BUWOG and Realest8 Technologies carry out first digital real estate transaction in Austria

6/17/20
  • Pilot project drives the digitisation of the real estate industry further
  • New platform enables more efficient, more cost-effective and more secure purchase transactions
  • Digital real estate transaction provides easy financing including the relevant securities

The changes in social and economic life necessary to contain the coronavirus are also bringing about the further acceleration of digitisation processes. BUWOG not only offers solutions for today with online apartment viewings and consulting services, but is already implementing far-reaching measures for the future. Together with the start-up Realest8 Technologies and Kunz Wallentin Rechtsanwälte GmbH, a 100% digital real estate transaction was carried out – an absolute novelty in Austria. In a pilot project, the transaction for a motorcycle parking space at a BUWOG project in the 12th district of Vienna was effected and entered in the land register. At the same time, the financing for the purchase was handled through the platform and secured entirely digitally in the land register.

Pioneering innovation

"Through the cooperation with Realest8 Technologies, BUWOG is taking the next important step toward the industry's digital future," Andreas Holler, managing director of BUWOG Group GmbH responsible for development, is firmly convinced. The platform for digital real estate transactions developed by Realest8 Technologies brings together buyers, sellers, financing, fiduciary banks, notaries and, if required, legal and tax advice. Transactions, which often involve a substantial financial outlay, lengthy and complex processes and significant processing costs, can be completed more simply, quickly and securely using this PropTech. Thomas Seeber, managing director of Realest8 Technologies: "Now is the right time for our platform to enter a trial run and test the service in real life. Thus we are all the more pleased that in BUWOG we've been able to find the ideal partner for a pilot project."

Advantages for all involved

"With digital real estate transactions, we enable simpler, faster and more cost-effective purchase and financing transactions. The new technology not only brings advantages for BUWOG as a real estate provider, but also for those seeking an apartment," Holler says. This is because end-to-end digitisation not only means easier contract processing, financing and legal and tax consultations, but also improved security and transparency of the transaction process. "The data are continuously secured and verifiably authentic for users, which makes financing easier and reduces overall transaction costs," adds Thomas Seeber, who also points out that advisors such as lawyers can support the transactions. The areas in and extent to which the technology will be applied in BUWOG's sales activities will be decided once the results of the pilot project have been evaluated.

 

About BUWOG

BUWOG is the leading full-service provider in the Austrian residential property market and now looks back on 69 years of expertise. Its property portfolio encompasses approximately 22,500 units and is located in Austria. The development pipeline in Vienna includes approximately 6,100 units. In addition to Asset Management, the entire value chain of the residential sector is covered by Property Sales and Property Development. BUWOG Group GmbH is a subsidiary of Vonovia SE, Europe's leading residential company, whose headquarters are in Bochum (Germany).

 

About Realest8 Technologies

With its platform for digital real estate transactions, Realest8 Technologies aims to achieve the long overdue digitisation of real estate purchasing and financing. Digital transactions promise cost savings, speed and enhanced security and involve purchasing parties, banks, fiduciary institutions, notaries, legal and tax advisors and the tax office in the process. The start-up was founded in Vienna in the summer of 2018 and brings together a team of lawyers, programmers and a banking expert.

 

About Kunz Wallentin

Kunz Wallentin is a law firm specialising in real estate, banking and corporate law. The lawyers at Kunz Wallentin view their particular strength in finding solutions and getting results. They are always at the cutting edge and support their clients in all areas of business law. They are also engaged in teaching and lecturing and publish continuously, particularly on the subject of digitisation.

 

Fotocredit: Undrey / Dreamstime.com

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