Experts urge real estate developers to embrace AI and technology to boost housing delivery
Property developers and investors in Nigeria have been urged to adopt artificial intelligence, digital technologies and reliable market data to improve transparency, attract investment and accelerate real estate delivery.
The call was made by Lagos-based estate surveyor and valuer, Chief Meckson Innocent Okoro, at an event marking the 88th anniversary of Ikoyi Club 1938.
Speaking on the theme The Future of Real Estate: Investment, Innovation and Wealth Creation, Okoro said the integration of technology into property transactions, construction planning and market analysis will help developers make informed investment decisions, reduce risks and improve efficiency in the real estate sector.
He said innovation and access to credible market information are becoming increasingly important to the future of real estate investment and wealth creation in Nigeria.
According to him, technologies such as artificial intelligence, data analytics, digital mapping, Building Information Modelling and smart building systems have the capacity to transform how properties are identified, valued, designed, constructed, marketed and managed, while helping investors assess opportunities better.
He explained that digital land registries can simplify title searches, drones can speed up land surveys, and data analytics can help developers understand property demand, pricing trends and emerging investment locations.
He also noted that online investment platforms can widen participation in the property market by enabling more Nigerians to access investment opportunities with smaller capital.
However, he warned that technology can also be used to perpetrate property fraud through fake listings, falsified title documents and fictitious developments, and stressed the need for proper verification and professional advice.
Okoro urged real estate professional bodies to establish a shared market data platform that provides reliable information on property values, rents, vacancy rates, construction costs, population movements and development trends.
He said the absence of comprehensive market information can undermine investment decisions, limit transparency and make it difficult for developers to assess risks and identify viable projects.
He stated that an industry that cannot measure itself cannot attract serious capital for any major development.
He added that reliable data would help investors determine where housing demand is strongest, evaluate project costs and align developments with the purchasing power of prospective homeowners and tenants. He said such a platform could strengthen confidence in the sector and improve its capacity to attract capital needed for large scale housing development.
The call comes against the backdrop of Nigeria’s housing deficit of 14.925 million units and an estimated 15.2 million existing homes classified as structurally inadequate, underscoring the need for more effective approaches to housing delivery and rehabilitation of existing buildings.
The estate surveyor also emphasised the importance of building standards, professional supervision and modern construction practices, citing the collapse of the 21 storey building on Gerard Road, Ikoyi, Lagos, as an example of the human and financial consequences of unsafe construction.
He said technological innovation must be accompanied by regulatory compliance, quality control and effective project execution to prevent avoidable losses.
Beyond construction, he identified infrastructure as a critical factor in determining property values, noting that roads, railways, electricity, water supply, drainage, security and digital connectivity can transform locations into viable residential and commercial centres.
He cited developments in Abuja, Eko Atlantic and the Lekki-Epe corridor as examples of how infrastructure expansion can create new opportunities for property investors. He also referenced the Lagos-Calabar Coastal Highway as a project expected to encourage further development along its corridor.
According to him, investors should look beyond land acquisition and focus on productive developments that respond to genuine market needs.
He said opportunity does not create wealth, but execution creates wealth, urging stakeholders to translate real estate opportunities into completed projects that generate economic and social benefits.
He further criticised what he described as inadequate budgetary attention to housing and real estate, arguing that the sector deserves greater recognition for its contributions to employment, economic growth and national development.
He commended the Ikoyi Club 1938 planning committee for placing real estate investment, innovation and wealth creation at the centre of discussions during the anniversary celebration.
