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  The housing crisis in Nigeria has been a long-standing issue, with an estimated 22 million housing deficit, according to the Nigerian Mortgage Refinance Company (NMRC). The traditional methods of construction and property management have proven insufficient in addressing this issue. However, the rise of proptech solutions has brought new hope to the real estate industry, with the potential to create affordable housing at a faster rate. In this article, we will explore the various proptech solutions available in Nigeria and their impact on affordable housing.
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Blockchain technology

Blockchain technology has disrupted several industries, and the real estate industry is not left out. Blockchain technology can be utilized to reduce the cost and time required to purchase a house. The technology can help eliminate the need for intermediaries such as brokers and lawyers, thereby reducing transaction costs. In addition, it provides a transparent and secure means of recording property transactions, which can help reduce fraud and increase trust. One such platform utilizing blockchain technology is Land LayBy. Land LayBy is a blockchain-based platform that helps buyers and sellers of land to transact securely and transparently. The platform allows buyers to search for available land, make payments, and track their land purchases. Land LayBy also provides buyers with a land instalment payment plan, which enables them to pay for their land in instalments, making it more affordable.

Construction Technology

Construction technology is another area where proptech solutions are making a significant impact. Traditional construction methods are slow, labour-intensive, and costly, which makes it difficult to build affordable housing. However, the use of modern construction technology can significantly reduce the cost and time required to construct a building. One such technology is prefabrication. Prefabrication involves the manufacturing of building components in a factory and assembling them on-site. This technology helps reduce the cost of construction by up to 20%, according to the African Development Bank. It also reduces the time required to construct a building, making it possible to build affordable housing faster.
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A Nigerian-based startup utilizing this technology is Prefabricated and Building Systems Limited (PBS). PBS manufactures prefabricated building components such as walls, floors, and roofs in a factory and assembles them on-site. This helps to reduce construction time and cost, making it possible to build affordable housing faster.

Property Management Technology

Managing properties is an essential aspect of the real estate industry. Traditional property management methods are often manual and time-consuming, making it difficult to manage large housing estates. However, the use of property management technology can help streamline the property management process and reduce the cost of managing properties. One such platform is PropertyPro.ng. PropertyPro.ng is an online property listing platform that allows property owners and real estate agents to list their properties for sale or rent. The platform also provides property management services, such as rent collection and maintenance, making it easier for property owners to manage their properties.

Crowdfunding

Crowdfunding is another proptech solution that can help increase access to affordable housing. Crowdfunding involves raising funds from a large number of people to finance a project. This can help reduce the cost of financing a housing project, making it possible to build affordable housing. One Nigerian-based platform utilizing crowdfunding is Estate Intel. Estate Intel is a real estate data platform that provides data on property trends, valuations, and investment opportunities. The platform also provides a crowdfunding service that enables investors to invest in real estate projects.
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Conclusion

The real estate industry in Nigeria is ripe for disruption, and proptech solutions are leading the charge. The use of blockchain technology, construction technology, property management technology, and crowdfunding can help increase access to affordable housing in Nigeria. As the Nigerian real estate industry continues to evolve, we can expect more proptech solutions to emerge. Featured Image Source:
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This article was first published on 3rd May 2023

nnaemeka-emmanuel

Nnaemeka is an academic scholar with a degree in History and International Studies from the University of Nigeria, Nsukka. He is also a creative writer, content creator, storyteller, and social analyst.

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