Nigeria’s digital real estate firm, Sytemap has raised concerns over the persisting trust crisis and non-adoption of technology in the housing sector, especially in the land market.

It lamented that the pervasive lack of trust has wider ramifications driving away legitimate investors, elevating customer acquisition costs, and creating an insecure environment ripe for exploitation.

The report provided a roadmap to understanding the evolving Nigerian land market landscape and highlighted that 80 per cent of land buyers are under 45, reshaping market demands, while buyers purchase without visiting the sites, thereby highlighting the need for digital solutions.

However, it pointed out that buying a plot of land involves numerous cumbersome steps including identifying the right plot with limited online listings, navigating opaque ownership records, manually inspecting sites, negotiating with agents, drafting contracts, securing financing, and completing registrations.

The report, however, noted that restoring confidence is pivotal for market growth, adding that potential solutions include leveraging technologies like blockchain for title authentication, enabling transparent buyer rating systems, and heavily penalising malpractices.

The firm expressed dismay that 90 per cent of operators use outdated tactics, signaling a need for innovative outreach while manual processes persist beyond payments, calling for end-to-end digital transformation.

The firm listed several factors contributing to the erosion of trust including opacity around land titles/ownership, murky documentation and verification processes, which enable fraudulent sales and grievances. Others are misrepresentations in marketing materials in the form of glossy advertisements promising amenities that diverge from the delivered product.

Co-founder & Chief Executive Officer, Systemap, Nnamdi Uba, said the land market stands at a crossroads with unprecedented changes in buyer behaviour, technological disruptions, and market dynamics, as well as the need for innovation has never been more critical.

Uba said affordable innovation and creative models are needed to unlock new buyer segments while embracing technological partnerships offers a competitive edge

Also speaking, Head of Business and Sales, Systemap, Chidi Fidelis, affirmed that the land market landscape is evolving rapidly, and fueled by shifting demographics, technological disruption and changing buyer expectations.