Real Estate Faces Smart City Challenges for Urban Quality of Life

Prachachat•Economy•15h ago

Reader Briefing

The Thai real estate sector is identified as crucial in addressing urban challenges and driving the development of Smart Cities, focusing on enhancing the quality of life for urban populations.

•Global urban trends are moving towards Smart Cities, utilizing digital technology and innovation to improve city management and population quality of life.
•The real estate sector plays a vital role in mitigating urban challenges such as population density, aging demographics, high cost of living, economic disparities, and extreme weather.
•Challenges in achieving Smart City status for Thailand's real estate sector include high digital technology investment costs, lack of data integration between public and private sectors, and regulatory and infrastructural limitations.

Overview

•Global urban trends are shifting towards Smart Cities, employing digital technology and innovation to enhance city management and improve the quality of life for residents.
•Challenges facing large cities worldwide include increasing population density, population structure changes with a higher proportion of elderly individuals, rising cost of living, intensifying economic and social inequality, and more frequent extreme weather events.
•The real estate sector plays a significant role in alleviating these challenges and driving cities towards becoming Smart Cities.
•Thai real estate projects, including residential and commercial properties, are implementing Universal Design, increasing green and public spaces, and adopting eco-friendly building standards (LEED, WELL, TREES) to enhance living conditions.
•Digital technologies such as IoT, AI, and Automation are being utilized in residential and commercial real estate to improve convenience and safety.
•SCB EIC believes the real estate sector has potential for larger-scale digital technology implementation and inter-sectoral collaboration to broadly improve urban quality of life.
•Collaboration opportunities include partnerships with transportation sectors for commuter convenience, telecommunications for internet access, and government for developing Smart City Sandbox initiatives.
•Real estate sector data on residents, users, and behavior can contribute to Big Data for government policy formulation, urban planning, infrastructure investment, and city management, ultimately enhancing urban quality of life.

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Key Entities

Organization

SCB Economic Intelligence Center (SCB EIC)(ศูนย์วิจัยเศรษฐกิจและธุรกิจ (SCB EIC))

An economic research center that provides analysis and insights on real estate and smart city development in Thailand.

Policy

LEEDℹ️

A green building certification standard mentioned in the context of sustainable real estate development in Thailand.

WELLℹ️

A building standard focused on health and well-being, cited as part of sustainable real estate practices in Thailand.

TREES

A green building certification system relevant to sustainable real estate development in Thailand.

Technology

IoT(IOT)ℹ️

Internet of Things technology utilized to enhance convenience and safety in Thai real estate projects.

AIℹ️

Artificial Intelligence technology being integrated into Thai real estate for improved functionality and security.

Automationℹ️

Automation systems employed in Thai real estate to provide greater user convenience and enhance safety.