Experts call for women-focused real estate tech fund

Women in property consulting, architecture, real estate, and mortgage banking are calling for a female-focused real estate tech fund in Nigeria to push the industry to its next level.

This was discussed at this year’s edition of the Women, Wealth, and Real Estate conference themed ‘Confronting the Biases and Bridging the Inequalities through Technology and Innovation’.

“My call to action for the real estate sector is to set up a real estate fund to support women entrepreneurs interested in tech startups in the Real Estate,” said Chii Akporji, board chair of Shelter Afrique and keynote speaker at the event.

Real estate technology also known as Property technology or prop-tech is used to refer to the application of information technology and platform economics to the real estate industry.

Akporji spoke of how technology such as AI, blockchain, 3D printing, and proptech improves women’s experience in real estate.

She said that real estate technology is a broad umbrella term that encapsulates many different types of emerging technology.

“Proptech,NFT’s, Artificial Intelligence (AI), Virtual Augmented Reality(VAR), internet of things, 5G and blockchain are some of these technologies,” she said.

She added that Proptech solutions enable them to manage their properties more easily, operate buildings more efficiently and better oversee construction and renovation projects.

The keynote speaker discussed the current problems facing women in the industry and how technology may help solve them.

“Over 70 percent of the world’s population lacks access to land titles, with women suffering more than men from insecure land rights, owning less than 20 percent of the world’s land population according to research and only 5 percent of women own land compared to 23 percent women ,” she said.

She mentioned that by storing contracts in blockchain ledger women are able to protect their ownership of properties and are able to reject falsified documents.

“From 3D printings to bio manufacturing materials new building technology helps address supply issues in housing deficit and the affordability conundrum” she said.

This she said is important because supply and demand dynamics, macroeconomic instability and insufficient regulatory framework and limited capital market development affect the availability of adequate housing finance for women in an emerging economy.