Moderator: Roland Igbinoba, President, Proptech Nigeria.
Speakers: Dolapo Omidire, CEO / Founder, Estate Intel; Fola Ogunsiakan, Group CEO/Co-Founder, Wondo Technologies Mauritius; John Oamen, CEO / Co-Founder Cutstruct Technologies.
The global proptech industry is projected to reach $30Bn by the end of 2023. The use of construction technology in the provision of housing units has been identified as an enabler in matching demand and supply, thereby positioning developers to experience turnaround capital faster. However, addressing some fundamental problems, including high-interest rates, high construction costs, and weak regulations, has become imperative.
The embedded finance industry, projected to be valued at $7Tn by 2026, now focuses on proptech solutions solving real-life problems across the globe. As the Nigerian proptech sector continues to attract global funding attention, the invaluably experienced traditional real estate players and the young tech-savvy ones must form a synergy toward creating long-lasting solutions for the housing sector.
Within the problems facing Nigeria’s real estate and housing sectors lie opportunities. There is a need to fully embrace the adoption of technology across the real estate value chain, and with the proper government support, a lot can be achieved quickly. Technology is an inevitable progression, so the early adoption of proptech solutions across the real estate value chain will enable proptech players to achieve product-market fit faster, resulting in revenue growth, increased user base, and other metrics. Technology adoption is, without doubt, the key to scaling up proptech solutions and ultimately can result in effective demand and supply of houses in Nigeria.