Typically slow in adopting technology, the real estate sector is gradually learning to meet demands of market participants through Property Technology AKA ‘PropTech’. The term refers to businesses or platforms that use technology to address the needs of the property industry by offering innovative products. Technology is leaving a significant impact on our everyday life and customers across board are expecting more efficient solutions from service providers.
Within the Nigerian property market, customers are becoming more sophisticated and their needs are growing beyond the standard brick and mortar services which are status quo. Instead, they are keen on memorable technology infused experiences, similar to those being created in other industries such as financial services (FinTech).
We see a large concentration of PropTech companies in strong markets like Nigeria and South Africa with Kenya gradually coming close. This piece, which is the 1st in a series that will document progress within the African PropTech space, shows Nigerian PropTech startups segmented by the service they offer
- Property listings: which refers to online portals where landlords or agents can advertise properties for sale, lease or rent.
- Short Stay: which refers to platforms that allow individuals stay in full fledged apartments for a short period of time as an alternative to hotels.
- Building & Construction: which refers to technology used to innovate the way we plan, design, and build structures.
- Property & Community Management: which refers to technology that improves the tenant or community experience through management of visitors, payments, communications etc.
- Flexible Living: which refers to platforms that carry out functions that enable a more convenient way of living in their apartments through flexible solutions such as rent splitting, home sharing etc.
- Investment & Financing: which refers to platforms that allow investing in real estate or financing, through mortgage and most importantly supported by technology.
- Data & Analytics: which refers to platforms that enable market players make informed decisions about real estate property.
Download the full report here.
-Reach out to us on email@example.com if you’d like us to include a PropTech company or review the categorisation of an existing one.