Why Nordic PropTech is One Industry to Watch Right Now

PropTech in the Nordic region is one of the most exciting industries to be involved in right now. With startups developing innovative solutions that not only increase profits but also assist in the fight against climate change, PropTech has an edge over other sectors. Plus, exciting collaborations are ready to challenge the status quo of even the most traditional industries.

Nordic PropTech Facts

The Nordic PropTech sector has been growing for several years now, even throughout the pandemic, and this development is not showing any signs of slowing down. The sector is showing strong growth across the entire region. At RecoTech, you can already meet some of the movers and shakers of the industry in Finland, Sweden, Norway, and Denmark. All four countries have a strong contingent of PropTech startups and scaleups, with about 180 companies in each of them. At this time, plans are underway to add Iceland to the line-up, too! And there are more reasons to celebrate – are you familiar with the Nordic PropTech Awards? The awards are a pan-Nordic initiative driven by all four associations. Launched last year, we’re delighted to celebrate PropTech innovations in real estate once more. At RecoTech, we’ll announce four finalists in each category – definitely the companies to watch in the sector.

Combining Technology and Sustainability

These startups are developing a wide range of different solutions. Some are focused on Internet of Things (IoT) solutions, whilst others support smart homes, build artificial intelligence (AI)-based applications, or new EnergyTech propositions. Despite their differences, most have two things in common. They work with one of the Nordic region’s traditional strengths – developing outstanding technology. Plus, there is a heavy focus on true sustainability among Nordic PropTech startups and early-stage companies.

Collaboration is Key

Why is the Nordic region so strong in PropTech? We believe there are a few reasons other than a talent for technology. Nordic culture, in general, is quite informal and based on collaboration. The inclination to work together and help each other out doesn’t only apply to people’s personal lives but also influences their professional lives. As a result, two of the toughest and most conservative industries, construction and real estate, are managing to work together across the region. Companies are finding new ways to work together, all for the benefit of their customers. What type of cooperation can you look out for? Right now, several exciting pilot projects are getting ready to launch. Those projects combine the expertise of traditional construction with the tech-savviness of PropTech startups and the support network of state authorities. By collaborating, each party benefits from the unique experience and resources the others can bring to the table. Corporations and state authorities may envy the flexibility of a PropTech startup. On the other hand, the startup team benefits from the corporation’s financial power and the authorities’ access to highly qualified people and supplies. No matter which Nordic country you are in, each of them is home to initiatives focused on bringing innovation to the built environment. The construction industry has traditionally been slow to embrace technological change, but the sector’s culture is changing now. According to KPMG’s Global Construction Survey, the sector is ready to embrace technology, including collaborative and remote applications. PropTech companies can help traditional construction companies break into the field and lift their businesses to the next level, and that’s exactly what’s happening in Nordic countries. Projects are running smoothly, even if there are fewer people on site. The pandemic disrupted the industry but not as much as other sectors. What the coronavirus did do to construction and real estate, is drive a spirit of collaboration and even more of a can-do attitude. The past two years also opened the eyes of many traditional companies to the advantages of technology. Today, we are at a stage where businesses of all sizes can benefit from combining practical on-site work with remote monitoring facilitated by PropTech. This combination is especially beneficial for larger projects that are otherwise harder to manage and keep on track. Technology can take over and automate the majority of repetitive tasks, leaving human teams to concentrate on complex decision-making, for example. This is only a tiny selection of the opportunities collaboration and technology can bring to the construction and real estate industries. Discussing them further face-to-face is an ideal next step for companies in this sector.

Meet Key Industry Players

RecoTech is the perfect opportunity to meet everyone who is anyone in the industry. Whether you’re looking to meet startups from all Nordic countries or want to learn more about industry forerunners, this is the place where everyone comes together. RecoTech 2023 gives brands unparalleled opportunities to learn about promising innovative solutions for any real estate-related challenges. Don’t miss out – get your tickets now and join us on 29 November 2023 in Helsinki. It’s the one place to meet the PropTech leaders of the Nordics all in one day!

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September 22, 2022