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  The real estate industry hasn’t escaped the digital technology revolution. There are now numerous startups (PropTech) across the world offering tech-driven solutions tailored for the sector. Whether they’re online property marketplaces or firms providing real estate data analytics, these ventures are transforming the sector and pushing it into a future brimming with unlimited possibilities.
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There’s evidence that this trend is beginning to unfold in Nigeria. While PropTech (Property Technology) got off to a slow start in this market, it has recently begun to build some momentum. In the past few years, several companies have arisen to apply contemporary technologies to various aspects of the country’s real estate ecosystem, in a bid to solve long-lived problems in the space. This article explores some of the leading companies in this budding niche. There’s a strong showing from digital property marketplaces, but we’ll also have a look at startups delivering insights and virtual real estate investment opportunities.

Spleet

Spleet showcases quality living spaces that have been put up for rent on its website by its owners. These homes are fully furnished and come with some of the basic amenities you’ll need for a decent dwelling: 24/7 water supply, a minimum of 12 hours power supply, security services, and an around-the-clock helpline that utilizes multiple communication channels. The homes on offer from Spleet can be viewed on its website by prospective renters, who can book space after inspecting the available options. They can also choose to pay for the accommodation on a daily, monthly, or quarterly basis. Founded in 2017 by Akintola Adesanmi and Dolapo Adebayo, Spleet has recently gotten into Metaprop, the world’s biggest PropTech accelerator, and has Future Africa as one of its investors.

Fibre

Fibre simplifies renting through its online platform, which lists rental apartments and enables potential renters to browse through them. Visitors can have a look at the options available by filtering their search for specific locations. The listings contain vital information, such as pictures, locations, and prices. Visitors to the online platform can also schedule a visit to the homes they’ve chosen, and rent them with just a few clicks. The homes listed on the website are either shared or full offer, furnished or unfurnished, and can be paid for on a monthly or quarterly basis. Fibre was founded in 2016 by Obinna Okwodu. It’s based in Lagos and has Zrosk Investment and Future Africa as its leading investors.

Rent Small Small

Rent Small Small is an online marketplace for rental property. Homeowners and landlords can list their property on the website, along with pictures and other details that could aid potential tenants to compare options and decide which ones they’ll rent. The platform helps with scheduling visits to properties, rental agreements, property management and maintenance, and other forms of support. This company says that it has helped renters save millions of naira in legal and agency fees. However, it does charge a commission on rent. Rent Small Small was founded in 2017 by Tunde Balogun, Naomi Olaghere, and Pindlah Triadah, and has received investment from TechStars.

Coreum

Coreum is trying to fill a gap in the real estate investment niche. It’s making it easier and more affordable for Nigerians to invest in land, construction projects, and property. Through it, small-time investors can purchase, hold, and sell Real Estate Virtual Slots (REVS), which are backed by actual land and property. All of this is enabled by its digital investment platform. Launched in 2019 by Funsho Awoniyi, Coreum has slowly built traction for its offerings and attracted users from diverse backgrounds.
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Property Deal Zone

One of Nigeria’s oldest PropTech companies, Property Deal Zone is an online marketplace for renting and purchasing a property. Users can utilize the search function on its website to discover a list of relevant properties within a specific neighbourhood and find property owners’ contact information. Actual deals are done off the site. Property Deal Zone was set up in 2011 by Odili Esumai and Albert Williams. It has remained one of the most widely recognized spaces for purchasing, selling, renting and short-letting property in Nigeria.

Hutbay

Hutbay belongs in the class of early property listing companies in Nigeria– a category that includes a fair number of businesses and startups. It’s a web-based platform that lets its users buy, sell, and rent property in Nigeria.  Prospective buyers or renters can search Hutbay’s directory for homes, save their searches, and receive updates on the status of those homes. The properties listed on the website are put up by real estate agents and homeowners, who are allowed to do so free of charge. However, Hutbay charges a fee for featured advertisements. Hutbay was founded in 2012 by Owolabi Olatunji. According to its CEO, the platform has grown its listings from about 5,000 in 2015 to more than 23,000 by July 2019.
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Estate Intel

Estate Intel is a real estate research and data company based in Lagos. It provides industry data to businesses operating in the African real estate and construction space– a task that’s undertaken by relatively few ventures on the continent.  The company grants its clients access to free and premium data, as well as custom search reports designed according to client’s requests. Data available from Estate Intel cover ongoing construction projects; insights into the African retailer space; lists of developers, architects and brokers, and the projects they have worked on; and research reports on real estate markets. Estate Intel was launched in 2016 by Dolapo Omidire. It joined the Metaprop accelerator in August 2021 and received investment and support through the program.

Final Words

The Nigerian PropTech scene is coming alive. It could take a while for it to bloom in the manner that we’ve observed in more developed markets. But the signs indicate that PropTech will eventually play a big role in the country’s real estate industry, and transform it in significant ways. Featured Image Source: Nairametrics
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This article was first published on 17th February 2022 and updated on July 12th, 2023 at 12:27 pm

ikenna-nwachukwu

Ikenna Nwachukwu holds a bachelor's degree in Economics from the University of Nigeria, Nsukka. He loves to look at the world through multiple lenses- economic, political, religious and philosophical- and to write about what he observes in a witty, yet reflective style.

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