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Business News of Monday, 27 March 2023


Technology reshaping real estate – Operators

Real Estate (file image) Real Estate (file image)

Real estate operators have stated that technology was playing a significant role in shaping the future of the industry.

According to the Chief Executive Officer of Brooks Africa, David Onaja, the real estate market is no exception to how technology continues to be a catalyst for change across all business and industrial sectors.

He said, “Real estate’s future is being rapidly shaped by technology and as we meet ever-increasing problems, we must adopt new technologies. The strategy and approach to some parts of the constantly changing real estate landscape will depend heavily on the awareness and forward-thinking of stakeholders.

“The real estate industry is seeing an increase in demand for smart house technology, which enables remote management of amenities like lighting, security and heating and cooling. This is now a reality, thanks to the Internet of Things, which also makes life more convenient.”

Meanwhile, the Chief Executive Officer of Oxygen Holdings, Olawale Ayilara, said technology was very crucial to the operations of Nigeria’s property market.

“In the future generally, technology is integral to how the property market and everything will operate. So, we all need to see how we can invest in technology to enhance how we do business,” he asserted.

While noting the importance of the sector to the economy, the Chief Executive Officer of Eximia Realty Company, Hakeem Ogunniran, said technology had disrupted the space and to remain relevant and continue to deliver on the job, players must consolidate on the gains and recreate the old platforms to deliver better values.