Nigeria’s real estate sector, notably in Nigeria, is experiencing a revolutionary shift driven by the rise of property technology (PropTech) companies. This overview of the PropTech evolution in Lagos for 2023 delves into the impactful deployment of mobile apps, transactional apps, and websites, revealing substantial capital investments steering this digital renaissance and its consequential influence on reshaping the real estate sector.
Mobile Apps: Revolutionizing Accessibility and Efficiency
The integration of mobile apps into Lagos’s real estate sector has redefined the property-seeking landscape. Mobile app offers advanced search filters, saved searches, and live chat support, streamlining interactions with properties for a seamless and user-friendly experience. PropTech Companies with Mobile apps have a higher likelihood for more penetration when compare to others that don’t have.
Transactional Apps: Simplifying Property Transactions
Transactional apps, play a pivotal role in streamlining property transactions. Companies like Venco, HouseAfrica, CutStruct, Propertpro.ng etc,; exemplifies intuitive app enabling digital property searches, virtual property tours, and offer submissions, significantly reducing paperwork and saving time. This technological integration in transactional processes is a game-changer, contributing to the success and growth of proptech companies in Nigeria.
Websites: Central Hubs for Comprehensive Property Solutions
Proptech companies in Lagos have established user-friendly websites as comprehensive platforms for property solutions. Private Property, operating through its website, provides extensive property listings along with tools like mortgage calculators and property news. These websites serve as valuable resources, empowering users with information to make informed decisions about property transactions.
Capital Base and Investment Landscape
The evolution of proptech companies in Lagos is anchored in substantial capital investments, fostering expansion, technological enhancements, and superior service delivery. Key financial data points underscore the robust financial position of these companies. According to Disrupt Africa Tech Funding report of 2022, Nigeria got a total funding of US$7,495,000 which is 44.9 per cent of the total PropTech fund received by Africa and only Egypt received more than Nigeria with a total of US$7,565,000 which is 45.4 per cent of total African fund and just a little above Nigeria, indicating growing investor interest in the sector. These capital injections empower proptech companies to innovate, develop cutting-edge technologies, enhance user experiences, and broaden their audience reach.
Source: Disrupt Africa (Stage of investment secured by African prop-tech startups)
Unleashing a Digital Revolution
The real estate industry in Nigeria is experiencing rapid growth, fueled by a youthful population, rising incomes, and an expanding middle class. This surge has led to an increasing demand for more efficient and transparent property management and real estate investment solutions. In response, a wave of proptech startups has emerged in the region, leveraging technology to digitize various aspects of the real estate process.
Pioneering PropTech Innovators
1.Spleet: Founded in 2018 in Lagos, Nigeria, Spleet has revolutionized tenant-landlord dynamics in the real estate markets. Its innovative rental management solutions create a seamless marketplace connecting tenants and landlords. The platform facilitates easy apartment searches for tenants and offers a “Rent Now, Pay Later” option, providing tenants access to significant rent loans. Spleet’s commitment extends to empowering both tenants and landlords, promoting accessibility, transparency, and financial empowerment.
2.Estate Intel: Founded in 2014, in Lagos, Nigeria, Estate Intel is a trailblazing information technology company reshaping decision-making processes in real estate transactions. Leveraging historical data, the startup provides superior intelligence by analyzing property prices and vacancy rates across African real estate markets. Estate Intel’s platform democratizes access to reliable and comprehensive real estate data, fostering trust and promoting healthier market dynamics.
3.SmallSmall Technology: Founded in 2018 in Lagos, Nigeria, SmallSmall Technology is an innovative prop-tech company facilitating better living solutions in Africa. Through its services like RentSmallSmall, StaySmallSmall, and BuySmallSmall, the startup addresses the financial burden associated with property investments. Tenants can rent apartments and pay flexibly, promoting ease and flexibility in housing expenses.
4.Squareroof: Founded in 2021 in Lagos, Nigeria, Squareroof is a digital cooperative real estate company in Nigeria, blending cooperative society operations with real estate financing. The startup’s multi-purpose cooperative model enables community members to pool resources for real estate financing. Squareroof’s innovative product options simplify rent payments, empowering users to take control of their housing financing responsibilities.
5.CutStruct Technology: Founded in 2019 in Lagos, Nigeria, CutStruct Technology is a tech-enabled construction solutions company redefining operational processes for engineers. Through its platform, LiveVend, users access a variety of construction materials at affordable rates. The technology streamlines the construction supply chain, expediting project timelines and significantly reducing inefficiencies in the Nigerian real estate ecosystem.
6.Venco: Founded in 2022 in Lagos, Nigeria, Venco is an innovative technology company offering management solutions for property owners. Operating a community management software, Venco enables sustainable and stress-free communities. The platform manages collections, service charge administration, utility vending, and visitor access, fostering tighter-knit communities with minimal stress. VENCO is an all-in-one community management solution for multi-unit residential and commercial communities. We provide best-in-class software for property managers, owners, and tenants in all types of communities. VENCO’s system uses secure codes and virtual IDs from their apps for visitor management, along with integration for popular access control devices. As an app for automated billing, collection, and reconciliation.
7.HouseAfrica: Founded in 2018 in Lagos, Nigeria, HouseAfrica is redefining property ownership and investment across Africa through advanced technology. Operating Systemap, a digital infrastructure utilizing Blockchain and Map technologies, the startup facilitates transparent and credible property purchases. HouseAfrica democratizes real estate investment, making property ownership accessible to a broader range of investors. According to their official website, they Use Blockchain technology, HouseAfrica splits property projects into digital units accessible through shares that start from as low as N10k. HouseAfrica’s team and investment partners bring more than $1 billion in real estate transactions. These partners come from leading firms such as Allianz Insurance, FCMB, TAP Engineering, and others.
8.Bongalow: Founded in 2012 in Lagos, Nigeria, Bongalow is a software-as-a-service platform enabling banks and building societies to originate, assess and approve mortgage applications. It is also an innovative real estate finance company fostering accessibility to housing through comprehensive finance solutions. The startup operates a robust loan and mortgage origination platform, simplifying and streamlining the loan origination process. Bongalow contributes to a more agile and responsive lending ecosystem, empowering lenders and providing borrowers with a streamlined and user-friendly experience.
9.PropertyPro.ng: Founded in 2013 in Lagos, Nigeria, PropertyPro is a leading real estate transaction facilitator leveraging technology to simplify property searches. The platform offers an intuitive property search interface, ensuring users have access to a comprehensive array of real estate options in Cities like Lagos, Abuja, and Port Harcourt. By streamlining the property search process, PropertyPro contributes to a more transparent and efficient real estate ecosystem in Nigeria. In addition to its website, the mobile app further enhances accessibility, allowing users to interact with properties on the go.
10.Haap Living Limited: Founded in 2022 in Lagos, Nigeria, Haap is an innovative technology startup offering dynamic housing options through community-based living models. The platform provides hassle-free access to fully furnished private and co-living spaces, aligning with sustainable living practices. By capitalizing on the sharing economy, Haap contributes to efficient use of existing properties, minimizing waste, and optimizing space utilization.
A PropTech Renaissance in Nigeria
Nigerian proptech startups are at the forefront of transforming property management and investment in the region. With innovative approaches and technology-driven solutions, they are reshaping the real estate landscape, making it more accessible, inclusive, and transparent for individuals and communities. As they continue to grow and evolve, these startups are poised to play a significant role in the future of Nigeria and Africa’s real estate sector in the global market.
Copyright: @Omogbai Martins, (The Tech Priest)
Copyright: @Naija Tech Room
