PropTech, the infusion of technological solutions in the acquisition, sale and mortgage of properties has been identified as the solution to the myriad of challenges facing the real estate and housing industry in Nigeria.
Housing and real estate expert Mr Babajide Odusolu told the Nigeria News Agency (NAN) on Monday in an interview in Abuja that PropTech has important contributions to make in the future of the real estate. Nigerian.
According to him, the technology has the capacity to propel the real estate and housing industry forward as a major engine of GDP growth for Nigeria once adopted by operators in the sector.
Odusolu, who is the managing director of Octo5 Holdings, the owners of the popular technology-based housing application “STOW”, said that if the technology can be properly deployed, the housing sector in the country will be transformed.
The Nigeria News Agency (NAN) reports that at the just concluded Abuja International Housing Fair (AIHS), Octo5 Holding was awarded as the Best PropTech Company in Nigeria due to its STOW application.
NAN reports that the STOW app is a mobile, web-based digital marketplace that enables potential homeowners to purchase new and off-plan homes securely with flexible and transparent payment plans.
Speaking of the app as the type of technology that should be deployed in the housing sector, he said: “Our goal is to enable economic freedom by helping people increase their wealth through investments in homeownership. the property.”
“STOW is a transparent and secure digital marketplace where certified real estate developers and potential owners can do business.
“The housing challenge in Nigeria, which has been blamed on various factors including lack of transparency, bureaucracy and archaic property registry practices, can be mitigated and reduced by the digitization processes enabled by STOW”, a- he declared.
Odusolu said the housing target was a situation where people can pay as little as N20,000 per month without any capital contribution to own their home for an extended period.
According to him, prices can go down if the scale is increased, arguing that until houses can be built by the thousands, it would be difficult to bring prices down.
He said that with technology, Nigerians can start saving to become homeowners.
“There are over 18 million Nigerians working with a monthly disposable income of at least N 150,000, money spent on non-essential living expenses.
“Yet the majority of this class of Nigerians do not own investment property or personal homes.
“Most of them cannot afford to make initial deposits of N5-30 million for investments.
“But they can afford to buy homes priced between $ 6 million and $ 40 million once allowed to make payments as low as 50,000 to 100,000 per month for such purchases,” he said. he declares.
He further stated that STOW’s goal is to meet the secured investment needs of Nigerians by enabling them to become real estate investors.
Also speaking on housing finance, Mr Roland Igbinoba, co-founder of the Nigerian PropTech Association and senior advisor to PropCrowdy, said access to finance remains a challenge for housing.
Igbinoba said that many real estate developers have limited access to finance, which in turn hinders the feasibility of affordable housing.
He said that with real estate technology solutions, such as PropCrowdy, a new crowdfunding solution for real estate development, Nigerians can easily own or invest in real estate.
He claimed that the combined effect of the STOW digital marketplace, the PropCrowdy app and other digital solutions, will go a long way in bridging the growing housing gap in Nigeria.
Mr Festus Adebayo, the organizer of the Abuja International Housing Fair, said that the opportunities offered by technology to meet the challenges affecting the real estate industry are enormous.
“For the first time in AIHS history, we are paying our attention to PropTech solutions because we believe that the technology will help the housing industry reach its full potential and remove the constraints that prevent Nigerians from owning goods, ”Adebayo said. (NAN)