Property Technology

The Convener of the Abuja International Housing Show, Barrister Festus Adebayo has said STOW; the proptech, (property technology) solution promoted by Octo5 Holdings Ltd, will revolutionize housing in Nigeria and bring about much needed collaboration in the Nigerian housing sector.

Mr Adebayo made the statement while speaking about the recently concluded 15th Abuja International Housing Show, where STOW was awarded the PropTech solution of the year

According to him, with property developers and other real estate companies collaborating on a platform like STOW, solving the housing needs of Nigerians both at home and in the diaspora would become an easier task.

He added that the STOW (Save-to-own) app is a demand aggregator that enables potential home owners to save gradually towards their home ownership goals. “On the app, users can search, view and purchase properties via secure and transparent monthly payments.”

Speaking further about the app, Mr Adebayo said “It is so easy and flexible as if one is paying into a cooperative and at a particular time, you choose the type of house that you want and get your allocation and key to the house.”

The AIHS boss added that it is one of the best ways to help Nigerians who cannot get bulk money at once to own a home and called on other real estate developers in Nigeria to showcase their credible housing projects on the STOW platform.

The 15th Abuja International Housing which took place last week in Abuja had in attendance over 8,000 people. It was declared open by Nigeria’s Minister of Works and Housing, Mr Babatunde Fashola; who said the government has completed 2,249 low-cost houses out of the 4,694 units being developed in 34 states and the Federal Capital Territory.

The Minister said the construction of these buildings began in 2016 under the National Housing Programme with focus on the development of affordable, accessible and acceptable houses nationwide.


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