Stakeholders seek technological advancements in real estate

Stakeholders say that staying relevant in the real estate business requires technological advancements and entertainment to keep up with trends in the real estate industry.

“Its focus is on the interception between construction, real estate and technology, and how these three will affect the future of real estate services in Nigeria,” Knight Frank Nigeria CEO Frank Okosun said at a breakfast hosted by the company.

He pointed out that the sector is vital to the Nigerian economy, they are the main employers of the workforce, key factors of production and hosts of business, life or recreational activities.

“We have been relaxed about the direction of technology in the construction industry. For us as a brand in the real estate industry, we need to chart the course and we need to work with key stakeholders to take this industry to enviable heights ,”He says.

Speaking on the theme “Real Estate, Construction and Technology: The Future of Real Estate Services,” Hakeem Ogunniran, CEO of Eximia Realty Company, said that technology has disrupted the space, and to remain relevant and continue to deliver jobs, players must consolidate gains and rebuild legacy platforms to provide better value.

Furthermore, given the link between the industry and the economy, Ogunniran said that real estate often drives the economy and becomes a growth driver for other sectors of the economy.

It is also a powerful lever for socio-economic transformation and a key contributor to cultural wealth and prosperity, he said.

In addition, the CEO stated that in harnessing the future of Nigerian real estate, there is a need for asset creation through regulation and compliance; technology through commoditization and industrialization; and innovative financing solutions through capital stock flexibility.

Henry Iseghohi, CEO of Broadbased Communications, noted that “digitalization is the way forward for the real estate ecosystem.”

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