5G is finally here. The much-awaited next-generation network services were launched in India recently, which are expected to unleash new economic opportunities and societal benefits. 5G has the potential not only to spark a digital revolution but also impact the future of work. It has the potential to drive the engine of economic growth across all sectors and industries. However, how will it impact real estate?
Industry experts say 5G is anticipated to increase security with improved encryption, segregated networks and user authentication. However, the growing volume of data travelling across networks, along with more IoT devices, may enhance eavesdropping and cyberattacks by providing new chances for hackers to exploit flaws.
“Furthermore, 5G’s greater geolocation capability will improve mapping while possibly exposing users to more accurate tracking and raising further privacy concerns. Because data flows will expand, property owners must be cautious in deciding what type of data to collect and from whom, as well as taking into account all data and privacy collecting rules and regulations within their jurisdiction,” says Stephen Dunphy, Global Head of IoT, Planet Smart City.
The industry expects that 5G networks would be widely deployed between 2021 and 2024. While the entire impact may not be realised for years, real estate owners, investors, and managers must begin planning and investing ahead of that horizon or risk falling behind. Companies at the forefront of the 5G trend will gain by providing a product that can link to the digital world in a way that renters will soon expect.
“However, in order to get there, they must learn to defend against unique cybersecurity threats, understand new governmental data collection and privacy regulations, account for critical safety and accessibility considerations, and be willing to invest capital to bring outdated assets up to connectivity standards that tenants will soon come to expect,” says Mr Dunphy.
“The primary promise of 5G is the deployment of a reliable, high capacity, low latency communications network that is ubiquitous and less expensive than existing high bandwidth options. I expect 5G networks to co-exist with LoRaWAN networks in the future for IoT in general, and Proptech, real estate, and property management in particular, where LoRaWAN is more efficient and cost effective for low data applications such as environmental monitoring and smart infrastructure management (eg Planet SIM), while 5G will enable higher bandwidth or data-intensive applications,” he adds.
5G applications will include video streaming and virtual reality apps to enable virtual house visits, allowing potential buyers to digitally remote see a property before to purchase, perhaps eliminating the need to attend a Show Home. This would be increased further by the deployment of remote-controlled drones, which would allow the potential purchaser to view the property at their leisure.
It will result in a significant decrease in the number of individuals travelling to see and inspect properties before to purchase. Augmented Reality applications will help new homeowners with their move-in while also allowing them to acclimate to their new house and neighbourhood amenities more quickly. Live CCTV analytics used in security programmes will be able detect suspicious behaviour and stream it directly to the Apps and Smart Home devices.