The Future of Real Estate Market? Exploring the Potential of Big Data Analytics in South Africa

Big data is noted as being useful in various business markets, including the real estate market. By making use of data analytics to obtain actionable information significant from analyzing significant quantity of data, businesses may have an advantage over rivals in the market. This paper examines the current applications of big data analytics, its potential uses, as well as potential barriers to its use in the South African real estate market. A qualitative approach was adopted to administer semi-structured interviews to big data analytics specialists in the South African real estate market. Initial results show that Proptech market is still in its infancy in general and there is limited use of big data analytics in the South African real estate market in particular. However, there are benefits to using the technology, such as more efficient and effective customer service. Major challenges include the fact that the South African market is not ready to use it since there is no clarity or lack of knowledge that correlate the levels of investments needed and the accruing benefits. Challenges related to storage systems and costs and the scarcity of skills for technologies to support big data and big data analytics also prevail.