DIGITAL TWINS AS A NEW ORGANIZATIONAL FORM: REAL ESTATE MARKET MANAGEMENT IN THE ERA OF ARTIFICIAL INTELLIGENCE

Abstract

The real estate market, thanks to the application of advanced technologies, has undergone a radical transformation in all its phases, from the design and construction of real estate, through its marketing, providing legal certainty for the ownership and maintenance, all the way to use of real estate by its users. This statement is universal and applies to residential, industrial, social real estate or facilities for leisure, sports, etc.

The application of digital technologies and digital twins has eliminated the traditional information asymmetry that long prevailed in the real estate market, enabling all stakeholders across all stages of construction and real estate transactions, from investors and developers to buyers and end users, to gain insight into the actual condition of a property and access necessary information regarding the building’s history, the quality of the land on which it was constructed, its structural stability and overall quality, as well as other relevant information contained in real estate passports. Particularly important are the information concerning the safety of buildings and their legal status, i.e., the legal security of real estate. Artificial intelligence adds a new level of quality by enhancing digital twins with additional information regarding the physical, legal, and energy condition of...