You need to active Javascript on your
BusinessDay
Nigeria's leading finance and market intelligence news report.

Experts develop digital solutions to boost Nigeria’s real estate business

In a bid to boost real estate business in Nigeria, experts in the industry have developed a property technology product called ‘CovarkAR’, to enable realtors and property developers to display and market properties digitally.

COVARK real estate, developers of the digital solution said the product is the first of its kind in Africa, which will enable clients to make faster and easier decisions and ultimately ease operations in the real estate sector.

Jesujoba Adejumo, founder of CovarkAR, speaking at the launch of the product in Abuja explained that with the digital solution, “property investors, realtors, and developers would not necessarily have to visit the property physically; or even when the property is not built you can have a feel about how it is going to be built”.

Read Also: Nigeria’s housing problem and the Singaporean model

In his remarks, David Azemoh, managing Director,  Kondotech Limited, said it’s incumbent that innovation is injected into the real estate business to enhance property visibility and help subscribers make better decisions.

“Home buyers can see how their houses will look like when it’s built. They can visualize the internal alterations and critic the houses before they are built” he noted

Sola Owomoyela, managing director, Next Year group, expressed optimism that CovarkAR would help property investors, realtors, developers to showcase their properties digitally and help clients make their choice with ease.

Owomoyela further revealed that inflation is affecting the real estate sector and has made houses unaffordable for the common man. To this end, he urged the government to review the land allocation process.

According to him, ” Lands should be allocated to subscribers and developers. A lot of these lands are allocated to politicians who are not developers, that is why they are left undeveloped. Consumers and developers are the ones in need of lands.”

He also decried that financing is also a challenge in the sector as a lot of people can’t access loans from financial institutions.

On his part. Olawale Sholadami, marketing director  Urban shelter urged the government to develop policies that would encourage indigenous manufacturing of some of the building elements needed for development.

Kenny Oluwadare, Managing partner, Concierge Realtors Nigeria, added that government needs to cooperate more with the private sector in real estate development to develop policies that would enable the development of affordable housing for citizens.

Get real time updates directly on you device, subscribe now.