ROLE OF TECHNOLOGY IN REAL ESTATE

October 10, 2023by Riveton Homes0

Nigeria’s real estate sector is a fast growing sector in the country’s economy. In recent years, there has  been a lot of investment which has led to a lot of development in the real estate sector. Technology has emerged as a powerful force, reshaping  traditional  real estate practices and bringing innovation to this vital industry. The use of technology cut across how real estate is developed , How it’s advertised, How it’s sold and how buyers and sellers of real estate connect with each other.

 

This article explores the multifaceted role of technology in Nigeria’s real estate sector, highlighting its impact on property transactions, market transparency, urban planning, and customer experience.

 

 

THESE ARE SOME OF THE WAYS TECHNOLOGY HAS IMPACTED THE REAL  ESTATE  INDUSTRY  IN NIGERIA

 

  1. DIGITALIZING PROPERTY TRANSACTIONS

 

One of the most significant advancements in the Nigerian real estate sector is the digitalization of property transactions. Online platforms and mobile applications have streamlined the process of buying, selling, and renting properties. Buyers and tenants can now browse through extensive listings, view virtual tours, and even conduct remote negotiations, reducing the time and effort traditionally involved in property transactions.

 

  1. ENHANCING MARKET TRANSPARENCY

 

Technology has brought unprecedented transparency to the real estate market in Nigeria. Online databases and property portals provide real-time data on property prices, market trends, and neighborhood analyses. This accessibility to information empowers both buyers and sellers, enabling them to make well-informed decisions. Additionally, digital platforms have minimized fraudulent practices, ensuring a more secure environment for property transactions.

 

  1. REVOLUTIONIZING URBAN PLANNING

 

Smart technology and data analytics are transforming urban planning in Nigerian cities. Geographic Information System (GIS) mapping and data-driven insights help urban planners make informed decisions about infrastructure development, zoning regulations, and land use policies. This digital approach ensures sustainable urban growth, efficient resource allocation, and improved living conditions for residents.

 

 

  1. IMPROVING CUSTOMER EXPERIENCE

 

Customer experience in the real estate sector has significantly improved due to technological innovations. Chatbots, virtual assistants, and Artificial Intelligence (AI) algorithms enable real-time customer support, answering queries and providing guidance 24/7. Additionally, Augmented Reality (AR) and Virtual Reality (VR) technologies allow potential buyers to take virtual tours of properties, enhancing their understanding and engagement.

 

 

 

  1. FACILITATING FINANCIAL TRANSACTIONS

 

Financial transactions related to real estate, such as payments, mortgages, and loans, have become more secure and convenient through digital channels. Online payment gateways and FinTech solutions simplify the process of transferring funds, ensuring timely and secure transactions. Blockchain technology, with its decentralized and transparent nature, is also being explored to facilitate property transactions and reduce fraud.

 

CONCLUSION

 

Technology is undeniably reshaping Nigeria’s real estate sector, bringing efficiency, transparency, and convenience to all stakeholders involved. As the country continues to embrace digital innovations, the real estate industry is poised for further growth and transformation. However, it is crucial for policymakers, industry professionals, and technology developers to collaborate closely, ensuring that these advancements are inclusive, sustainable, and beneficial for all Nigerians, thus paving the way for a more robust and dynamic real estate landscape in the country.

 

 

Till we come your way next week with more real estate insights, goodbye for now from all of us at Riveton Homes & Properties . For more information on how you can start investing in real estate. Kindly call us on 07042409999/07042099918 or send us a DM on all our social media handles @rivetonhomes.

 

 

 

Leave a Reply

Your email address will not be published. Required fields are marked *

https://rivetonhomes.com/wp-content/uploads/2022/09/footer-logo-e1613066904345.png
6th Floor, Providence Plaza (2 minutes after Lagos Business School & Opposite Road Safety Office) Lekki-Epe Expressway, Lagos, Nigeria

Follow us:

CALL US

We are focused on building new Nigerian communities primarily in Lagos and other places all over Nigeria.

© Riveton 2024. All rights reserved Designed by Evaluate Media

INITIAL DEPOSIT - ₦15,000,000 M
Apartment type
Outright
6 months plan
12 months plan
18 months plan
Studio Apartment
₦30,000,000.00
₦33,000,000.00
₦34,500,000.00
₦36,600,000.00
1 Bedroom
₦50,000,000.00
₦55,000,000.00
₦57,500,000.00
₦60,000,000.00
Standard 2 Bed
₦60,000,000.00
₦66,000,000.00
₦69,000,000.00
₦72,000,000.00
Premium 2 Bed
₦70,000,000.00
₦77,000,000.00
₦80,500,000.00
₦84,000,000.00
4 Bedroom terrace house +BQ
INITIAL DEPOSIT - ₦20M
Plan
Prices
OUTRIGHT
₦85,000,000
0 - 3 MONTHS
₦89,250,000
3 - 6 MONTHS
₦93,500,000
6 - 9 MONTHS
₦97,750,000
Register Interest
INITIAL DEPOSIT - ₦350,000
Duration
300 SQM
600 SQM
OUTRIGHT
₦990,000
₦₦1,900,000
0 - 6 MONTHS
₦1,089,000
₦2,090,000
6 - 12 MONTHS
₦1,237,000
₦2,375,000
Other financial Considerations
1
Development Fee
300 SQM: ₦750,000; 600 SQM: ₦1,500,000
INITIAL DEPOSIT - ₦10M
Duration
1 Bedroom
2 Bedroom
OUTRIGHT
₦35,500,000
₦45,000,000
0 - 3 MONTHS
₦35,500,000
₦45,000,000
3 - 6 MONTHS
₦39,050,000
₦49,500,000
6 - 12 MONTHS
₦40,825,000
₦51,750,000
INITIAL DEPOSIT - ₦1,500,000
Duration
250 SQM
300 SQM
500 SQM
600 SQM
OUTRIGHT
₦4,750,000
₦5,500,000
₦9,500,000
₦11,500,000
0 - 3 MONTHS
₦4,750,000
₦5,500,000
₦9,500,000
₦11,500,000
3 - 6 MONTHS
₦5,225,000
₦6,050,000
₦10,450,000
₦12,650,000
6 - 12 MONTHS
₦5,700,000
₦6,600,000
₦11,400,000
₦13,800,000
ALL FEES INCLUSIVE
INITIAL DEPOSIT - ₦15,000,000 M
Apartment type
Outright
6 months plan
12 months plan
18 months plan
Studio Apartment
₦30,000,000.00
₦33,000,000.00
₦34,500,000.00
₦36,600,000.00
1 Bedroom
₦50,000,000.00
₦55,000,000.00
₦57,500,000.00
₦60,000,000.00
Standard 2 Bed
₦60,000,000.00
₦66,000,000.00
₦69,000,000.00
₦72,000,000.00
Premium 2 Bed
₦70,000,000.00
₦77,000,000.00
₦80,500,000.00
₦84,000,000.00
INITIAL DEPOSIT - ₦2.5M
OTHER FINANCIAL CONSIDERATIONS
INITIAL DEPOSIT - ₦20M
Duration
300 SQM
600 SQM
OUTRIGHT
₦30,600,000
₦61,200,000
0 - 3 MONTHS
₦30,600,000
₦61,200,000
3 - 6 MONTHS
₦32,130,000
₦64,260,000
INITIAL DEPOSIT - ₦10,000,000 M
Apartment type
Outright
3 months plan
Boys Quarter (BQ)
₦19,900,000.00
₦21,392,000.00
Studio Apartment
₦39,900,000.00
₦42,892,500.00
1 Bedroom Apt
₦59,900,000.00
₦64,392,500.00
2 Bedroom Apt
₦69,900,000.00
₦75,142,500.00