Olawale Olaitan, the CEO of Property Scene Limited, a real estate company located in Lagos, a graduate of the esteemed University of Ilorin with a master’s degree in public administration and a degree in statistics, believes artificial intelligence (AI) has the potential to completely change the real estate market in Nigeria. Nigeria’s economy has benefited greatly from the real estate industry in recent years, but inefficiencies like sluggish transactions and faulty market data have prevented it from reaching its full potential. Olaitan thinks AI might alter that by bringing greater transparency, efficiency, and better decision-making.
The industry is already utilizing predictive analytics, which leverages big data to find trends. These projections may assist developers in Nigeria, where the real estate market is erratic, in determining not just where but also when to construct. According to Olaitan, “AI’s capacity to evaluate enormous volumes of data is critical for avoiding risky investments in a market like Nigeria’s, where things can change rapidly.”
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“AI can help the Nigerian real estate market overcome long-standing issues,” Olaitan, a graduate student with Wichita State University said. “By using predictive analytics, we can better forecast property market trends and help investors make smarter decisions.”
Another key area AI can enhance is property valuation. For years, appraisers have relied heavily on their experience to assess property value, often working without access to comprehensive data. Olaitan explained that AI offers a solution by providing more accurate and data-driven assessments of market conditions. “AI gives appraisers a clearer picture of not only what has happened in the market but also what might happen in the future,” he said.
AI is also expected to improve customer engagement within the real estate sector. Chatbots and virtual assistants can provide round-the-clock service to prospective buyers and renters, delivering key information instantly. “The beauty of AI is that it’s always available. Whether it’s answering basic questions or guiding a potential buyer through options, AI keeps the process moving efficiently,” Olaitan added.
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Property management is another area that could benefit from AI-driven automation. Routine tasks like rent collection and maintenance scheduling can be streamlined, freeing up property managers to focus on strategic decisions and tenant relations. “Automation is key to making property management more efficient. It reduces the daily burden and helps landlords concentrate on the bigger picture,” Olaitan said.
Olaitan pointed out that the sector still operates on outdated systems and lacks the strong data infrastructure necessary for AI to function effectively. “To make AI work, we need better data systems and a workforce that’s trained to use the technology,” he concluded.
Olaitan pointed out that with these steps in place, AI could be a game changer for Nigeria’s real estate sector, bringing much-needed efficiency and transparency to the industry.
