Metrovacesa launches AI Challenge to promote the use of artificial intelligence in Spanish Real Estate

• The developer has created its first competition, AI Challenge, which will promote and recognise the efforts of companies and startups that manage to improve some stage of the value chain of the real estate process, using Artificial Intelligence.

• The initiative was presented at an event in Madrid, attended by the CEO of Metrovacesa, Jorge Pérez de Leza, and the country manager of Google Cloud Iberia, Isaac Hernández.

• AI Challenge, which has just opened its call until 16 July, seeks to promote business synergies under the umbrella of innovation as a driver of change and improvement in the sector.

• In the words of Jorge Pérez de Leza, ‘at Metrovacesa we want to recognise companies that stand out in the application of Artificial Intelligence in our sector and that share our concerns in terms of technological progress’.

Madrid, 28 May 2024. Metrovacesa, Spain’s leading real estate developer with over one hundred years of history and more than 115 projects under development nationwide, has organised the Metrovacesa AI Challenge event at Atcico María de Molina, Madrid, to present its new initiative, AI Challenge. The initiative, which has been developed together with The Fringe LABS, a company specialising in the creation of startups, seeks to reward innovation based on artificial intelligence and applied to different verticals within the real estate sector.

The meeting kicked off with a talk by the CEO of Metrovacesa, Jorge Pérez de Leza, and the Country Manager of Google Cloud, Isaac Hernández, on artificial intelligence and its impact on various sectors. They also addressed the issue of this technology applied to the current environment, as well as to different sectors, specifically real estate development.

Jorge Pérez de Leza, CEO of Metrovacesa, sees artificial intelligence as a fundamental tool in the transition towards cutting-edge innovation. He also supports this initiative because ‘support between companies with a common commitment is essential, as in this case, artificial intelligence. Therefore, at Metrovacesa we want to give the opportunity to recognise this effort to companies that stand out in the application of Artificial Intelligence in our sector and that share our concerns in terms of technological progress’.

For his part, Isaac Hernández, Country Manager of Google Cloud, said that ‘sometimes the birth of artificial intelligence is compared to the birth of the internet, but we believe that AI can be compared to the discovery of fire for its transformative impact on society. Initiatives such as the AI Challenge drive innovation, competitiveness and growth in a sector, in this case, real estate.

The event continued with a round table moderated by the co-founder of The Fringe Labs, David Hueso, focused on artificial intelligence applied to the real estate sector. Companies such as Idealista Data, Qlip, Nidus Lab and Photoilike.com shared their vision and experience implementing this technology to increase the efficiency of their services.

Metrovacesa AI Challenge

The event served as the inauguration of the pioneering sectorial competition promoted by Metrovacesa and TheFringe/LABS, AI Challenge. This initiative, which fosters a connected community within the field of proptech, seeks to attract disruptive proposals that can be applied throughout the value chain of the developer. This can range from speeding up the user’s home search process to generating different building designs virtually automatically.

Carmen Chicharro, Metrovacesa’s Commercial, Marketing and Innovation Director, comments on this commitment: ‘Artificial intelligence has the potential to make industry more efficient, transparent and accessible to all. We work with an open innovation model through collaborations with startups that already have technology that solves or improves a process. AI Challenge aims to challenge national and international proptechs to improve our business processes through the ‘AI Challenge’.

Each submitted company will be able to share solutions for up to three areas of the developer. These include: Opportunity Identification (Land); Valuation, Analysis and Due Diligence; Development; Planning; Site/Construction (Start-up, Site Management, Incidents, Completion); Marketing and Communication; Commercialisation; Quality; After Sales; Value Added Services; Land Management; Land Divestment; Transversal (Administration, Finance and Management Control, etc.); and Others.

The selected candidates, six finalists, will be summoned to Metrovacesa’s headquarters in Madrid in the last week of September. The awards ceremony will finally take place on 3 October, through an awards event. For more information about the competition, requirements and related issues, please visit the official website https://metrovacesachallenge.ai/.

Metrovacesa AI Challenge is part of the developer’s commitment to promoting innovation and technology within the sector.