Despite new technologies and investments flooding the Nigerian property market, and a growing audience of renters, buyers and sellers, the country is still lagging behind in online property listing.
Despite the perceived gains of digital platforms, many Nigerians still go through the hassle of physical property search and transactions to avoid challenges of fraudsters, information theft and online infrastructure deficiency.
The penetration of property portals is still low compared to the growing amount of property buyers and sellers. Although significant progress has been made for the past years, the Nigerian online listing penetration is about 20 percent, which is still meagre compared with the real estate potentials, as shared by the NIESV Faculty of Estate Agency and Marketing.
Research conducted in 2016 found that the number of renters searching for online property platforms rose to 10 per cent in 2016, an increase of 5 per cent since 2015, while direct home buyers also shot up to 8 per cent at the end of 2016.
The country’s biggest real estate platform, Property Pro.ng, accounted for a 65 percent market share of the Nigerian online real estate scene after the acquisition of Jumia House, with over 80.000 property listings, and an expected 100.000 unique visitors daily.
According to the platform’s holder, Property Vault Nigeria Limited, the Nigerian property market can only benefit from digital platforms that enable sellers and buyers, landlords and tenants to deal directly with one another and bypass the middlemen.
Property portals have revolutionised the way Nigerians think about real estate by providing a long-term solution to the home ownership challenges and the society’s living standards, according to the founder of Lands.ng, another listing website.
The platform has more than 250 registered and certified agents, multiple enquiries from overseas in the Nigerian market, dynamic listings and lead generation forms.
Property listing founders acknowledge that there is a growing demand for a more robust offering for connecting investors, buyers and sellers against the backdrop of increased penetration of digital technology and new owners and investors coming into the Nigerian land market.
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