Property companies see AI’s potential but are taking a cautious approach to implementation, with a skills gap acting as a barrier, according to the latest Yardi/Property Council Property Technology Report.
In the previous survey, 31 per cent of respondents had not yet adopted AI. A year later, 15 per cent have a stable AI solution in place, with plans to expand use cases, while 27 per cent are actively implementing systems.
Another 31 per cent have started research, and 11 per cent are organising data in preparation.
While interest in AI has grown, respondents now face the challenges of implementation.
This year, 25 per cent cited data issues—either a lack of accuracy or available datasets—as the biggest barrier. Another 15 per cent pointed to a lack of useful tools.
However, the biggest challenge, mentioned by 44 per cent, is the shortage of AI skills and knowledge.
Property Council Director – Asset Technology and AI Chirs Wild said despite a willingness to adopt AI, many professionals feel unprepared to fully leverage its potential.
“A decade ago, the idea of integrating intelligent, connected systems into our buildings was merely a dream. Today, technology is an integral part of how we operate every day,” Mr Wild said.
“This isn’t just about adopting new tech, but reimagining real estate with more efficient operations, greener buildings, and enhanced customer experiences.”
However, people are beginning to realise that AI adoption is harder than it seems.
“The industry needs to work together to understand which data will unlock AI’s potential and then build empowered teams with the skills needed to embrace AI and use it confidently,” Mr Wild said.
AI is seen as most valuable in general administration (21 per cent), research (18 per cent) and content creation (17 per cent).
Yardi’s Bernie Devine, Senior Regional Director of Asia-Pacific said AI adoption has been a game of mixed results.
“As companies peel back the layers, they find that harnessing AI is like an onion – each layer uncovers more complexity,” Mr Devine said.
“While there is an overwhelming amount of data available, the success of AI in the property industry will depend on building a solid foundation to use that data accurately, safely and reliably.
“The next phase of AI in real estate will be defined not by its speed of implementation, but by how deeply it’s integrated into our systems, culture and long-term vision,” he said.
Yardi’s companion surveys found that approaches to AI adoption vary widely across the Asia Pacific region, with some markets more open to experimentation and implementation than others.
In Asia, 26 per cent of respondents have started implementing AI systems, compared to 35 per cent in New Zealand.
Over half (52 per cent) of Australian respondents feel real estate is behind other industries in adopting technology, marking a 10 per cent decline since 2023.
Australia is more optimistic than its Asian neighbours. In New Zealand, 63 per cent of respondents feel real estate is behind, while in Hong Kong, it’s 70 per cent, in Singapore, 78 per cent, in Mainland China, 82 per cent, and in India, 100 per cent.
Many Australian respondents are exploring AI outside of their organisations. While only 15 per cent use AI extensively, over half (52 per cent) report using it to some extent, and another 13 per cent plan to start.