By Juliet Umeh

Recognising that technology plays huge role in other sectors of the economy, experts in the real estate industry have been urged to embrace it as it guarantees largest opportunity.

Speaking during 2021 West Africa Property Investment, WAPI, summit held in Lagos recently tagged: Property Markets Redefined,’ a real estate firm CEO, Purple Group, Mr. Laide Agboola said that what they find as the most critical and would also be the largest play in the estate is Proptech.

According to him, “Proptech for us is where we are sitting on currently. For us it is not just about brick and mortar, it’s about solving the housing deficit and ensuring every Nigerian or African has a housing property in their portfolio no matter how small. However, it is a fact that technology is going to play a huge role in the future of real estate.”

Agboola also highlighted policy regulations and implementations, construction risks, urban planning, funding and human capacity problem as some of the challenges facing the sector.

He said: “The Chinese should not be solely responsible for building roads in Nigeria. We are currently in a difficult situation. There is so much we need to do across the value chain to contribute our input to the system.”

Also, another Property firm, Dutum CEO, Tope Runsewe said: “The future is a combination of a number of things. First of all, is the understanding of where the majority would be needing houses and then their taste and in brick and mortar.

“I feel that developments that are able to combine the ability of the younger generation to live, work, plan and be enabled through technology is where the future lies. We would be seeing a number of developments coming up and we would also see technology playing a huge role in how those developments are used.”

In the same vein, Runsewe said: “Our locals need to participate in construction. Policies have to be put in place for foreign construction companies to engage the local construction companies where they are building. If we continue like this, in the next 50 year we will have them building everything in Nigeria.”

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