and lighting with spot-on photorealism. This stuff was once only for fancy movie effects and games, but now it lets you “fly” around a property on your phone, checking out the roof, backyard, and whole neighbourhood like you’re piloting a drone.

The engineering feat behind SkyTour is huge. Scientists like Will Hutchcroft and executives like Steve Anderson, who headed the Zillow crew, figured out how to tweak this heavy-duty process so it runs butter-smooth on regular web browsers and smartphones. It’s basically made high-fidelity spatial data accessible to everyone, and that shifts how people think about house hunting. It gives buyers that “being there” vibe that plain pics can’t touch, cutting down on in-person visits and speeding up decisions. The numbers back it up. Showcase listings with SkyTour pull in 79% more page views, 76% more saves, and 91% more shares than comparable non-Showcase ones. This initiates a positive cycle where sellers are eager to utilise Zillow’s premium marketing tools, generating additional revenue and enhancing the platform.

But killer visuals are just one piece of Zillow’s 2025 tech puzzle. They’ve gone all-in on weaving AI into the money and search sides of things, too. Take the “BuyAbility” tool. They have nailed it in 2025, and it hits right at the biggest worry for today’s homebuyers: Can I afford this? Old mortgage calculators are rigid and often off-base, ignoring how credit scores, debt-to-income ratios, and changing interest rates all mix together. BuyAbility? It’s live and adaptive. It retrieves real-time mortgage rates customised for your location and credit profile, producing a personalised “purchasing power” score that updates daily.

As rates bounce around in the wild 2025 economy, your BuyAbility score updates on the spot. When you’re scrolling the Zillow map, homes get marked as “Within BuyAbility,” so you can ditch the ones that are a financial stretch and zero in on real options. But it doesn’t stop at crunching numbers. It breaks down how boosting your credit or increasing your down payment tweaks your power, turning you into your personal digital money coach. And by baking Zillow Home Loans right in, they snag you when you’re most ready, making the jump from looking to locking in financing seamless.

On top of that, Zillow flipped the search game with Generative AI. They hooked up a ChatGPT plugin and natural language smarts, so you can do full-on conversational searches. No more fiddling with a ton of filters. Just type something like, “Find me a three-bedroom house in Austin with a big backyard under $500k that’s near good schools.” The AI gets the subtleties and serves up tailored results. This technology also enhances the agent tools. Through the “Zillow Pro” suite, AI analyses user habits to provide agents with “smart lists” and recommended actions. If a buyer keeps eyeing a listing or shares it with someone, the AI pings the agent to follow up, cranking up how well leads turn into deals.

What’s next for Zillow?

As Zillow looks toward 2030, its vision extends beyond profits to stewardship of the housing ecosystem. Through its Super App, the company wields technology for social good, exemplified by the Housing Connector partnership. Since 2019, this initiative has housed over 10,000 homeless individuals by linking case managers with flexible landlords, turning Zillow’s database into a lifeline. Plans aim for 30,000 more placements, proving data can solve systemic crises.

By 2030, the Super App may become the “One-Click Home,” integrating title, escrow, and insurance for seamless transactions, targeting 45% EBITDA margins.

The efficiencies of PropTech are saving tens of thousands of dollars for families at a time when housing prices are near inaccessible for most Americans. Zillow is bringing the American Dream, of which owning one’s own home is a major symbol, closer to every family. It will be a steady and slow process, with Wacksman proclaiming, “Affordability conditions are projected to improve… but it should be a gradual recovery and a year of ‘small wins’.”

In triumph, Zillow has overcome its iBuying woes, forging resilient software and partnerships. Spanning from the 2006 server crashes to the AI immersion of 2025, it empowers consumers, emerging as the optimistic, accessible, and enduring cornerstone of the digital infrastructure for the American Dream.

The post Zillow rewrites the American Dream appeared first on International Finance.

Increased demand for sustainable and green properties

Sustainability has been a growing concern in real estate for years, and by 2025, it will have moved beyond a trend to become a standard. Eco-friendly buildings with energy-efficient systems, water conservation features, and sustainable construction materials will become highly sought after. Government regulations and incentives will push developers to integrate green solutions into their projects, and buyers will increasingly prioritise sustainability when choosing homes and commercial spaces.

Smart homes and technology integration

The role of technology in real estate is poised for exponential growth. Smart homes will be the norm by 2025, with advanced AI systems managing everything from energy consumption to security. Voice-activated assistants, automated lighting, climate control, and advanced security systems will be common in residential properties. On the commercial side, buildings will incorporate IoT (Internet of Things) technology for everything from optimising energy use to enhancing tenant experience through personalised, tech-driven services.

Remote work influencing residential choices

Remote and hybrid work arrangements are likely to continue in 2025, significantly affecting housing demand. More people will seek properties that can accommodate home offices and flexible living spaces. The demand for suburban and rural properties will rise as individuals move away from crowded urban centres in search of quieter, more affordable environments. Real estate developers will respond by designing homes that cater to this new lifestyle, with larger spaces and dedicated office areas becoming standard features.

Rise of virtual and augmented reality in real estate

By 2025, Virtual Reality (VR) and Augmented Reality (AR) will have revolutionised the property-buying experience. Buyers and renters will be able to take virtual tours of homes and commercial spaces from anywhere in the world. AR will allow potential buyers to visualise how a space might look with different furniture or renovations, enhancing the decision-making process. Real estate agents will increasingly use these technologies to offer immersive experiences, creating convenience and efficiency for clients.

Affordable housing challenges and solutions

While luxury real estate continues to flourish, affordable housing remains a pressing concern. In many regions, high property prices are making it difficult for middle and lower-income families to find suitable homes. However, by 2025, governments and developers may adopt innovative solutions to address this issue. Modular and prefab homes, micro-apartments, and co-living spaces will become more common as affordable options. Additionally, public-private partnerships and new zoning laws could help make housing more accessible to underserved populations.

Real estate as an investment for the masses

By 2025, the democratisation of real estate investing will be more advanced. Crowdfunding platforms and fractional ownership models will give everyday people the opportunity to invest in real estate with relatively low capital. This trend will make real estate a more accessible asset class for retail investors. Proptech platforms will further simplify the investment process, allowing individuals to diversify their portfolios with properties in different locations or sectors (residential, commercial, etc.).

The shift to mixed-use developments

Mixed-use developments, where residential, commercial, and recreational spaces are integrated within a single community, will become increasingly popular. These developments offer convenience and reduce the need for long commutes. By 2025, cities will see more projects that combine housing, retail, and office spaces, providing a vibrant environment for residents and businesses alike. The trend is being driven by both the desire for convenience and the increasing emphasis on walkability and sustainable urban planning.

The growth of PropTech

PropTech—the use of technology to streamline and enhance real estate processes—will continue to evolve by 2025. From blockchain to AI-powered property management systems, new innovations will make transactions faster, more transparent, and more efficient. Blockchain technology, in particular, will play a significant role in simplifying property ownership and rental agreements by providing secure, immutable records. Automated property management tools will also reduce operational costs for landlords and improve tenant experience.

Urban revitalisation and smart cities

Many cities, especially in developing regions, will experience major revitalisation efforts as they aim to become “smart cities.” These urban hubs will integrate cutting-edge technologies, like 5G, AI, and IoT, to improve infrastructure, transportation, energy systems, and public services. By 2025, more cities will use data analytics to enhance urban living, making them more sustainable and livable. This will influence real estate development, with an emphasis on creating modern, efficient, and tech-integrated urban spaces.

Globalisation and cross-border real estate investment

Globalisation will continue to play a key role in the real estate sector. Investors from different parts of the world will increasingly look to international markets for opportunities, creating more cross-border transactions. 2025 will see real estate investments becoming more globalised, with more foreign buyers purchasing properties in markets like the US, Europe, and Asia. Increased access to online platforms for property buying and selling will further simplify this trend.

The real estate sector in 2025 will be defined by technological innovation, sustainability, and evolving lifestyles. From smart homes and green buildings to a continued emphasis on urban development and mixed-use projects, these trends will reshape how people live, work, and invest. The next few years will offer exciting new opportunities for developers, investors, and consumers alike, transforming the real estate landscape in ways we’re only beginning to imagine.

The post What to expect from the real estate sector in 2025 appeared first on International Finance.

COVID-19 impact and post-pandemic era

The COVID-19 pandemic irreparably altered the UK real estate market, producing upheavals and redefining industry norms. Property sales were momentarily halted by lockdowns and social restrictions, which left the market uneasy. Potential buyers and investors were less eager to enter into real estate deals as a result of the economic consequences.

But there were also major changes in demand on the market. Due to a demand for more roomy and private accommodations brought on by the expansion of remote work, there was an increase in interest in rural and suburban homes. On the other hand, as individuals sought out homes with more outside space, urban centres, particularly London, experienced a decline in the market for city apartments.

The UK government took action to reduce the economic effects of the pandemic by enacting policies like the stamp duty holiday to encourage home buying. As companies reevaluated their space needs, concerns about the future of office space emerged in the commercial real estate market.

While this was going on, lockdowns and the rise of online shopping presented difficulties for high-street shops and shopping malls. Lockdowns and supply chain issues caused construction projects to be delayed, which had an impact on the supply of new homes and perhaps affected home prices.

Despite the difficulties the pandemic brought, the UK real estate market has demonstrated adaptability and endurance in the post-pandemic age, particularly in the previous 12 months.

The dynamic UK rental market

The UK rental market is a diverse industry that is essential to the country’s housing landscape. It serves a broad spectrum of tenants, including young professionals, families, students, and seniors. The rental market in the UK is characterized by a number of significant trends and traits.

First of all, there is still a strong demand for rental apartments. Renting has been a popular choice due to issues with house affordability, changing lifestyles, and mobility. Particularly young professionals frequently decide to rent in urban areas in order to access work possibilities and active social scenes.

In the UK rental market, build-to-rent (BTR) has become a substantial trend. BTR complexes are specially designed rental homes that frequently include cutting-edge facilities and qualified management. These buildings provide a hassle-free living for their occupants, and they have grown in popularity because of their practicality and neighbourly amenities.

Another significant element of the UK rental industry is student housing. The top colleges in the country draw both domestic and foreign students, fueling a constant need for purpose-built student accommodations (PBSAs). These residences offer students secure, up-to-date living quarters that meet both their needs for academic and personal needs.

Rent affordability is still a serious challenge, particularly in big cities like London. Discussions concerning rent control measures to shield tenants from disproportionate rent increases have been sparked by high housing costs relative to salaries.

A greater emphasis has been placed in recent years on the calibre of rental homes. Renting accommodations must now adhere to rules and specifications to guarantee that they are safe, healthy, and energy efficient. The general standard of rental housing in the UK has improved as a result of this.

Sustainable real estate takes over the UK

In recent years, sustainable real estate in the UK has become a crucial factor, reflecting a growing awareness of social and environmental responsibility. This industry is being shaped by a number of significant trends and behaviours.

Building research establishment environmental assessment methods like BREEAM and LEED, as well as other green building certifications, have been gaining popularity. These accreditations serve to increase the appeal of certified properties to both investors and tenants by demonstrating a dedication to energy efficiency, minimal environmental impact, and sustainable construction methods.

In sustainable real estate projects, integrating energy-efficient technologies is now considered best practice. In addition to reducing environmental impact, features like solar panels, cutting-edge insulation, and energy-efficient heating and cooling systems also provide long-term financial savings for building owners and residents.

Sustainable real estate has been fueled by the switch to electric cars (EVs). As the use of electric vehicles increases, there is a high demand for real estate that has EV charging infrastructure. To fulfil this growing demand, many developers are now adding EV charging stations in their brand-new complexes.

In the real estate industry, there is a rising commitment to reaching net-zero carbon emissions. Through a combination of energy-efficient building design, renewable energy sources, and sustainable property management methods, investors and developers are vowing to lessen their carbon footprint.

Embracing property technology

The property industry in the UK has enthusiastically embraced technology and PropTech, or property technology. This adoption demonstrates the industry’s dedication to improving client experiences, reducing procedures, and maintaining its competitiveness in a setting that is changing quickly.

In the UK real estate industry, virtual property viewings have completely changed the game. Potential tenants and buyers can examine homes remotely using augmented reality (AR) and virtual reality (VR) technologies, which eliminates the need for in-person inspections. This offers a handy way to view homes while also saving time.

Online real estate search engines like Rightmove and Zoopla have become indispensable in the UK. These platforms provide a sizable database of property listings, comprehensive property details, and market analytics, arming buyers and renters with crucial information they can use to make wise choices.

With the help of smart home technology, homeowners can now control lighting, security, heating, and other features from their smartphones. As tech-savvy purchasers look for modern, connected homes, these technologies not only provide convenience but also raise the value of real estate.

The adoption of blockchain technology holds the promise of streamlining real estate transactions by delivering open and secure record-keeping systems. This might lessen fraud and simplify the frequently difficult process of buying and selling real estate.

The COVID-19 pandemic has expedited the use of PropTech for lease signing, tenant communication, and property management. More and more, landlords and property managers are using digital platforms to improve productivity, offer contactless services, and streamline business processes.

The adoption of technology and PropTech by the UK real estate sector has ushered in a new era of comfort, effectiveness, and creativity. The industry is set to offer even more customized and frictionless experiences for property buyers, sellers, renters, and investors while remaining at the forefront of technical breakthroughs as these technologies continue to develop.

Affordable housing: Still a concern

The lack of affordable housing supply, slow income growth, and rising property prices have all contributed to an ongoing problem with affordable housing in the United Kingdom. These difficulties have broad social and economic repercussions.

The high expense of property, especially in major cities like London and regional hotspots, is one of the main problems. Homeownership has become a distant dream for many due to skyrocketing property prices, pushing a sizable section of the population into the rental market, where affordability issues still exist. The issue is made worse by the vast disparity between availability and demand for affordable homes. In brand-new complexes, local authorities frequently fail to satisfy the necessary quotas for affordable housing. Although there are government incentives to promote the building of affordable dwellings, supply still does not meet demand.

Housing associations are essential to the provision of affordable housing because they fill the gap between the demand for and supply of cheap houses. However, there might be a long waitlist for these homes, placing many people and families in unstable living situations.

Rent that is priced affordably and shared ownership plans are two popular methods for achieving affordable housing. Low-cost rental properties are made available via affordable rent, and renters can gradually build up equity in their homes thanks to shared ownership. Although the availability of both choices and the eligibility requirements vary by region, both aim to increase housing accessibility.

Policymakers, developers, and housing associations are working to find creative solutions to the affordable housing shortage as the UK struggles with a continuous housing crisis. This will guarantee that more people have access to stable and cheap housing.

UK property sector: Attracting international investors

The real estate market in the United Kingdom has historically been significantly influenced by foreign investment, which has boosted its vibrancy and appeal on a global scale. International investors are still drawn to the UK because of its reputation for stability, an open legal system, and a broad real estate market. There are several important factors to consider when it comes to investing in real estate in the UK as a foreigner.

Historically, foreign investors have concentrated on coveted areas in large cities, particularly London. Luxury homes, exclusive locales, and well-known landmarks have all proven to be extremely alluring targets, frequently acting as long-term investments and value stores.

The UK commercial real estate market is dominated by institutional investors, notably sovereign wealth funds, pension funds, and real estate investment trusts (REITs). These organizations are looking for assets that would generate steady revenue, and the UK market’s durability appeals to them.

Brexit originally led to considerable ambiguity in the environment of foreign investment, with worries about changes to regulations and market access. However, as the post-Brexit landscape became more evident, the market showed resiliency, and investor confidence rose.

Beyond just residential and commercial properties, foreign investment in UK real estate also affects other areas. The country’s overall economic growth and infrastructural development are aided by the investments made in development, logistics, and infrastructure projects.

The diversity of international investors is noteworthy, with interest coming from the Middle East, Europe, Asia, and North America, among other places. Each area brings to the market its distinct investment preferences and methods.

Large-scale real estate developments have been financed with the help of foreign investment, which has also boosted the economy and produced jobs. The requests for more balanced investment have, however, been spurred by discussions about housing affordability and its possible effects on nearby towns.

The COVID-19 pandemic, the Russia-Ukraine war, demographic changes, and sustainability concerns are just a few of the many factors that have an impact on the UK real estate market. Understanding these trends and insights is crucial for everybody involved in the UK real estate industry, including buyers, sellers, investors, and developers. The UK real estate market will continue to be a fascinating and lucrative industry for years to come, even as the market adjusts to the changing circumstances.

Recently, International Finance caught up with GMS Kumar, CEO of MAI (Myproject.ai) and Work-tops.

GMS Kumar embarked on his journey in the construction industry at Work-tops.com in the UK, where he put to use his 10+ years of experience in the Stone Industry, and eight years in Recruitment and Education consulting. He is also set to venture into the world of marketplace with MAI (Myproject.ai), a platform catering to diverse construction needs for the people of the UK through mobile application.

His track record includes pioneering Microsoft Dynamic CRM in international student recruitment, implementing SAP at a prestigious Solicitor Firm, launching a PHP-based Stone Industry marketplace, and integrating cutting-edge Artificial Intelligence into Work-tops.com.

During his interview with International Finance, GMS Kumar sheds light on various aspects of the UK real estate market. He talks about the application of blockchain and AI in the property market and how real estate professionals are adapting to the digital era. Additionally, he discusses the key factors that influence real estate prices in the UK and provides further insights into the market.

Q) How has the UK real estate market evolved in response to changing economic conditions in 2023, and what trends can we expect in 2024?

A) In my opinion, in the UK, the construction industry is embracing sustainability. The UK has reduced its reliance on raw materials and is increasingly using reusable products. Moreover, the industry is integrating technology into property construction to lower energy consumption and electricity usage.

We anticipate a shift towards using more local raw materials, supported by the government’s initiatives to reduce carbon footprints. Expect the emergence of innovative recycling methods for raw materials through government schemes and support.

Q) How can one determine the current market value of his/her property?

A) In the UK, property owners can easily determine their property’s value through the England Land Registry, where data is submitted and third-party companies evaluate market property values. The UK is also promoting individual builders and self-building activities, emphasising the use of leftover materials to increase property value. Proper maintenance of the property is crucial, and various communities provide guidance on enhancing property value through sustainability. Having a property that has incorporated more sustainable methodologies will increase its value in the current trend. Contests for people who build with sustainability are being held. The best ones get financial aid, awards, etc. This encourages people to move more towards sustainability.

Q) How are blockchain and AI used in real estate and property management in the UK?

A) Blockchain and AI are being integrated into the real estate sector. For instance, my soon-to-be-launched startup, MAI (Myproject.ai), aligns with the UK Prime Minister’s zero-carbon scheme by helping property owners and traders list leftover construction materials on our platform, reducing carbon footprints and maximising value. MAI also serves as a platform for homeowners and construction-related service providers to find solutions to construction-related challenges. This technology is set to play a significant role in property management in 2024, backed by years of industry research and insights.

Q) What are the key factors influencing real estate prices in the UK?

A) The United Kingdom’s real estate prices are influenced by several factors like the location of the property, condition of the property, and age of the property. Notably, properties older than 75 years cannot have even one brick removed/repaired without proper approval in order to preserve heritage. The government provides financial support to maintain such legacy properties and offers funds for repairs or purchases.

Q) How are rising construction costs and supply chain disruptions affecting new development projects in 2024?

A) Rising construction costs and supply chain disruptions have had a significant impact on new development projects in 2024. Events such as China’s container backlog, the pandemic, the Russia-Ukraine war, and the Suez Canal blockage have driven up container costs from around $1500 in 2021 to $7000 to $8000. Despite these challenges, the construction industry remains robust due to increased interest from migrants and buyers, even after the UK government scaled back some policies for first-time property buyers.

Q) What are the current trends in urban vs. suburban vs. rural real estate markets, and how are they expected to evolve in the coming days?

A) Currently, urban areas are expanding rapidly, with London now encompassing a larger area. Rural areas, on the other hand, are primarily inhabited by retirees seeking a peaceful environment, subject to strict government approval for property construction or repairs. The population influx is leading to the urbanisation of suburban areas. Rural areas may remain largely unchanged for the next few decades due to regulatory hurdles. To rent a property in London, people are waiting in lines for hours just to take a look at the property. So, there’s a property crisis in the UK and it could increase in the near future.

Q) How can an individual effectively stage his/her home for sale to attract buyers?

A) In the UK, selling a property is relatively straightforward, with most properties selling within 15-90 days, thanks to online availability of property data. To attract buyers, it’s essential to maintain the property well, consider renovations to enhance its appeal, and prioritise sustainability features. Sustainable properties tend to sell faster. Additionally, legal transactions involving property sales are handled by lawyers, ensuring a secure and trustworthy process.

Q) What is the outlook for mortgage rates in 2024, and how might they influence homebuying decisions?

A) UK interest rates have experienced a rapid ascent since December 2021. Initially, these rates reached historically low levels in August 2020, when the Bank of England (BoE) reduced the base rate from 0.25% to 0.10% as a response to the COVID-19 pandemic. However, recent months have witnessed significant shifts in market expectations regarding the trajectory of UK interest rates.

As of the end of 2022, projections indicated that interest rates in the UK could climb to approximately 4.5% within the next 12 months. This estimate saw a substantial revision upward following data revealing that UK inflation displayed greater resilience than initially anticipated. As a result, there were predictions that rates could peak at 6.5% by the first quarter of 2024.

Nevertheless, an unexpected decrease in UK core inflation occurred in August. Consequently, it is now reasonable to anticipate that interest rates might settle within the range of 5.25% to 5.50% by the end of 2023.

Q) In light of climate change concerns, what sustainability and energy-efficient features are becoming more important to homebuyers and property investors?

A) Homebuyers and property investors are placing greater importance on sustainability and energy-efficient features in response to climate change concerns. Advanced technologies like wall cladding are being adopted to protect the interior from external weather conditions. Properties with energy ratings above the C level are favoured, reflecting the country’s energy-conscious stance. Smart devices like motion sensor lights are also gaining popularity for their energy-saving benefits.

Q) How are real estate professionals adapting to the changing landscape of marketing, sales, and property management in the digital age?

A) Real estate professionals are gradually adapting to the digital age, but trust-based transactions remain prevalent. Positive word-of-mouth reviews still drive success in the industry, with traditional methods valued. While digital marketing is growing, property management is largely handled through traditional channels. Real estate agents play a vital role, as around 90-95% of property transactions involve their expertise. Collaborative communication among existing brands and professionals is essential for effective property management and sales.

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Real estate in the future

New technology and an influx of finances are causing significant changes in the real estate sector. This surge in the capital should be taken as a hint that the real estate sector is getting ready for rapid transformations due to the emergence of new digital resources. Most importantly, investors must be prepared for blockchain technology, virtual reality, smartphone apps, and online property listing platforms’ influence on all facets of real estate transactions.

Investors will soon notice increased competition among websites that advertise properties, many designed to make it easier for prospective/current owners to acquire/sell their properties. Although websites like Zillow and Trulia have dominated the market for some time, other websites of a similar nature will still be developed.

Buyers and renters will have clear notions of what they are looking for when shopping for houses, thanks to the popularity of internet listing systems. Investors who want to stay ahead of the curve must adjust to buyers (and sellers) who have instant access to hundreds of real estate listings. Joining the bright home trend and including appliances and other elements compatible with new apps is one approach to stand out. These elements’ greater security and energy efficiency appeal to the tech-savvy demographics.

Many facets of the real estate transaction process will continue to alter as more smartphone apps get developed. Real estate agents can already sign and share contracts and other papers on their phones thanks to programmes like Docusign and Dotloop. Tenants can pay rent or contact landlords online using other apps like Buildium and RentTrack. As investors look for ways to automate the deal acquisition, property administration, and communications, these apps are anticipated to gain popularity.

Apps that use blockchain technology to support the legal aspects of a transaction are also likely to be released, which will be of interest to investors. They will concentrate on several topics, including exchanging crucial papers and transferring deeds or titles. Blockchain networks boost trust and eliminate intermediaries when purchasing and selling real estate.

Online real estate

Another emerging technology that will have an impact on the real estate industry is virtual reality. Even though 3-D walkthroughs and 360-degree images may be familiar to investors, their use is anticipated to grow. Investors may boost the number of property viewings without adding extra time or effort by offering prospective buyers a new method to experience properties. Buyers will be able to tour homes without ever going, thanks to recorded 3-D property tours.

Investors will be thrilled to learn that virtual reality software will be used for property viewings and may assist renovators in planning their projects. For instance, several apps may enable investors to observe staged rooms and renovations from their mobile phones. In addition, property developers and investors interested in raw land investments may benefit from virtual reality in real estate. According to Forbes, property developers should prepare for virtual reality applications that let users experience finished properties before construction even begins.

According to investors, introducing new technology will generally benefit all parties involved in real estate deals. Investors should consider these impending changes as methods to make business more dependable and efficient rather than worrying about new resources.

India-based proptech firm Square Yards launched its 3D Metaverse platform in August 2022 to showcase the future of real estate search and discovery through a high-end 3D digital twin of the city of Dubai, the next property investment destination. The platform brings cutting-edge technologies such as 3D, AI, VR, AR, and interactive real estate visualisation into play through its Metaverse app.

“With this solution, users can search from over 2000+ potential real estate projects across Dubai through its interactive 3D interface, get complete details of the project, and enter into the project metaverse as an Avatar,” the company said.

“Imagine searching for properties to buy, sell and rent across Dubai in high-quality 3D at true scale, visit the project building in VR, walk around the amenities and interiors, and interact with residents and salespeople virtually,” said Tanuj Shori, the company’s Co-founder and CEO, while interacting with the ET.

Rentd, a UK-based company is all set to launch an online property platform for Dubai, which will enable renters and landlords to conclude the entire rental journey online. Features on the platform include 3D virtual tours of villas and apartments to signing contracts digitally.

Real estate agents’ future

One of the significant developments in real estate investing is the growing gap between homeowners and real estate agents. As a result, many wonders if listing a home on their own or working with a professional agent are preferable.

Real estate brokers are still in need in the 21st century, and it isn’t easy to see a time when they won’t be required. Unfortunately, they provide the typical homeowner with far too much value.

To begin with, their bargaining abilities and knowledge of the local real estate market will always help sellers get the best price for their homes, homeowners who attempt to sell a home risk losing money with only one hiccup. The buyer’s representative might negotiate a lower price. Everything may go right with a qualified agent to represent the concerned parties’ interests in a transaction.

Agents have the potential to sell a home more quickly in addition to getting the most money for it. They already have a qualified buyers list in addition to marketing initiatives. Before the house is formally listed for sale, the proper agent can already have a buyer in mind.

There is no denying that a competent real estate agent is priceless, particularly for those in the investing sector, but a few trends need your attention. For Sale by Owner (FSBO) platforms, in particular, are starting to carve out a niche among a small group of sellers.

Selling without an agent

In the last two years, almost 17% of homebuyers felt they didn’t need to use a real estate agent, according to a poll done for Redfin. The survey, made possible by SurveyMonkey Audience, found that discounted commissions are becoming increasingly common. One-third of the homeowners who did utilise an agent to buy a house claimed that their representative provided incentives in the form of a refund or savings of more than $500.

Realtors frequently charge 6% of the sales price in exchange for their services. As a result, commissions can exceed $14,000 on a single-family home with a median value of $230,000. At that point, the idea of doing without a Realtor becomes alluring.

Over half of all homeowners in America would consider selling their property without a Realtor’s assistance, according to research from ForSaleByOwner. At the same time, 55% of Millennials admitted they planned to offer their house using the “for sale by owner” sales strategy.

With today’s consumers, particularly millennials, exerting more control over the purchasing and selling process than ever, the real estate market is undergoing a “dramatic transformation,” according to Lisa Edwards, director of the business strategy at ForSaleByOwner.

The peak of the 2015 selling season saw an astonishing 57% growth in listings on ForSaleByOwner, and nothing indicates that the trend won’t continue. Yet it’s vital to remember that most sellers are from the Northeast. Large cities with large populations, like New York, Boston, and Philadelphia, seem more interested in skipping the agency process. Even the National Association of Realtors (NAR) agreed that FSBO transactions are more likely to occur in major urban regions.

Today, without the assistance of an agent, [sellers] may quickly comprehend market conditions by using free internet pricing tools, evaluating recently sold homes, and looking at homes currently for sale online, according to Edwards.

Sites like Redfin have proven to be very beneficial for sellers. While typical agents can get away with charging twice as much, Redfin only charges sellers 1.5% of the transaction price. The difference may result in a $3,750 savings for sellers of a $250,000 home.

There is no denying that the way individuals view selling has altered due to internet listing services. Particularly agents have been forced to respond to the development of technology.

A Redfin representative stated that “real estate agents are reacting to increasing competition in the market,” adding that traditional brokers had to adapt their business practices to remain competitive.

Of course, there is no reason to think trends will force real estate agents out of business. FSBO and other websites have made it simpler for the typical seller to advertise a home, but real estate brokers still have a position in the industry.

The housing market in the future

Real estate property markets are anticipated to change when millennials, a new wave of homebuyers, enter the market. The Urban Land Institute report indicates that millennials are beginning to enter the real estate market with an emphasis on suburban locations.

Although suburban house developments are nothing new, the real estate market may see fascinating changes in these locations. It has been discovered that millennial homebuyers are more interested in walkable neighbourhoods and close to community resources.

While suburban areas can represent fresh markets for mixed-use and retail spaces, this should be good news for investors looking to enter the commercial sector.

Real estate investors may run into renters of all ages looking for more facilities in metropolitan regions. Parking and trash collection may be regarded as conveniences in the current market, but more is needed in the future. In the end, new amenities like roof access, communal spaces, and even specific offices will receive more attention in real estate.

Although they will only develop further, investors who own multifamily buildings may see these changes as early as 2023. Those that want to stay in the lead should monitor similar properties and alternative neighbourhood options.

Luxury properties will become more prevalent in real estate in the future. This is because inventory (especially luxury houses) will grow as housing demand rises to accommodate homebuyers.

Investors will see the highest rises, per Realtor.com, in locations like San Jose, CA; Seattle, WA; Boston, MA; and Nashville, TN. Yet, these developments should still be anticipated by investors nationwide.

Finally, green building techniques and eco-friendly housing amenities will likely become more prevalent, which is good news for all real estate agents.

Investors should only partially discard the real estate industry’s eco-friendly segment, even though tax policies may have reduced some motivation for eco-friendly home upgrades.

According to the National Association of House Builders, 80% of homebuyers would be favourably influenced by energy efficiency. The survey covered Energy Star appliances, above-code insulation, and adequately insulated windows.

These qualities should be kept in mind by real estate investors who specialise in new construction and house flipping and should be incorporated as necessary.

The real estate housing market’s future holds some intriguing adjustments overall. Accordingly, investors should monitor their individual needs to determine whether to capitalise on developing trends.

Experts’ prediction on the sector’s future

Finding information about the future of real estate from more seasoned investors is one of the finest methods to do it. Individuals who have been investing for ten or more years have witnessed (and adjusted to) significant changes in how the real estate market operates. In many situations, these investors have improved their ability to predict where real estate may be headed.

Than Merrill, CEO of FortuneBuilders and a real estate investor, has invested for over 15 years. So when asked where he saw the real estate industry going, his primary responsibility was technology.

In an interview with Disruptor Daily, Merrill stated that the advent and rising popularity of cryptocurrencies and blockchain would significantly impact transaction times. With greater access to these networks, he continued, buyers and sellers will operate more quickly.

On a related point, some investors have made assumptions about how technology will affect relationship dynamics and transaction timelines in the real estate sector. Buyers and sellers, landlords and tenants, and even investors and contractors are included.

For instance, Dominique Burgauer, CEO of Archilogic, stated that cutting-edge businesses are currently driving the adoption of new technology. For example, almost all phases of a building’s existence will soon be managed online, according to Burgauer. Likewise, the real estate sector will be online, from development and furnishing through sales and upkeep.

According to this perspective, many investors might wait for rival companies to lead the way with innovative technologies. Investors should instead concentrate on finding the best ways to adopt these new technologies before their rivals can.

Furthermore, according to Property Radar, “local investors need to concentrate more on off-market real estate purchases and value development. In general, Wall Street doesn’t want any issues with either people or property. Deals that don’t scale include heavy fixers, probate, liens, unclear titles, and hoarder homes. Also, they need to aggressively investigate upzoning, accessory housing units, or innovative financing options. To compete, our sector needs to keep becoming more professional.”

Investors should concentrate on research, education, and mentoring to adapt and evolve with industry titans. Although there is still much to learn about the real estate market’s future, investors can develop their professional judgement and take action when necessary by continually experimenting with new ideas.

Emerging technologies, interactions between buyers and agents, and shifting homeowner demographics will influence future trends in real estate. To succeed, real estate investors must develop the ability to flourish in this environment.

The real estate market is changing significantly due to new technologies that will shorten closing times, online listing sites that will make purchasers more knowledgeable, and the entry of new age groups. Even professional forecasts point to future market shifts. As a result, investors have a lot to look forward to regarding the future of real estate.

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This partnership is expected to lead to a faster development process for construction, sales and letting, and individual homeownership. The collaboration between the two will also expedite the development of affordable, sustainable, and quality, quick-to-market residential housing in the Kingdom using various smart technologies that are applicable to construction.

Khaled Zaidan, a managing partner of Watheeq Proptech VC Fund told the media, “We are dedicated to investing in technologies that are reshaping traditional real estate assets while improving the quality of life for homeowners. Technology can decrease the cost and time of construction, increase the quality of residential housing, and stimulate eco-friendly lifestyles. We believe that top-notch entrepreneurs are the growth engine behind every prosperous economy”

Additionally, this fund is also Shariah-compliant and is the first of its kind in the region and is licensed by Saudi Arabia’s Capital Market Authority. This partnership will also support the government’s commitment to supply 1.5 million homes as part of Vision 2030.

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Other investors that also participated in the funding round for Nomad Homes include Goodwater Capital, HighSage Ventures, Abstract Ventures, Partech, Class 5 Global, Precursor Ventures and Alta Park Capital.

Nomad Homes said that it will continue to invest heavily in its technology and offer additional products and services to offer a one-stop-shop for everything related to the home.

Helen Chen, Nomad Homes chief executive told the media, “We believe that the combination of technology and personalised customer experience empowers our customers to buy their home with confidence. A lot of that confidence comes from the multiple listing services (MLS) that Nomad is creating, which provides home buyers the data and transparency to make that decision.”

Recently, the Dubai Land Department (DLD) revealed that Dubai recorded 1,592 real estate and properties transactions at the value of AED6 billion in total during the week ending 30th September 2021. As per the report, 73 plots were sold for Dh350.29 million and 1,080 apartments and villas were sold for DhD2.74 billion.

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Launched in 2019, Seso has rapidly grown a customer relationship management (CRM) portal that enables property developers, agents, and government agencies to manage their properties, documentation, and transactions on a secure blockchain database. Once the property is verified, they are listed on the Seso marketplace where clients can browse properties and make new connections with other service providers like banks for mortgages and law firms for title registrations.

Albert Essien, former group CEO of Ecobank Group told the media, “The Seso Global platform is addressing the key challenges in the African real estate markets. I am confident they will make a major impact in housing access, a key issue across the continent.”

Since its launch, the company has expanded rapidly. It has over 80 property developers and 7,000 property units on the platform. Additionally, the startup has started its pilot in South Africa in November 2019 and has also made its presence known in Ghana.

Seso Global will now use these funds to further expand its market presence and will increase its operations in its three existing markets. The startup is also going to launch its newPropOS CRM platform for property developers that will available across Africa. The company will also prepare for its seeding round which is expected to help the company expand further in the global market.

Image credits- Yara

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They are also planning to open up a shop in Bangkok and the investment will also help the company to reach its goal to become a super app for property investors.

Speedhome CEO, Wong Whei Men told the media, “This investment signals promising support from the market towards SPEEDHOME. This fund will help us kick start our regional expansion in Bangkok and accelerate our efforts towards making SPEEDHOME as the region’s super app for property investors. Having esteemed investors like Allianz Malaysia and Gobi Partners to join us is a vote of confidence towards our vision to offer holistic technology-driven solutions for the property industry.”

Among the challenges faced last year, Speedhome managed to often the adverse impact of the pandemic on the property industry with the help of its Virtual Viewing and Homerunners service. Speedhome also recorded more than 160 percent year-on-year growth in Gross Written Premium (GWP) contribution to Allianz Malaysia in 2020 compared to 2019. This provided the much-needed stability that helped the company grow amid the testing times faced especially last year due to the Covid-19 pandemic.

To date, Speedhome has over 575,000 app downloads and over 700,000 tenant enquiries in total. As consumers are becoming more and more aware of their spending habits, this number is only expected to grow further in the coming years.

Image credits- The Malaysian Reserve

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The company is also expanding its base into Saudi Arabia, Kuwait, and Bahrain. After becoming a designated Visa strategic merchant through this deal, the new collaboration is definitely going to strengthen Ajar’s mission to digitise the region’s real estate market.

This new partnership between the two will also enable real estate agencies, landlords, and property management companies that are registered on the Ajar platform to collect rent payments online. The new digital payment platform is said to be quick, secure, and efficient and it is all set to transform the rent payment process for both landlords and tenants, by replacing the old, outdated system of cash and cheques with a credit card transaction.

Mohammad Al Munaikh, CEO of Ajar, told the media, “We are thrilled to announce our new partnership with Visa. At Ajar, we aim to revolutionise the region’s property market through digitalisation, reducing losses by maximising efficiency. This new partnership enables us to harness Visa’s extensive expertise to create a safe and user-friendly platform that will forever change the way our customers manage their businesses.”

The platform is being made available across GCC and it offers a large number of benefits to landlords and tenants alike. With the help of the latest platform, payment can happen instantly. The platform also comes with a real-time payment tracker and multiple bank account capability, thereby reducing the risk of bounced cheques and reserve fees.

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According to media reports, this series of funding is said to be noteworthy because of the valuation. QuintoAndar has one of the highest funding for any Latam company and it represents an increase of four times from when QuintoAndar raised a $250 million Series D in September 2019.

It’s also important to note that QuintoAndar is backed by Silicon Valley-based Ribbit Capital, which led its Series E funding and it also had participation from SoftBank’s Latam-focused Innovation Fund, LTS, Maverik, Alta Park, an undisclosed US-based asset manager fund that reportedly has over $2 trillion in AUM, Kaszek Ventures, Dragoneer, and Accel partner Kevin Efrusy.

The company is also backed by Coinbase, Robinhood, and CreditKarma. Since its inception, Ribbitcapital is known to focus on early-stage investments in the fintech space. The company’s investment in the Brazilian startup only goes to prove that they have complete faith in what the company is building.

Ribbit Capital Partner Nick Huber told the media, “Whether you are looking to buy or to rent, QuintoAndar can support customers through the entire transaction process: from browsing verified inventory to signing the final contracts. The ability to serve customers’ needs through each phase of life and to do so from start to finish is a unique capability, both in Brazil and around the world.”

As for their plans of expansion, the Brazilian startup presently offers more than 60,000 properties for sale across Sao Paulo, Rio de Janeiro, Belho Horizonte, and Porto Alegre. The company describes itself as a ‘distant market leader’ and its rental platform is live in 40 cities across Brazil. With the newly-raised capital, the company plans on expanding its market in Brazil and in Latin America as a whole.

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