Real estate is both means and outcome of the sustainable development of a country. Economies of countries encounter higher sensitivity from global trends, implications from foreign political-economic policies and local socio – economic and environmental tensions than ever before. Hence, as a key ingredient of development processes, real estate should be SMART, so that to respond effectively to these dynamic economic, social and environmental forces; focus on outcomes and implications than outputs, convert the challenges into opportunities and strengthen resilience to encounter threats and crisis, facilitate to meet the environmental challenges without jeopardising the economic growth and societies’ modern living.
In this respect, virtual spaces becoming an integral part of lifestyles of our societies, where people and institutions working closely with technology, information systems is recognised as a primary enabler to make rational decision making. This urges to expand our thought boundaries on, how the role of real estate should be redefined? How should we plan innovative, secure and demand-meeting real estate? How should real estate markets read the dynamics of economic, social and environmental processes? How can we epitomise the role of valuation in responding these dynamics? How should all actors in the industry including the end-users be informed and stay within the information loops? How to ensure the professionalism of industry players?