General news

PropTech will transform housing sector like banking, telecommunications – Odusolu

Published

on

PropTech will transform housing sector like banking, telecommunications – Odusolu

By Ifeanyi Nwoko

PropTech, the infusion of technological solutions in the acquisition, sale and mortgage of properties has been identified as the solution to the myriad of challenges facing the real estate and housing industry in Nigeria,

Housing and real estate expert Mr. Babajide Odusolu told the Nigeria News Agency (NAN) on Monday in an interview in Abuja that PropTech has important contributions to make in the future of real estate. Nigerian.

According to him, the technology has the capacity to propel the real estate and housing industry forward as a major engine of GDP growth for Nigeria once adopted by operators in the sector.

Odusolu, who is the managing director of Octo5 Holdings, the owners of the popular technology-based housing application “STOW”, said that if the technology can be properly deployed, the housing sector in the country will be transformed.

The Nigeria News Agency (NAN) reports that at the just concluded Abuja International Housing Fair (AIHS), Octo5 Holding was awarded as the Best PropTech Company in Nigeria due to its STOW application.

NAN reports that the STOW app is a mobile, web-based digital marketplace that enables potential homeowners to purchase new and off-plan homes securely with flexible and transparent payment plans.

Speaking of the app as the type of technology that should be deployed in the housing sector, he said: “Our goal is to enable economic freedom by helping people increase their wealth through investments in home ownership. the property.”

“STOW is a transparent and secure digital marketplace where certified real estate developers and potential owners can do business.

“The housing challenge in Nigeria, which has been blamed on various factors including lack of transparency, bureaucracy and archaic property registry practices, can be mitigated and reduced by the digitization processes enabled by STOW”, a- he declared.

Odusolu said the housing target was a situation where people can pay as little as N20,000 per month without any capital contribution to own their home for an extended period.

According to him, prices can go down if the scale is increased, arguing that until houses can be built by the thousands, it would be difficult to bring prices down.

He said that with technology, Nigerians can start saving to become homeowners.

“There are over 18 million Nigerians working with a monthly disposable income of at least N 150,000, money spent on non-essential living expenses.

“Yet the majority of this class of Nigerians do not own investment property or personal homes.

“Most of them cannot afford to make initial deposits of N5-30 million for investments.

“But they can afford to buy homes priced between $ 6 million and $ 40 million once allowed to make payments as low as 50,000 to 100,000 per month for such purchases,” he said. he declares.

He further stated that STOW’s goal is to meet the secured investment needs of Nigerians by enabling them to become real estate investors.

Also speaking on housing finance, Mr. Roland Igbinoba, co-founder of the Nigerian PropTech Association and senior advisor to PropCrowdy, said access to finance remains a challenge for housing.

Igbinoba said that many real estate developers have limited access to finance, which in turn hinders the feasibility of affordable housing.

He said that with real estate technology solutions, such as PropCrowdy, a new crowdfunding solution for real estate development, Nigerians can easily own or invest in real estate.

He claimed that the combined effect of the STOW digital marketplace, the PropCrowdy app and other digital solutions, will go a long way in bridging the growing housing gap in Nigeria.

For Mr. Festus Adebayo, organizer of the Abuja International Housing Fair, he said that the opportunities offered by technology to meet the challenges affecting the real estate industry are enormous.

“For the first time in AIHS history, we are paying our attention to PropTech solutions because we believe that the technology will help the housing industry reach its full potential and remove the constraints that prevent Nigerians from owning goods, ”Adebayo said. (NAA)

Short Link: https://wp.me/pcj2iU-3Bn2

NNN

NNN: :is a Nigerian online news portal that publishes breaking news in Nigeria, and across the world. Our journalists are honest, fair, accurate, thorough and courageous in gathering, reporting and interpreting news in the best interest of the public, because truth is the cornerstone of journalism and they strive diligently to ascertain the truth in every news report. Contact: editor @ nnn.ng

Recent Posts

Group moves to unify public administration academics in tertiary, research institutions Minister flags- off training of 1,850 mobile money agents in Calabar Japan and WFP support public-private partnership to improve health and nutrition in Ghana Sub-Saharan Africa: one planet, two worlds, three stories Turkish embassy renovates, equips science complex at GSS Wuse Zone 3 NATO pushes own defences as Afghanistan lessons weighed British troops engage with terrorist fighters in Mali Cross River State Builds on Polio Campaign Structure to Mainstream Covid-19 Vaccination Yahaya Bello tasks EFCC on fraud prevention, not recoveries alone Fashola urges states to enact laws on monthly payment of rent  Supporting South Sudan on the Road to Peace: The Perspective of a United Nations Volunteer Our funds trapped in scrapped petroleum agencies, IPMAN cries out EFCC arraigns ex-NSITF chair, Ngozi Olejeme, over multi-billion naira fraud Nigeria’s economy to grow by 2.7% in 2022 — IMF Nigerian editors call on media to stop giving publicity to insurgents Terrorists release 30 abducted students of FGC Birnin Yauri New Permanent Representative of Equatorial Guinea presents his credentials to the Director-General of the United Nations Office at Geneva Bayern Munich coach tests positive for COVID-19 Onion producers pledge quality production, profitable market in West Africa NITDA postpones 2021 Digital Nigeria Conference, Exhibition FRSC unveils body cameras for patrol operations USAID Achieves Prosper Africa Goals with Africa Trade and Investment Program WFP and Japan support nutritional response in Gambia New German chancellor may be appointed December 6 – SPD Bauchi-Gombe boundary crisis: ‘I was misquoted’, says lawmaker 4 Nigerians, others join YouTube Black Voices music class 2022 Bishop Oyedepo to build ‘world class’ university in Nigeria Nigerian professionals must be involved in projects development – Senate NDLEA promotes 3,506 officers, 20 years after stagnation Man, 25, in dock over murder of UK MP David Amess EXCLUSIVE: How Nigerian security agencies ignored intel on Darul Salam’s planned attack on Abuja-Kaduna train FG reiterates commitment to reposition gas sector Baba Ijesha defiled minor, doctor tells court Ghana offers an attractive upstream alternative to East African domination Police arrest 6 suspected kidnappers in Adamawa Foundation launches app to assist Nigerians in emergency situations 10 years in a row – Liquid Intelligent Technologies named best African wholesale carrier for the 10th consecutive year at the Global Carrier Awards Court fixes Nov. 10 to hear Nnamdi Kanu’s application, challenging competence of charge Radisson Hotel Group to Double its Portfolio in West and Central Africa by 2025 DR Congo pupils protest for schools to reopen Kanu challenges FG’s terrorism charges, court fixes November 10 for hearing Zambia arrests 14 government officials over corruption Japan’s ex-justice minister gets 3-years imprisonment over vote buying NYSC extends 10 corps members’ service year, remobilises 2 in Plateau US jobless claims dip to new pandemic low: govt FCC to commence nationwide infrastructure audit of Govt. projects – Chairman Zambia arrests 14 govt officials over corruption Gombe govt begins Tsangaya schools, engages15,000 facilitators Businesses support Africa Shared Value Leadership Summit – and lends its voice to benefit the goal movement PIA: FG inaugurates boards of new oil industry successor regulatory agencies