The city has two distinct geographical areas: Lagos Island and Lagos Mainland, connected by three bridges. Lagos Island is the historical nucleus of the city. This area is renowned for its eclectic mix of architectural styles, a blend of modern skyscrapers, remnants of colonial-era structures and bustling traditional markets. It serves as the centre of the city’s financial, entertainment and corporate activities. Ikoyi, Victoria Island and Lekki are popularly regarded as an extension of Lagos Island.

Lagos Mainland has residential areas, markets and industrial zones.

There have been numerous building collapses in both areas.

Using machine learning techniques, we built a model that ranked the factors affecting building construction collapses in order of relevance. We also modelled the number of casualties by location.

The study classified causes of building collapses into human factors, natural disasters and unspecified causes. Human factors included sub-standard material, structural defects, onsite changes of plan, bad supervision, demolition processes, non-adherence to building standards and regulations, lack of geotechnical information, poor maintenance, construction defects and overload.

Based on our results we made two findings.

First, location was the most relevant factor contributing to building collapses in Lagos. We found that more buildings collapsed on the island than on the mainland.

Second, building collapses on the mainland had a higher number of casualties than those on the island.

Based on our findings, we recommended proper onsite geotechnical inspection before the start of construction in both locations.

Building the model

Our study showcased the applicability of supervised machine learning models for a range of purposes. Supervised machine learning models are algorithms that learn from labelled data, where the input (features) and corresponding desired output (labels or targets) are provided. These models are trained to recognise patterns and relationships in the data, allowing them to make predictions or classifications on new, unseen data.

Our study provided a comprehensive analysis of building collapse statistics in Lagos from 2000 to 2021. The buildings ranged from bungalows to multi-storey buildings and skyscrapers.

On average, four buildings collapse each year, resulting in approximately 31 casualties annually.

The highest number of collapses occurred in 2011, with 10 buildings involved, followed by 2000 and 2006, with nine each. The peak casualty count, 140, occurred in 2014. It was concentrated in the Ikotun-Egbe area of the Lagos mainland.

The differences

Our model suggested that the higher number of collapses on the island was due to the soil there. The island soil’s geotechnical properties give it poorer capacity to bear building loads.

We identified three factors for the higher number of deaths from building collapses on the mainland:

• Many landowners in the mainland area ignored soil tests because they assumed it was safe to build there, given the area’s reputation of having soil that could bear heavier building loads.
• The height of the building.
• The quality of materials used.

To prevent future collapses and casualties

Our study emphasised the importance of understanding the causes of building collapses in Lagos, and the potential of machine learning algorithms for prediction.

We made a number of recommendations.

First, that it is important to carry out basic soil investigation using the right professionals and building engineers to ascertain the geological properties or bearing capacity of the soil.

This information would clearly identify the type of building that the soil can support.

Second, assigning the right job to the right professional is paramount. For instance, the job of a civil engineer should not be assigned to an architect.

Third, eradication of substandard materials is key to a durable structure.

Fourth, many property owners add extra floors and extensions to maximise profit. Yet the higher the building, the deeper the foundation. Geotechnical properties of the soil will determine the choice and quality of the foundation. In addition, location should determine the choice of a building foundation.

Last, there should be policies in place to enhance proper onsite geotechnical inspection.

We also recommend the use of machine learning for predicting building collapses.

Authors: Olushina Olawale Awe, Professor of Statistics, Universidade Federal da Bahia (UFBA) and Emmanuel Oluwaseyi Atofarati, PhD Candidate, University of Pretoria

This article is republished from The Conversation under a Creative Commons license.

Image Credit: La Tribune Afrique

What is Blockchain

Before delving into the role of blockchain in Proptech, it is essential to understand what blockchain is. Blockchain is a decentralised digital ledger used to record transactions securely and transparently. A distributed database stores data in a series of blocks linked together in a chain. Each block contains a unique code, known as a hash, which is used to verify the integrity of the data in that block. Once a block has been added to the chain, it cannot be altered or deleted without the network consensus.

The Role of Blockchain in the Proptech Revolution

Many challenges, such as lack of transparency, inefficiencies in property transactions, and the risk of fraud, plague the real estate industry. Blockchain has the potential to address these challenges and transform the real estate industry in several ways.

Improving Transparency

One of the key benefits of blockchain technology is that it improves transparency. Using blockchain, all transactions related to a property can be recorded securely and transparently. This means that buyers and sellers can access a complete record of all transactions related to a property, including ownership history, sales history, and property details. This can help to reduce the risk of fraud and ensure that all parties have access to accurate and up-to-date information about the property.

Enhancing Efficiency

Another critical benefit of blockchain technology is that it can enhance the efficiency of property transactions. Property transactions can be streamlined and automated using smart contracts, self-executing contracts that automatically execute the contract terms when certain conditions are met. This can help reduce the time and costs associated with property transactions and improve the process’s accuracy and reliability.

Creating Secure and Immutable Records

Another benefit of blockchain technology is that it creates secure and immutable records. Using blockchain, all transactions related to a property can be recorded in a secure and tamper-proof manner. Furthermore, the records can only be altered or deleted with the network’s consensus. This can help to reduce the risk of fraud and ensure that all parties have access to accurate and up-to-date information about the property.

Facilitating Fractional Ownership

Blockchain technology can also facilitate fractional ownership of property. Using blockchain, property ownership can be divided into smaller units, which can be sold or traded independently. This can help increase access to property ownership and create new investment opportunities for individuals and institutions.

Reducing Costs

Another benefit of blockchain technology is that it can help to reduce the costs associated with property transactions. Using blockchain allows property transactions to be streamlined and automated, which can help reduce the time and costs associated with the transaction process. Additionally, blockchain can help to reduce the costs associated with property management, such as maintenance and repairs, by providing a secure and transparent record of all property-related transactions.

Use Cases of Blockchain in Proptech

There are several use cases of blockchain in Proptech. Let’s explore a few of them.

Property Ownership and Transfer

Blockchain can be used to record property ownership and transfer. All property-related transactions, such as ownership transfer and mortgage payments, can be recorded securely and transparently using blockchain. This can help to reduce the risk of fraud and ensure that all parties have access to accurate and up-to-date information about the property.

For example, Propy is a blockchain-based platform allowing property transactions to be conducted online, from contract to closing. Propy uses smart contracts to automate the transaction process and ensure that all parties follow the agreed-upon terms.

The tokenisation of Real Estate Assets

Blockchain can be used to tokenise real estate assets, which means dividing property ownership into smaller units, known as tokens. These tokens can be sold or traded independently, making investing in real estate assets easier.

For example, Harbor Platform, Inc is a blockchain-based platform that allows real estate assets to be tokenised and sold to investors. This can help increase access to real estate investment opportunities and provide investors with greater liquidity.

Property Management

Blockchain can improve property management by providing a secure and transparent record of all property-related transactions. This can help to reduce the risk of fraud and ensure that all parties have access to accurate and up-to-date information about the property.

For example, Ubitquity is a blockchain-based platform that provides a secure and transparent record of all property-related transactions, including property ownership, title searches, and mortgage payments. This can help to streamline the property management process and reduce the time and costs associated with property management.

Challenges and Limitations

Despite the many benefits of blockchain in Proptech, several challenges and limitations must be addressed. Some of the key challenges include

Lack of Regulatory Framework

There is currently a lack of regulatory framework for blockchain in the real estate industry, which can create uncertainty and limit its adoption. Therefore, governments and regulatory bodies must develop clear guidelines and regulations for using blockchain in the real estate industry to promote its adoption.

Adoption by Traditional Players

The real estate industry needs to be faster to adopt new technologies, and the adoption of blockchain may need more support from traditional players. In addition, education and awareness initiatives must be implemented to promote the benefits of blockchain and encourage its adoption.

Technical Challenges

Implementing blockchain in the real estate industry requires significant technical expertise, and there may be challenges in integrating blockchain with existing systems and processes. Therefore, companies must invest in the technical knowledge necessary to implement blockchain effectively.

Conclusion

Blockchain has the potential to revolutionise the real estate industry by improving transparency, enhancing efficiency, creating secure and immutable records, facilitating fractional ownership, and reducing costs. However, several challenges and limitations must be addressed to promote its adoption. In addition, blockchain use cases in Proptech are still in the early stages of development, but the potential benefits are significant. As the technology continues to evolve and mature, we can expect to see more widespread adoption of blockchain in the real estate industry, leading to a more efficient, transparent, and accessible sector for all.

 _____________________________________________________________

Copyright © Akingate. All Rights Reserved.

See our copyright notice.

Image Credit: Image by Freepik

Verve partners Alcineo for SoftPoS | Logistics startup, Fez Delivery, secure funding | Funding for Prop-tech startup HouseAfrica | Pirated YouTube software malware Alerts | Access Bank Partners AfriGOPay on Card Development

Firms promote mobile contactless payment – Punch News

Verve has partnered with Alcineo to deploy a software point-of-sale SDK solution. According to the firms, the solution would enable merchants to use mobile phones or mobile devices to accept contactless payments from customers, without the need for additional hardware.

They stated that software solution will leverage Verve’s secure payments platform and Alcineo’s expertise in payment software development. In a statement, the firms said, “The solution is expected to be particularly beneficial to small and medium-sized enterprises (SMEs) often faced with the challenges of accessing traditional point-of-sale systems.

The SoftPOS deployment in Nigeria is expected to further strengthen and contribute to the growth of digital payments in the country, across Africa and other regions where the Verve card is accepted.”

The Managing Director of Verve International, Vincent Ogbunude, said, “We are excited to partner with Alcineo to deploy this innovative SoftPOS solution in Nigeria. Alcineo’s expertise in payment software development will be instrumental in ensuring that the solution is secure, reliable, and easy to use for both merchants and customers. Read more here

Lagos-based startup, Fez Delivery, secures $1M funding – Ripples News

Ventures Platform, a pan-African investor, led the $1 million funding round for Fez Delivery, a last-mile logistics firm with locations throughout Nigeria. Founder and CEO, Seun Alley, confirmed the funding in a statement on Tuesday.

The company said it plans to use the seed investment to deepen its work in Nigeria while it considers expansion into other African markets, including Ghana, Kenya, and South Africa. The funding also saw participation from Voltron Capital, Acasia Ventures, and other angel investors.

“So I like to refer to Fez as running a hybrid model. We have the technology and still own 30% of the assets on our platform. “What that does is that if third-party partners don’t show up for any reason, we have backup and can complete our deliveries by ourselves,” the CEO explained of his company. Read more here

Nigerian prop-tech startup HouseAfrica raises $400k funding round – Disrupt Africa

Nigeria’s HouseAfrica, a prop-tech startup providing real estate digitalisation and transparency tools to property developers and their customers, has raised US$400,000 in funding. Founded in 2019 by Nnamdi Uba and Ndifreke Ikpoku, HouseAfrica aims to enhance the real estate industry’s efficiency and trust by leveraging innovative technologies.

Its flagship product Sytemap.com leverages proprietary blockchain and map technology to create a private land registry, digitising real estate project sitemaps and enabling instant land transaction authentication while growing sales for real estate companies. Sytemap simplifies buying and paying for properties, enabling more people to become digital realtors effortlessly, and is already used by more than 100 real estate companies.

The US$400,000 funding round will be used to deepen the startup’s technology, increase adoption, and grow its team. HouseAfrica is backed by investors such as Future Africa, SSE Angel Network (SSEAN), ARM Labs, CV VC, Startupbootcamp AfriTech, Niche Capital, and Rebel Seed Capital. Read more here  

NCC-CSIRT alerts Nigerians to pirated YouTube software malware – TheGuardian News

Commission renews commitment to industry collaboration, inclusiveness.

The Nigerian Communications Commission’s Computer Security Incident Response Team (NCC-CSIRT) has warned those looking to acquire pirated software and resources that they risk becoming victims of cybercriminal gangs that are using AI-generated YouTube videos to distribute malware.

NCC-CSIRT further warned in its advisory that the consequences of falling victim can be significant for individuals and organisations, resulting in critical damage like data theft, financial loss, identity theft, system damage, and reputation damage.

It said unsuspecting victims, who watch these AI-generated tutorial videos will be duped into clicking on one of the links in the video description, which usually results in the download of data-stealing malware. NCC said the number of YouTube videos containing such links has increased by 200 per cent to 300 per cent month-on-month since November 2022. Read more here

Access Bank Partners AfriGOPay to Provide First National Domestic Card Developed by CBN – Legit News

Access Bank is partnering with AfriGOPay, a financial services company aligned with the Nigeria Inter-Bank Settlement System (NIBBS) to launch Nigeria’s first National Domestic Card, created to meet the payment needs of Nigerians. The project initiated by the Central Bank of Nigeria (CBN) and the NIBBS will provide creative solutions to users of financial institutions in Nigeria, Africa and across the world.

Access Bank launches National Domestic Card Credit: Access Bank’s Deputy Managing Director of Retail Banking, Victor Etuokwu said the bank is the first financial institution in Nigeria to issue the first live card of the National Domestic Card in partnership with AfriGo. He said: “The launch of AfriGO is another milestone in developing a vibrant and rapidly expanding payments industry. Consumers demand value in real-time, not just transactions. With AfriGO, we can provide valuable card benefits, robust loyalty rewards, and a compelling incentive to utilize electronic payments rather than cash. “The AfriGO Card has additional benefits because it is designed to facilitate the growth of Nigeria’s payment ecosystem, thereby supporting more tailored payment services. It will strengthen payment security, expand financial participation, guarantee data sovereignty, eliminate FX dependency, and provide Nigerians several other benefits. Cardholders will enjoy increased affordability and more flexible payment options.” Senior Retail Advisor of Access Bank, Robert Giles said the card operates locally and is designed for Nigeria’s specific needs. The bank has recorded successful purchases of PoS and ATMs beginning from March 14, 2023. Read more here

__________________________________________________________

Image Credit: Image by vectorpocket on Freepik

It’s crucial that the ways drones are affecting our future are understood by the majority of people. As experts in design futures and mobility, we hope this short overview of five ways drones will affect building design offers some knowledge of how things are likely to change.

1. Creating digital models of buildings

Drones can take photographs of buildings, which are then used to build 3D models of buildings in computer-aided design software.

These models have accuracy to within a centimetre, and can be combined with other data, such as 3D scans of interiors using drones or laser scanners, in order to provide a completely accurate picture of the structure for surveyors, architects and clients.

Using these digital models saves time and money in the construction process by providing a single source that architects and planners can view.

2. Heritage simulations

Studio Drift are a multidisciplinary team of Dutch artists who have used drones to construct images through theatrical outdoor drone performances at damaged national heritage sites such as the Notre Dame in Paris, Colosseum in Rome and Gaudí’s Sagrada Familia in Barcelona.

Drones could be used in the near-future in a similar way to help planners to visualise the final impact of restoration or construction work on a damaged or partially finished building.

3. Drone delivery

The arrival of drone delivery services will see significant changes to buildings in our communities, which will need to provide for docking stations at community hubs, shops and pick-up points.

There are likely to be landing pads installed on the roofs of residential homes and dedicated drone-delivery hubs. Research has shown that drones can help with the last mile of any delivery in the UK, Germany, France and Italy.

Architects of the future will need to add these facilities into their building designs.

4. Drones mounted with 3D printers.

Two research projects from architecture, design, planning, and consulting firm Gensler and another from a consortium led by Imperial College London (comprising University College London, University of Bath, University of Pennsylvania, Queen Mary University of London, and Technical University of Munich) named Empa have been experimenting with drones with mounted 3D printers. These drones would work at speed to construct emergency shelters or repair buildings at significant heights, without the need for scaffolding, or in difficult to reach locations, providing safety benefits.

Gensler have already used drones for wind turbine repair and researchers at Imperial College are exploring bee-like drone swarms that work together to construct blueprints. The drones coordinate with each other to follow a pre-defined path in a project called Aerial Additive Manufacturing. For now, the work is merely a demonstration of the technology, and not working on a specific building.

In the future, drones with mounted 3D printers could help create highly customised buildings at speed, but how this could change the workforce and the potential consequences for manual labour jobs is yet to be understood.

5. Agile surveillance

Offer new possibilities for surveillance away from the static, fixed nature of current systems such as closed circuit television.

Drones with cameras and sensors relying on complex software systems such as biometric indicators and “face recognition” will probably be the next level of surveillance applied by governments and police forces, as well as providing security monitoring for homeowners. Drones would likely be fitted with monitoring devices, which could communicate with security or police forces.

Drones used in this way could help our buildings become more responsive to intrusions, and adaptable to changing climates. Drones may move parts of the building such as shade-creating devices, following the path of the sun to stop buildings overheating, for example.

Author: Paul Cureton, Senior Lecturer in Design (People, Places, Products), Lancaster University and Ole B. Jensen, Professor of Urban Theory and Urban Design, Aalborg University

This article is republished from The Conversation under a Creative Commons license.

 ___________________________________

Image Credit: elwynn/Shutterstock

By contrast, young people have already demonstrated a competitive edge in the virtual workplace. They come equipped with a more intuitive grasp of digital technology and the initiative to troubleshoot problems via YouTube tutorials, social media and subreddits.

As a generation, they’re also bigger gamers. As more and more work takes place in virtual reality (VR) – and one does not have to share the somewhat eccentric vision of the metaverse Mark Zuckerberg articulated at the 2021 Connect Conference to believe that it will – being familiar with massively multiplayer online games (MMOs) like Fortnite and Roblox, not to mention the ability to manage multiple digital identities, is set to make that edge keener still.

Much of the metaverse is still to be built. VR, of course, has long been used in training for certain physical jobs, from astronauts and pilots to law enforcement, surgery and manufacturing. When it comes to specialist machinery or complex locations, the relative safety and cost advantages of training virtually are obvious. But it is in knowledge work – from software engineering to law to design – where the changes will be most profound.

How virtual workplaces can improve communication

For most people, remote working during the pandemic has been characterised by alt-tabbing between communications apps and videoconferencing platforms such as Slack, Teams and Miro. And there is certainly a lot of room for improvement there.

Academic studies have found that collaborative work between colleagues suffers when they work remotely. Exchanges over email or Slack increasingly replace real-time in-person conversations, hampering communication.

Google itself has claimed that informal chats at coffee machines and lunch tables in its campus were responsible for innovations such as Street View and Gmail. But, with remote working, this kind of serendipitous encounter all but disappears.

And of course there are costs to remote working, in terms of individual wellbeing too. Stanford researchers have found that so-called “Zoom fatigue” is driven by a combination of intense eye contact, lack of mobility, self-consciousness about one’s own video feed, and the cognitive demands of needing to give exaggerated feedback to signal understanding, agreement or concern.

Technological advances mean solutions to these problems related to remote working are becoming possible. Collaboration software such as Meta’s Horizon Workrooms and Microsoft Mesh, which allow colleagues to meet as avatars in VR or take part in a real-world meeting as a photo-realistic hologram, are already available.

The metaverse 1.0 will no doubt see organisations creating persistent VR workplace environments, in which employees can interact in real time as embodied avatars. VR versions of office spaces can be designed to encourage chance encounters and corridor chats.

Imagine, for example, if going from one remote meeting to another involved leaving the conference room and crossing a bustling virtual atrium. That might sound far-fetched but bear in mind that Korean PropTech company Zigbang has already opened a 30-floor VR office called Metapolis. Employees choose an avatar and navigate to their desks via elevators and corridors. When they meet a colleague’s avatar, their webcam and mic are activated so they’re able to have a conversation. The webcam and mic then turn off automatically as their avatar walks away.

Meanwhile, the ability to use and read body language and actively participate in group discussions by scribbling post-it notes or drawing on a virtual whiteboard should make remote meetings in VR more engaging and less sedentary. They require much more active use of the neck, shoulders, arms and hands than a typical hour on Zoom.

How to work as an avatar

It seems likely that a new set of workplace norms will emerge as the metaverse develops. Team games, including virtual bowling nights and virtual ping-pong tournaments, might supplant Zoom drinks as the default remote working social event.

When it comes to hiring, meanwhile, VR could bring distinct benefits. “Blind” auditions have been shown to significantly increase the representation of female musicians in symphony orchestras. It follows that interviewing as an avatar might diminish the effect of bias –- unconscious or otherwise –- against people on the basis of their gender, age or appearance.

Just as custom “skins” (outfits) are a feature of many MMOs, in the virtual world of work, there may well be demand for creativity in virtual fashion and accessories too, as people seek to express their personal brand within the constraints of professional dress codes for avatars. Gucci has already sold virtual hats, handbags, and sunglasses on the MMO platform Roblox.

Young people have been the worst affected by the disruption COVID has caused to the job market. While some struggled with working productively from a shared house or their parents’ homes, others were scammed into joining companies that did not even exist.

Nonetheless, the pandemic has also brought exciting glimpses of how remote working might evolve. Due to public health concerns and climate pressure, the latter is here to stay.As it develops into the metaverse, it will continue to bring capabilities that are concentrated among younger people to the fore.

Author: Sam Gilbert, Affiliated Researcher, Bennett Institute for Public Policy, University of Cambridge

This article is republished from The Conversation under a Creative Commons license.

___________________________________

Image Credit:Male model photo created by freepik – www.freepik.com

The Use of Technology in the Real Estate Sector

Real Estate is an industry going through a profound computerised change. The utilisation of technology has a strong impact in this cycle: from  Customer Relationship Management (CRM) to virtual organising and advanced exchanges. These technologies make property management more helpful: for clients, specialists, and every other person included—accordingly, headways in technology form how realtors and property holders explore the home selling and buying process.

Real estate professionals depend on complex information to drive choices, evaluate home estimation, and track down ideal purchasers in the present world. Staying aware of the times can be troublesome, yet the technology accessible to specialists is a thrilling and advantageous shift. The following are how technology shapes the real estate business and how specialists can acquire an upper hand by remaining informed on the most recent patterns.

Example Technologies In The Real Estate Sector

Custom-Designed and Specialty QR Codes

QR codes have their uses in virtually every industry. It is especially true of Real Estate because QR codes are a fabulous way to display a house. However, if you post an advertisement for a home in a newspaper or billboard, you’re limited to using that ad space; therefore, you can only show a limited number of pictures and display only a certain amount of content. QR codes allow you to maximise your ad space. By placing a QR code in your ad space, you allow a prospective buyer to scan the code and be brought to more photos, information, or even a video of the home. You can give a virtual tour of a house right on someone’s cell phone!

Artificial Intelligence

How might AI real estate technology and chatbots help you? The technology can improve the realtors’ work. It allows them to focus on core tasks as remote helpers can answer quickly and post pertinent inquiries that will them realise the client’s necessities early. Additionally, organisations are executing AI technology to get reliable market estimates and future home estimation forecasts.

Blockchain Technology

While blockchain real estate technology is still in its infancy, it is gradually advancing into the real estate business. Many home dealers presently tolerate bitcoins as an elective instalment choice for high-value property deals. Blockchain technology has permitted individuals to handle critical monetary exchanges, like real estate deals, without delegates like banks. Blockchain technology can bring security, productivity, and straightforwardness to real estate exchanges if wholly used.

Smartsites

Smartsites real estate technology is crucial in the real estate industry. However, most people already know that websites are necessary. Furthermore, content needs to be fluent; that is to say, that should be immutable in no way, shape, or form. So again, it is true of the real estate industry, where new properties must be constantly added to a website, and homes that have been sold removed quickly.

Cloud Integration

Whether you want to renew a rent with a leaseholder or manage an inside business, tasks are more productive using cloud technology for distant closings, electronic record signatures, and different capacities that used to be done face to face.

Real Estate Development Digital Technologies

For completeness, the following are examples of digital technologies for use during property development planning, design, construction, operation and maintenance.

• Building Information Modelling (BIM).
• Maps/Streetview via the internet.
• Geographic Information Systems (GIS) – to review detailed information about the environment.
• 3D inserts on plans to show more complex details, such as service connections and utility interfaces.
• 4D CAD design –detect workspace congestion to identify potential on-site safety hazards
• Drones/unmanned aerial vehicles.
• Augmented and Virtual reality – simulate construction, maintenance and operation activities in a risk-free and realistic environment (digital rehearsals)

Nigerian Real Estate Sector – A Case Study

The Nigerian Real Estate sector grew 1.77% in Q1 2021 from 2.81% in Q4 2020 and -4.75% in Q1 2020 (National Bureau Of Statistics).

The Nigerian real estate industry is one of the most thriving industries, attracting many investments in funding and technological developments. The industry’s tech integration is growing at a pace similar to that of the early Fintech industry, and with this integration comes a new era of real estate management. Technology in real estate is popularly referred to as  ‘Proptech’ or ‘Realtech’, i.e. Property technology or Real estate technology, respectively.

Proptech refers to all the software, tools, websites, apps, and other digital solutions used by real estate professionals to optimise buying, selling, researching, marketing, financing, and other real estate activities (Forbes). Proptech uses modern digital innovation to address the needs of stakeholders-developers, investors, buyers, rentals, and property management companies in the property industry. It also covers smart building technology, space management, and architecture, similar to those discussed above.

Artificial intelligence (AI), virtual reality, big data, and analytics are just a few developments transforming the proptech market to make buying, selling, renting, or managing properties easier. For example;

• Virtual reality and inspection drones allow property owners, purchasers, and investors to see and evaluate a property without physically entering it. It facilitates remote transactions and digital contracting, making the client experience more convenient and efficient.
• Artificial intelligence, through networks of smart devices and sensors (IoT), helps to power the marketing and investment processes
• Data Analytics helps collect information on used and unused properties for better decision-making.

Digital technology in real estate has brought about new opportunities and startups, proffering solutions to some of the industry’s age-long problems in Nigeria. It’s not surprising that you can now buy a four-bedroom terrace building on Jiji.ng (an eCommerce general marketplace). Companies such as ‘Spleet’, ‘Rent small small’, ‘Hutbay’, ‘Fiber’, ‘Mypadi.ng’ and ‘Tolet.com.ng’ are some of the companies in the proptech space. These startups are revolutionising the process of renting, selling and managing landed properties all over Nigeria. Users can now register on online platforms to search for new apartments, rent a short let or service apartment, buy a fully furnished house or landed property and even make financial evaluations of one’s property.

Challenges in the Nigeria Real Estate Sector

With growth similar to that of the Fintech industries, this fast-developing space has challenges, including some.

• Property owners not finding it reasonable or attractive to list their properties on online platforms
• The general notion that procuring or renting properties online is more expensive and non-negotiable.
• The lapses of being unable to properly inspect what you are renting or procuring virtually are proposed to be resolved with drone inspections. Or perhaps virtual reality?
• Tech companies only work fine in urban areas leaving the rural areas out of the market pool.
• Disparity between property owners and online platform owners on the financial evaluation of properties.
• Income, affordability and access to mortgages
• Regulation and enforcement to address construction malpractices that have led to some buildings’ collapse.

Final Words

Research from Agusto & Co shows that in 2020, the GDP of the Nigerian real estate industry was around ₦3.96 trillion, a 9.4% decline compared to the previous year’s ₦4.37 trillion; this was reported to be a residual effect of the pandemic. Furthermore, Nigeria is the most populous country in Africa, with a population growth rate that is not expected to slow shortly, expected to reach 263 million by 2030. Therefore, there is a continuously increasing demand for real estate and infrastructure products and services. It is estimated that Nigeria has a housing deficit of about 20 million housing units as of October 2021.

Given the demand for properties, further growth is anticipated in the sector; therefore a good sector for technological investment and development to solve the housing problems. Tech enthusiasts and operators in this sector are encouraged to explore the example technologies presented in this article, where they are not currently in use, to improve transparency and trust and encourage public participation to advance the Nigeria real estate sector.

 _____________________________________________________________

Copyright © Akingate. All Rights Reserved.

See our copyright notice.

Image Credit: Futuristic building vector created by upklyak – www.freepik.com