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WAPI 2021: Experts say technology critical to redefining property market

 

Anayo Ezugwu

As Africa pushes to meet the property demands of the continent, stakeholders in the real estate sector have said that technological innovations are making the delivery of construction services more efficient.

Speaking at the 7th edition of the West Africa Property Investment Summit (WAPI) tagged ‘Property Markets Redefined,’ the stakeholders identified technology as critical to redefining the sector. The WAPI Summit is the only regional real estate gathering that connects international money to local opportunities and players.

The Chief Executive Officer of Purple Group, Laide Agboola said the market itself is evolving and things are changing. He said the future in technology, in fact, it is clear that it is going to be all about brick, motor, and cloud going into the future.

“But then brick and mortar are still important for everything that would take place but then we are hinging Purple in our own direction which is technology. We are obviously delivering the much needed mixed-used development and that we see the market taking shape.

“When we say mixed-used encompasses all the elements but then there are other opportunities within the market space, especially in the industrial space but definitely, there is work to be done. What we find as the most critical that would be the largest play is technology; Proptech and for us, that 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 the real estate.”

The Chief Executive Officer of Datum CEO, Tope Runsewe also identified technology as critical to the sector. He said technology can be used to do some mappings, deploy drones to the sites among others.

“But, most importantly, with the models being developed currently, technology makes it more efficient in the delivery of our construction services,” she said.

On her part, the Chief Operating Officer of LandWey, Seun Eyitayo the biggest challenge of being in the real estate sector is with the construction workers and workforce in Nigeria.

She said the best way to solve these problems is for the government to create more policies and enforce existing laws, adding that construction workers need to play their part in making sure work is carried out easily and smoothly.

 

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