An Appraisal of the Adoption of Innovative Technologies for Sustainable Real Estate Practice in Edo State, Nigeria

Akinwamide David Oluwatofumi and Jonas Hahn

AfRES from African Real Estate Society (AfRES)

Abstract: Purpose: The introduction of various technologies in the real estate market has led to the disruption in the traditional practice of real estate globally. The adoption of innovative technologies such as blockchain, IoT, drone technology is limited in Nigeria to sustain the future of real estate practice. This study, therefore, appraises the adoption of innovative technologies for sustainable real estate practice in Edo State, Nigeria.Design/Methodology: Structured questionnaires were randomly administered to 43 selected registered Estate Surveying and Valuation firms in Benin Metropolis while all retrieved questionnaires were found suitable for analysis. The data collected were analysed using descriptive statistics.Findings: Findings revealed that online residential brokers, increasing space utilization, and smart city applications were the most aware innovations in real estate practice. However, websites and geospatial technologies were the most adopted technologies for sustainable real estate practice in the study area.Practical implications: Therefore, Nigerian Institutions of Estate Surveyors and Valuers should educate real estate professionals on the adoption of innovative technologies for sustainable real estate practice in Nigeria.

Keywords: Innovation; Nigeria; proptech; Smart Real Estate; sustainability; Technology (search for similar items in EconPapers)
JEL-codes: R3 (search for similar items in EconPapers)
Date: 2021-09-01
New Economics Papers: this item is included in nep-env and nep-ure
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Persistent link: https://EconPapers.repec.org/RePEc:afr:wpaper:2021-016

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