Data Plays a Major Role in Real Estate Growth and Development

ESV Adunola Adeniyi Joshua

The world of real estate is dynamic, and to remain ahead of the information and learning curve is so important.  Real estate business in all its spheres is a lucrative venture and at the same time characterized with risks.  To mitigate these risks that are associated with real estate, everyone in the sector needs data to arrive at an informed decision.

Very recently at the Lagos Real Estate Fest, a key industry event, professionals in the industry harped on the need for available data that will help the industry players in achieving the needed growth and development in the industry. Kayode Odebiyi, Director of Property Development at Afriland Properties Plc, was one of the resource persons at the event, he opined that accurate data enables developers to understand market needs, identify growth opportunities, and mitigate risks. This data-driven approach is especially crucial in Nigeria, where the real estate market is characterized by rapid urbanization, population growth, and evolving consumer preferences.

Based on the foregoing, it is crystal clear that all players in the industry must work with accurate data to make informed decisions, satisfy customers’ needs, maximize profit, and remain competitive in business.
In most African countries like Nigeria, the non-availability of data remains the bane of researchers, development experts, and professionals.   Data is needed for strategic communication, planning, and development. And the lack of data has been affecting developments in the African continent. Locally developed data in the African countries, and by Africans will catalyze the growth and development of all sectors of the economy, including the real estate sector. Relying on data developed by the Western countries for development in Africa will not augur well for our needed development in Africa. Most information, figures, and analysis supplied by multinational data agencies are false, and misleading, and do not speak to the true picture of realities in our climes.

To generate the needed data for real estate growth and development, our local research agencies should be strengthened and supported by the government and the companies that need the data for planning and research.

Also, professional bodies in the real estate sector should up their games in the area of research. Their research units and committees should be equipped with the necessary tools and manpower to produce available data for the real estate sector. The Nigerian Institution of Estate Surveyors and Valuers (NIESV) recently took a bold step in this direction. Recently, the revered institution published a NIESV Real Estate Market Report (2024 Market Outlook).  This research book is characterized by information, facts, and data that will help all industry players.

When it comes to real estate growth and development, data will continue to play a key role, and this is the reason why all players in the real estate value chain should invest in all-inclusive research efforts to produce data that will drive growth and development in the sector.

ESV Adunola Adeniyi Joshua is a registered and practicing Estate Surveyor and Valuer