Developers, investors tasked on greater technology adoption to accelerate real estate delivery 

Property developers and investors have been  urged on adopt artificial intelligence, digital technologies and reliable market data to improve transparency, attract investment and accelerate real estate delivery in Nigeria.

Lagos-based estate surveyor and valuer, Chief Meckson Innocent Okoro, while making the call, explained that integration of technology into property transactions, construction planning and market analysis would help developers make informed investment decisions, reduce risks and improve efficiency in real estate sector.

Speaking at an event marking the 88th Anniversary of Ikoyi Club 1938, he said innovation and access to credible market information were becoming increasingly important to the future of real estate investment and wealth creation.

Delivering a speech on the theme: “The Future of Real Estate: Investment, Innovation and Wealth Creation”, he identified artificial intelligence (AI), data analytics, digital mapping, Building Information Modelling (BIM) and smart building systems as tools capable of transforming property development and management.

According to him, these technologies can improve how properties are identified, valued, designed, constructed, marketed and managed, while helping investors assess opportunities and make better-informed decisions.

He noted that digital land registries could simplify title searches, drones could accelerate land surveys, and data analytics could help developers understand property demand, pricing trends and emerging investment locations.

He added that online investment platforms could widen participation in the property market by enabling more Nigerians to access investment opportunities with smaller amounts of capital.

However, he warned that technology could also facilitate property fraud through fake listings, falsified title documents and fictitious developments, stressing the need for proper verification and professional advice.

The expert urged real estate professional bodies to establish a shared market data platform providing reliable information on property values, rents, vacancy rates, construction costs, population movements and development trends.

He said the absence of comprehensive market information could undermine investment decisions, limit transparency and make it more difficult for developers to assess risks and identify viable projects.

“An industry that cannot measure itself cannot attract serious capital for any major development,” he said.

He explained that reliable data would help investors determine where housing demand was strongest, evaluate project costs and align developments with the purchasing power of prospective homeowners and tenants.

Such a platform, he added, could strengthen confidence in the sector and improve its capacity to attract the capital needed for large-scale housing development.

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The call comes against the backdrop of Nigeria’s housing deficit of 14.925 million units and an estimated 15.2 million existing homes classified as structurally inadequate, underscoring the need for more effective approaches to housing delivery and the rehabilitation of existing buildings.

The expert also emphasised the importance of building standards, professional supervision and modern construction practices, citing the collapse of the 21-storey building on Gerard Road, Ikoyi, Lagos, as an example of the human and financial consequences of unsafe construction.

He said technological innovation must be accompanied by regulatory compliance, quality control and effective project execution to prevent avoidable losses.

Beyond construction, he identified infrastructure as a critical factor in determining property values, noting that roads, railways, electricity, water supply, drainage, security and digital connectivity could transform locations into viable residential and commercial centres.

He cited developments in Abuja, Eko Atlantic and the Lekki-Epe corridor as examples of how infrastructure expansion could create new opportunities for property investors.

He also referenced the Lagos-Calabar Coastal Highway as a project expected to encourage further development along its corridor.

According to him, investors should look beyond land acquisition and focus on productive developments that respond to genuine market needs.

“Opportunity does not create wealth; execution creates wealth,” he said, urging stakeholders to translate real estate opportunities into completed projects that generate economic and social benefits.

He further criticised what he described as inadequate budgetary attention to housing and real estate, arguing that the sector deserved greater recognition for its contributions to employment, economic growth and national development.

He commended Ikoyi Club 1938 planning committee for placing real estate investment, innovation and wealth creation at the centre of discussions during the anniversary celebration.