Experts have stressed the need for the deployment of modern technology in the Nigerian real sector.
The chief executive officer(CEO), Oxygen Holdings/LandWey Investments Limited, Olawale Ayilara, has said technology is very crucial to the operation of the property market.
“In the future generally, technology will be very integral to how the property market and everything will operate. As businesses and leaders in the industry, we need to invest more in research and development. We all need to see how we can invest in technology to enhance how we do business,” he said.
Ayilara disclosed this at the maiden edition of BuyLetLive’s stakeholder engagement forum themed: “Real Estate Digi-volution”, which took place in Lagos, recently.
According to the chief executive officer, BuyLetLive, Ola Daramola, in his welcome address, the stakeholder engagement forum, was aimed at showcasing BuLetLive’s product and service guarantee to stakeholders, discussing the potential opportunities it holds and obtaining feedback to better serve the ecosystem.
Speaking on financial opportunities in the real estate sector, the chief executive officer, Stanbic IBTC, Wole Adeniyi, said, credible real estate players are vital.
“The real estate industry has N3.5trillion available for utilisation of home loans. BuyLetLive provides the biggest opportunity for users to have access to this with Stanbic IBTC. For the expansion of the real estate industry, we need credible and trustworthy real estate players and what BuyLetLive is doing is creating an opportunity and a platform for that connection to happen,” he said.
Speaking on the dearth of data in the real estate sector, the chief executive officer, UPDC Plc, Odunayo Ojo, noted that, one of the key issues in the real estate industry is the lack of data and the only way to access that data is by feeding into the database.
Also, the chief executive officer, Estate Links Limited, Gbenga Olaniyan, corroborating Ojo, stressed that data should not be taken with levity.
“Ensure that you do not joke with data. Not just data, you need to have access to actually concluded transaction data that is up to date. This is because asking prices for properties in this part of the world is artificially high and is not to be used for decision-making,” he said.
