With the revolution in the technological sphere reshaping professions, the Nigerian Institution of Estate Surveyors and Valuers (NIESV) has urged members to adopt and integrate technological advancements ranging from blockchain to artificial intelligence (AI), and big data analytics to virtual reality (VR), as the future of real estate lies in the growth of smart cities.
They believed that these innovations are transforming how properties are developed, marketed, and managed globally, hence Nigeria must follow suit to stay competitive.
They spoke at the 2024 Mandatory Continuing Professional Development (MCPD), themed: “Embracing Technology; The Future of Real Estate Services”, organised by the institution’s Lagos State Branch.
Chairman, NIESV Lagos Branch, Mr Gbenga Ismail, observed that as Nigeria continues to urbanise, the real estate sector will play a pivotal role in the nation’s economic development. However, he said, embracing technology is essential to fully unlock its potential and address existing challenges like housing deficits, inefficiencies, and lack of transparency.
He told participants that embracing technologies is not just about keeping up with global trends; but about addressing the specific needs of Nigeria’s real estate sector, and creating an efficient and investor-friendly environment.
“One of the most significant challenges in Nigeria’s real estate sector is the lack of transparency in property transactions, which often leads to disputes over ownership and fraud. Blockchain technology can provide secure, immutable records of property ownership, making transactions more transparent and reducing the risk of fraud. This will build trust among local and foreign investors, further encouraging investment in the real estate market.
“Artificial intelligence and big data analytics are also revolutionising how market trends are analyzed and property values are determined. By harnessing AI, real estate developers and investors in Nigeria can better understand customer preferences, predict market shifts, and optimize pricing strategies. This data-driven approach can lead to more informed decisions and efficient property management, ensuring developments align with the needs of a rapidly urbanising,” he said.
Principal Partner, Olawale Jordan & Company, Mr Akin Opatola, who spoke on “Adapting to Market Disruptions: How to navigate the changing Real Estate landscape and Chat GPT”, said key market disruption in real estate include economic shifts, consumer preferences, demographics changes, technological advancements and environmental/regulatory changes. He said market uncertainty now requires real estate professionals to be flexible and innovative, adding that businesses that adapt quickly to market changes tend to thrive.
He challenged practitioners to embrace AI for data analysis, customer insights, process automation and virtual reality tours for immersive property viewing experiences, adding that investment in innovative tools to enhance customer experience and streamline operations was crucial. Opatola advised the professionals to ensure risk management through property investment diversification.
Member, NIESV Board of Trustees, Bola Onabadejo, said the professionals can become anything including problem solvers but stressed that the mentality of innovation is needed to solve problems. Onabadejo encouraged estate surveyors and valuers to embrace change posed by technological advancement, adapt and become prolific in the profession.
Chairman, Lagos branch MCPD, Godspower Omozusi, highlighted that the forum is in tandem with the objectives of the institution to equip and enhance knowledge and competencies to become relevant in the ever-changing economy, adding that constant training for professionals and collective empowerment is required.
Partner, PwC, Mr Femi Madariola, explained that technology is one of the key drivers of change. He said essentially eight PwC’s shortlist of technologies that matter most for business across every industry include Artificial intelligence, Augmented reality, blockchain, drones, Internet of Things, Robotics, virtual reality and 3-D printing.
Madariola, who was one of the facilitators said: “Technology is enabling the Real Estate Industry to do more and lead with value. Automation in property management, leasing, and sales is transforming operations. Use of predictive analytics for pricing, customer insights, and investment decisions, technology is personalizing and enhancing the client journey from virtual tours to digital contracts.”
On their part, an estate surveyor and valuer, Adetoun Otepola and the Managing Partners, Gable Consults, Gabriel Adeyanju, emphasised the role use of Google Maps/GPS plays in identifying and locating properties and the use of drones in real estate.
Specifically, they observed that the use of drones in property management reduced cleaning times by 90 per cent, ensured zero accidents recorded in all operations and reduced water consumption by using advanced filtration systems.
