The Lagos Branch Chairman of the Nigerian Institution of Estate Surveyors and Valuers (NIESV), Gbenga Ismail, has expressed concerns that a lack of transparency in property transactions is contributing to increased fraud in the real estate sector.
He made this statement during the 2024 Mandatory Professional Development event, themed “Embracing Technology: The Future of Real Estate Services,” held recently in Lagos.
Ismail emphasized the importance of the real estate sector in Nigeria’s economic development as the nation continues to urbanize and witness a growing middle class. He stated, “To fully unlock the sector’s potential and address existing challenges like housing deficits, inefficiencies, and lack of transparency, embracing technology is essential.”
He highlighted that the future of Nigeria’s real estate industry hinges on its ability to adapt and integrate technological advancements. From blockchain to artificial intelligence, big data analytics to virtual reality, these innovations are transforming how properties are developed, marketed, and managed globally.
According to Ismail, one of the most significant challenges in Nigeria’s real estate sector is the absence of transparency in property transactions, which often leads to ownership disputes and fraud. He noted that blockchain technology could offer secure and immutable records of property ownership, enhancing transaction transparency and reducing fraud risks.
The President of the International Real Estate Federation, Nigeria, Lagos Chapter, Akin Opatola, also noted that technological advancements have led to disruptions in the real estate sector. He remarked, “PropTech innovations like AI, blockchain, and digital platforms are transforming the real estate industry, particularly in property transactions and customer engagement.”
Femi Madariola, a Partner at PwC in Digital and Innovation, highlighted how technology has revolutionized real estate activities. He explained that automated property management systems allow for digital platforms for buying, selling, and investing in properties, automating tasks like rent collection and maintenance requests.
Madariola further discussed the benefits of blockchain technology in property transactions, which enhances security and transparency by providing a tamper-proof ledger of all transactions. He also mentioned the use of artificial intelligence for property valuations, enabling investors to make data-driven decisions and minimize the risk of overpaying.
Meanwhile, Godspower Omozusi, Chairman of the MCPD Committee, NIESV Lagos Branch, emphasized the importance of continuous training for real estate professionals. He stated, “Conscious and deliberate efforts via constant training and collective empowerment are essential for addressing the challenges within the industry.”
He concluded by expressing confidence that the program would provide valuable insights into the issues surrounding transparency in real estate and equip members with the necessary knowledge and skills to tackle these challenges.