The advent of technology has greatly influenced real estate development in Nigeria in recent times. Real estate development is the combination of real estate activities that range from the renovation of a property, purchase of land, re-lease of a building, and sale of land. All these activities have been greatly improved by technology.

One of the most notable improvements technology has brought to the Nigerian real estate industry is the introduction of property listing platforms. Many Nigerians at home and in the diaspora now visit notable property listing websites to find the right property. Before now, finding properties was time and resources consuming. It is much easier and faster now. This development lets you know almost everything about the property from the comfort of your home.

The listing platform allows buyers and renters to search for properties of their choice. Their choices can be based on various factors that range from price, location, and size. And information is made available on the listing sites to help buyers or renters make the best decision.

The real estate industry has contributed significantly to the country’s economy. In Q1 2022, the sector accounted for 5.34% of the country’s GDP growth, according to the Marketing Edge. Despite this significant growth, many Nigerians still don’t have a home as the country’s population keeps growing. As of January 2023, the housing deficit is about 28 million according to the Federal Mortgage Bank of Nigeria (FMBN).

Technological Advancements in Construction Methods

Technological advancements have played a significant role in developing construction activities in the real estate industry. There has been the introduction of prefabrication and modular construction, which makes the construction process easier and faster.

With this technology, some standard component of the entire structure is built off-site. This means some sections of the construction are not built on site. While work is ongoing, engineers don’t have to wait for one another. PadBod Homes, a Hybrid LandTech partner, uses construction technology solutions, including prefab components, in their pipeline of residential projects.

Another influence of technological advancements in construction methods gave birth to the era of 3D printing. It is the process of using computer-controlled devices to create manufacturing elements or an entire building by using a 3D printer. This method helps reduce materials’ wastage, reduce human error to the nearest minimum, and improve creativity in design methods.

Digital Marketing Strategies in Real Estate Development


The advent of technology in the real estate sector gave affluence to digital marketing, which helps companies to market their products properly. The internet has changed how people perceive real estate companies. Most real estate companies now have websites and different online platforms where buyers can meet them. This idea has linked the bridge between most real estate companies and their targeted customers.

The use of Virtual reality (VR) and augmented reality is now helping customers get familiar with properties from wherever they are located. With this, companies can host a virtual property tour to increase customer experience, which is critical to a successful sale.

Real estate companies now use social media marketing to preach the favorable acceptance of their products to their targeted customers. Hybrid LandTech, amongst others, makes good use of Instagram, Facebook, YouTube, and email letters to reach out to their customers.

Technology is helping real estate companies make precise predictions about market trends and value.
FinTech (home loans, crowdfunding, etc.) in payment and processes
Impact of Technology on Real Estate Development in Nigeria


Technology has impacted real estate development in Nigeria in the following ways:

1. Improved construction efficiency and cost-effectiveness

Technology through the introduction of 3D printing and prefabrication, and modular construction has helped improve construction efficiency and cost-effectiveness. With 3D printing, you can achieve almost anything, and it reduces the waste of materials.

2. Enhanced marketing and sales strategies

Technology has improved marketing and sales strategies. The advent of technology has enhanced the use of digital marketing tools. Also, it helps companies build trust through virtual tours of the site. With this, customers can get acquainted with the property from the comfort of their homes or offices.

3. Increased transparency and trust in the industry

Technology helps real estate companies to build customer retention through transparency and trust. Virtual tours build customer retention. Also, customers can read clients’ reviews online to know more about prospective real estate companies.

4. Expansion of real estate investment opportunities

With the help of technology, real estate companies now offer more than just selling properties. Hybrid LandTech provides affordable land and housing projects, including service plots, direct investment services with great ROI, construction consultancy, and property listing, for first-time home buyers, move-up buyers, service companies, real estate investors, and others.

Challenges and Considerations

The challenges and considerations for technological advancement in the real estate development sector include:

1. Infrastructure limitations and access to technology

Technology keeps evolving in the real estate sector. However, not all real estate companies have access to this technology.

2. Cybersecurity risks in the digital era

As interesting as this digital era is, it also has its bad side. As more and more real estate companies continue to adopt technology, the rate of cyberattacks is also high. Most real estate companies are at risk of losing vital information about their companies to unsuspecting cyber criminals.

3. Skill development and training for the workforce

Real estate companies should consider investing more in the skill development and training of their workforce. With this, they keep vital information about the company within their working team.

4. Regulatory Frameworks and policy implications

There should be a regulatory body to ensure that specific rules and codes of conduct are not broken.

Future Prospects and Emerging Technologies

Most real estate companies have begun using modern technology to advertise their products. For instance, Hybrid LandTech uses drones for site surveys. With this, they can capture their property and its environs without hindrance.

Evolving digital marketing strategies and tools

Digital marketing tools and strategies have continued to evolve over the years as the real estate development sector adopts the technology. Companies leverage different digital marketing tools to advertise their new products.

Integration of the Internet of Things (IoT) in real estate development

The Internet of Things is an advanced technological involvement in real estate development. It allows companies to stay ahead of their competitors by reducing the cost of finding a buyer or seller of a vacant property.

Impact of artificial intelligence (AI) and machine learning (ML)

Artificial intelligence can be used to analyze data and predict market trends, making it easier for developers to make informed decisions. AI can also automate tasks, making the development process more efficient.

Conclusion

Technology is revolutionizing real estate development in Nigeria, making it more efficient and cost-effective for companies in the industry.

To stay ahead, real estate companies must embrace technology and continue evolving. With technology as a driving force, the future of real estate development in Nigeria is promising and secure.

Take advantage of the opportunities presented by Hybrid Landtech, a company that combines real estate expertise with cutting-edge technology solutions. Embrace the transformative power of technology to shape the future of real estate development in Nigeria. Visit our website or contact our team today for inquiries.

Source: https://hybridlandtech.com/2023/06/06/the-role-of-technology-in-real-estate-development-in-nigeria/