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  PropTech—which is basically the application of contemporary technology across the property value chain –has emerged as a transformative force in the real estate sector. With the rising concern of housing costs in many urban centres in Nigeria, PropTech innovations offer solutions that can make housing more affordable for a broader section of the population. Let’s delve into the many ways PropTech could make this possible.
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Digital Platforms for Direct Transactions

Traditional real estate processes involve multiple intermediaries, from agents to brokers. Digital platforms that facilitate direct peer-to-peer property transactions can bypass such middlemen and (in doing so) shrink or eliminate intermediary fees, thereby reducing the overall cost of property acquisition or rental.

Advanced Analytics & AI-Powered Pricing

PropTech platforms, backed by advanced analytics, can give users insights into the most affordable neighbourhoods, the best time to buy, and future property value predictions. This allows consumers to make more informed decisions and potentially discover undervalued properties.

Efficient Property Management

AI-driven property management systems can streamline maintenance, tenant communications, and rent collections, reducing the overhead costs for landlords. The efficiency that this makes possible can, in turn, translate to reduced rents or better-maintained properties for the same price.
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Shared Economy & Co-Living Spaces

The shared economy’s ethos is making its way into the housing sector. Co-living spaces, facilitated by PropTech platforms, are designed to deliver affordable living arrangements to individuals by sharing costs across residents. This not only provides a solution for affordability but also fosters community living.

Crowdfunding Real Estate Investments

Crowdfunding platforms allow multiple investors to come together and invest in properties. Such arrangements don’t just democratize real estate investment; they also facilitate the development of more affordable housing projects, because they often have diverse priorities compared to traditional corporate developers.

Smart Design and Space Optimization

PropTech also optimizes living spaces by utilizing smart design techniques. Some startups in this space supply solutions that make the most of available space through smart layouts and multifunctional furnishings. As a result, they’re able to engineer smaller and more affordable living spaces that feel spacious and comfortable.
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Government Collaboration

Governments around the world are recognizing the potential of PropTech in addressing housing affordability. If authorities in Nigeria collaborate with startups and offer incentives that make their work easier, they will facilitate the development and adoption of technologies that yield more affordable housing options.

Final Words

While PropTech alone cannot solve the deep-rooted structural challenges of housing affordability, it does offer tools and innovations that can make a significant difference. Cities and countries that embrace these technologies will be several steps closer to ensuring that every individual has access to affordable housing. Featured Image Source: TechCabal
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This article was first published on 16th August 2023

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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