Artificial Intelligence (AI) Revolution in Real Estate and Real Estate Investment Trust (Reits): A Comprehensive Analysis (1989–2023)

Abstract

This research paper provides a thorough examination of the convergence of artificial intelligence (AI) with the real estate industry, specifically focused on the timeframe spanning from 1989 to 2023. The study aims to investigate five fundamental research inquiries in order to examine the development, patterns, and theme clusters within this constantly evolving domain. The research utilizes bibliometric and cluster analysis techniques, with Scopus serving as a key database. Data analysis is conducted using VOSviewer and biblioshiny. The results demonstrate a substantial yearly increase of 8.29% in publications relevant to AI, indicating a steady and continuous rise in research activities. The study highlights the current and significant emphasis on AI in the real estate sector, as seen by an average paper age of 5.79 years and an average citation rate of 14.82. The inclusion of prominent journals, such as “Expert Systems with Applications” and the “Journal of Property Investment and Finance,” signifies the integration of multiple disciplines. A phrase frequency analysis reveals the significance of terms such as “artificial intelligence,” “decision support systems,” and “neural networks,” underscoring their vital roles in decision-making and forecasting. The research is organized into three primary themes: the incorporation of AI into the process of real estate valuation, progress in machine learning techniques for optimization, and the application of AI to improve predictive modeling. The thematic clusters examine various viewpoints and cutting-edge approaches within the wider framework of AI and the real estate industry. The report continues by delineating six prospective areas for future research, encompassing AI-fueled predictive analytics, property management operations, sustainable smart buildings, real estate transactions, AI-driven consumer experiences, and ethical considerations. Overall, this research offers useful insights into the bibliometric characteristics, research patterns, and prospective areas for future investigation at the interface of AI and the real estate sector. The collaborative and interdisciplinary nature of this emerging sector demonstrates the significant influence of AI on influencing the future of the property industry and real estate investment trusts (REITs).