Olawale Olaitan Shares Insights on AI Promises to Revolutionise Nigeria’s Real Estate Sector

Artificial Intelligence (AI) is set to revolutionise Nigeria’s real estate industry, according to Olawale Olaitan, the head of Property Scene Limited, a Lagos-based real estate firm.

In recent years, Nigeria’s real estate sector has contributed significantly to the nation’s economy, but inefficiencies like unreliable market data and slow transactions have hindered its full potential.

Olaitan believes, however, that AI could change that, offering more efficiency, transparency, and improved decision-making.

Predictive analytics, which uses big data to identify patterns, is already being applied in the industry.

For Nigeria, where the property market is unpredictable, these forecasts could help developers know not just where to build but when to build.

“In a market like Nigeria’s, where things can change rapidly, AI’s ability to analyse vast amounts of data is crucial for avoiding risky investments,” Olaitan noted.

“AI can help the Nigerian real estate market overcome long-standing issues,” says Olaitan, a graduate of the Wichita State University and graduate of Statistics from the University of Ilorin.

“By using predictive analytics, we can better forecast property market trends and help investors make smarter decisions.”

Another key area AI can enhance is property valuation. For years, appraisers have relied heavily on their experience to assess property value, often working without access to comprehensive data.

The Master’s degree holder in Public Administration also explained that AI offers a solution by providing more accurate and data-driven assessments of market conditions.

He added: “AI gives appraisers a clearer picture of not only what has happened in the market but also what might happen in the future.”

AI is also expected to improve customer engagement within the real estate sector. Chatbots and virtual assistants can provide round-the-clock service to prospective buyers and renters, delivering key information instantly.

“The beauty of AI is that it’s always available. Whether it’s answering basic questions or guiding a potential buyer through options, AI keeps the process moving efficiently,” Olaitan said.

Property management is another area that could benefit from AI-driven automation. Routine tasks like rent collection and maintenance scheduling can be streamlined, freeing up property managers to focus on strategic decisions and tenant relations.

“Automation is key to making property management more efficient,” he continued. “It reduces the daily burden and helps landlords concentrate on the bigger picture.”

He also pointed out that the sector still operates on outdated systems and lacks the strong data infrastructure necessary for AI to function effectively.

To make AI work, the Property Scene Ltd head said there is a need for better data systems and a workforce that’s trained to use the technology.

With these steps in place, he is confident that AI could be a game changer for Nigeria’s real estate sector, bringing much-needed efficiency and transparency to the industry.