Third International Conference on Real Estate Management and Valuation : Smart real estate: Towards unmet socio-economic needs | Sunday Observer

Third International Conference on Real Estate Management and Valuation : Smart real estate: Towards unmet socio-economic needs

The third International Conference on Real Estate Management and Valuation (ICREMV) 2019 organised by the Research and Professional Development Centre of Department of Estate Management and Valuation (DEMV), University of Sri Jayewardenepura in collaboration with Government Valuation Department, Urban Development Authority, Colombo Municipal Council, Sri Lanka Institute of Valuers’ Royal Institute of Chartered Surveyors Sri Lanka and Universiti Sains Malaysia will be held at the Waters Edge, Battaramulla on October 8.

The conference which lays its emphasis on the theme, ‘Smart Real Estate: Towards Unmet Socio-Economic Needs, aligns with four different sessions:

• Inauguration (8.30-10.00 a.m.)

• Industry Dialogue (10.30 a.m. -12.30 noon)

• Academic Session (1.15 p.m.-3.15 p.m.)

• Real Estate Talk (3.45 p.m.-6.45 p.m.)

Real estate or the land factor in economic terms is both a means and outcome of the sustainable development of a country. Real estate is a popular home for flowing capital, the value of global real estate by 2016 has come to a whopping $217 trillion in total (Savills, 2017).

Nonetheless, our economies encounter local socio-economic and environmental tensions together with pressure from both global trends and implications from foreign political-economic policies than ever before. Economies are tensed with achieving expected economic growth levels and alleviate poverty in the face of global economic instabilities.

Natural environments are weirding with climatic changes influenced by natural and manmade activities whilst having the enormous pressure to meet the societal demand for higher quality state-of-art lifestyles. Communities are under pressure to protect local interests and cultures, ensure inclusion, etc. whilst making conducive economic environments for foreign investments.

This disequilibrium between real estate growth and aggravating economic, social and environmental pressures questions us: have we done the right thing? Have we done the right thing in the wrong process? Or have we done the right thing in the right process but at the wrong time?

An agenda has been set to rediscover the role of real estate or the land factor to address such challenges. The real estate industry should be reshaped in a way that it becomes more responsive towards the dynamic economic, social and environmental forces; convert the challenges into opportunities and resilient in crisis, facilitate to meet the environmental challenges without jeopardising the economic growth and societies’ modern living. The technological breakthroughs such as smartphones and mobile applications (apps), artificial intelligence (AI), Internet of Things (IoT, Blockchain, etc. need to be applied in real estate as a means to achieve such goals rather than as an end itself. ICREMV aims to be a solid platform to achieve this emerging agenda for the real estate industry, with critical dialogue and sharing new knowledge. The areas that cover in this conference is span across:

• Real Estate Valuation and Appraisal

• PropTech and innovation in Real Estate

• Real Estate Development and management

• Real Estate markets

• Planning and built environment

• Climate change impacts to real estate

This conference is suitable for all practitioners in the real estate industry in particular and business and management in general. It is a forum to network with academics, professional valuers, assessors, planners, developers, investors, realtors and bankers.

Lake House is the media sponsor of the event.

The writer is a Senior Lecturer, Department of Estate Management and Valuation, University of Sri Jayewardenepura and the Conference Chair, ICREMV - 2019.