APPLICATION OF DISRUPTIVE TECHNOLOGIES IN REAL ESTATE PRACTICE IN NIGERIA; CONSTRAINTS AND OPPORTUNITIES

Utchay A. Okorji

AfRES from African Real Estate Society (AfRES)

Abstract: Disruptive technologies have changed the way businesses across the globe are conducted, it revolutionizes the world and presents challenges for traditional business norm. Though lagging, real estate is not left out as it presents a challenge to rethink the way stakeholders collect, distribute and use data related to the industry in various markets. The disruption of real estate practice globally with technological advancements is redefining the future of real estate. Whilst advanced countries are already embracing the practice possibly due to the existing infrastructure and technologies, the practice in Nigeria and in Africa is expected to embrace this trend as well. New structures and platforms should drive this evolution and change existing practice norms. It therefore presents new challenges for professionals in Africa. X-raying this trend, this study highlights the technological advancements in real estate practice from advanced economies and compares the readiness of the African environment to the application of these new technologies in local markets. The study then reviews the Nigeria real estate market and the infrastructure enabling the application of disruptive technologies with the aim to show a comparative status of the advanced market and the emerging market in the use and application of disruptive technologies. The study concludes by establishing the extent of technological advancement in real estate practice in Nigeria, the opportunities, limitations and the way forward for application of disruptive technologies in real estate practice in Nigeria.

Keywords: Advanced market; Disruptive technologies; Emerging Markets; real estate (search for similar items in EconPapers)
JEL-codes: R3 (search for similar items in EconPapers)
Date: 2019-09-01
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