Traditional Real estate companies have no choice but to Innovate
Deborah Jesusegun . 3 years ago

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Article Summary: Investments in Nigerian prop-tech companies are currently worth about 3 million dollars yearly for pre-seeds and seed rounds. Over the next 5 years, this number is expected to move up to double digit millions. It's not only about the investment dollar inflow, but solutions will get better and scale up.This is according to insights shared…
Investments in Nigerian prop-tech companies are currently worth about 3 million dollars yearly for pre-seeds and seed rounds. Over the next 5 years, this number is expected to move up to double digit millions. It’s not only about the investment dollar inflow, but solutions will get better and scale up.This is according to insights shared by Dr Roland Igbinoba, CEO Pison Housing during our recent Ask Me Anything forum hosted by Estate Intel.
He noted that indeed proptech in Nigeria has come a long way. From only property listing portals 5 years ago, to over 100 proptech startups in Nigeria today providing a range of services in different aspects of real-estate. As such,within the next 5 years, a lot of traditional real-estate players will have no choice but to work with proptech companies in order to improve their processes and customer service.
With regards to solving persistent market challenges such as affordable housing, Dr. Roland noted that the role of proptech was not in building housing units per se but in helping improve affordability in the space through solutions like co-living. Basically, a core credibility of proptech is its ‘Zero-wastage’ phenomenon. By providing co-living and flexible rent payment, zero wastage is demonstrated by helping people live closer to work and save on travel cost while minimizing the cost of rents through monthly rather than annual rental payment.
In addition, by democratizing access to real-estate investment opportunities through crowdfunding platforms, proptech has also improved the livelihoods of the majority of the people.
As such, Proptech Nigeria is working to be an enabler for proptechs in the country by helping incubate startups within the association. The association is helping drive partnerships and entice real-estate players to play major roles in incubating and providing pre-seed funding to proptech startups, in addition to liaising with regulatory agencies to ensure an enabling environment.
Roland concluded by urging proptech founders to forget about the valuation but focus on iterating their solution to become the best in solving the problem at hand.
We love your feedback! Let us know what you think about proptech in Nigeria and its solutions by sending a mail to [email protected].
To be part of the next Ask me Anything session, join the Open Property Africa slack channel here.
–Ends.
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