华利安：2025年上半年房地产科技市场更新报告（英文版）

• Elevated interest rates and 1H 2025 market volatility, driven by geopolitical tensions and tariff uncertainty, created a slower growth-capital-raising environment for PropTech. • Despite continued softness in activity, the PropTech market remains large and resilient, with approximately $2.3 billion in growth equity and debt financing and 55 M&A transactions in 1H 2025. • 2H 2025 M&A and growth capital activity in PropTech has already picked up as business momentum improves and the n