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A development firm has predicted a “major shift” in 2024 towards carbon-conscious design fuelled by emerging technologies.
Looking back on Q1 2024, Third.i noted the growing emergence of virtual reality (VR) and augmented reality (AR) technologies in design and construction.
It’s a trend that Third.i believes will gather further momentum over the coming months as developers harness these technologies to minimise their carbon footprints and reduce waste.
“Throughout 2024, Third.i anticipates a major shift in the property industry towards sustainability, energy efficiency and carbon footprint reduction, emphasising the adoption of digital technologies like VR and AR to streamline design and planning processes,” the company stated.
They further explained that “implementing VR and AR in the planning and development stages accelerates construction timelines, improves control and reduces material wastage” while also enhancing the cost-effectiveness of new projects.
On an aesthetic level, Third.i anticipates that the trend towards green design will be reflected in the visual design of new buildings, with natural wood and biophilic design retaining popularity.
However, when it comes to residential property a different factor will be driving buyer choices: cost.
“The critical need for housing availability is significant,” said the development firm. “Housing prices are poised to continue their upward trajectory, intensifying the strain on an already limited housing stock.”
As high housing costs drive both renters and buyers to increasing levels of desperation, there is a greater need than ever for residential properties that can accommodate a varied range of demographics.
“There is a growing focus on optimising spaces that cater to diverse age groups and buyer preferences, ensuring a more inclusive approach to addressing the housing shortage,” Third.i said.
The only groups that do not appear to have been affected by the extraordinary price volatility of the past few years are downsizers and those in the prestige market.
“The enduring demand from the prestige market and downsizers, known for their resilience to interest rate shifts, is steadily propelling prices upwards despite limited supply,” said Third.i.
The firm stated that first home buyers remain active, but noted that this is primarily due to “various deposit schemes” that are in circulation.
“Despite stable apartment prices in November and December 2023, it is anticipated that prices will continue to rise amid the economic downturn and high interest rates,” Third.i predicted.
The firm concluded that the real estate market is “set to maintain its strength into Q2”.
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