The deployment of technology to make Nigeria’s real estate sector more investable, increase liquidity to drive greater home ownership, will be a major talking point at this year’s West Africa Property Investment (WAPI) Summit taking place this week on 15 and 16 November in Lagos.
For PropTech pioneer, Abdulhakeem Sadiq, the founder and chief executive officer of new market entrant, ZAMA, the increasing role and use of Proptech is a boon for the regional real estate sector.
“Proptech is slowly gaining momentum in developed markets, and we feel a developing market like Nigeria can learn and re-calibrate itself for seasoned investors.”
Having spent years in research and development to refine the residential & commercial focussed ZAMA platform, Sadiq believes that their multiphase tech solution has the potential to enhance and shape the Nigerian industry drastically.
Says Sadiq, “We have been working for about two years to research the local market in preparation to launch a modern and innovative web and mobile platform for Buyers, Sellers and Agents in the Nigerian real estate space.”
Designed as a one-stop platform to bring cohesion to the market; the product is an example of how tech-savvy African entrepreneurs and experts are harnessing global smarts, tech and efficiencies to create lucrative opportunities by solving historical economic challenges.
“We reached out to Google to grant us access to a back-end API to edit their map and integrate to our platform to literally put properties on the map. It was an investment we knew was necessary for the market and subscribed for it. Currently, the platform is focused only on Lagos with the goal to launch in other local markets in Nigeria and the rest of West Africa.”
Inspired by billion-dollar valuated international firms like Zillow, Zoopla and Rightmove, Sadiq and his team have used their know-how and industry experience to suite the unique Nigerian Real estate sector.
As he explains, “Our market has its peculiar problems and introducing a process driven technology would greatly enhance the validity of property valuation for instance, or even in the process finding a reputable agent to work with to help sell and buy properties.”
Before developing, Zama, Sadiq spent five years with global property consultancy JLL in Dubai and Nigeria.
This experience working for one of the world’s pioneering and increasingly data-driven property firms provides him with a specific and global view of the local property sector.
“It taught me how to look at the property from an investment point of view and enabled me with the right training and skills to advise various clients in all markets around the world. Nigeria is my home, and I would love to help change and improve the way the real estate industry functions.”