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An Appraisal of the Adoption of Innovative Technologies for Sustainable Real Estate Practice in Edo State, Nigeria

Author

Listed:
  • Akinwamide David Oluwatofumi
  • Jonas Hahn

Abstract

Purpose: The introduction of various technologies in the real estate market has led to the disruption in the traditional practice of real estate globally. The adoption of innovative technologies such as blockchain, IoT, drone technology is limited in Nigeria to sustain the future of real estate practice. This study, therefore, appraises the adoption of innovative technologies for sustainable real estate practice in Edo State, Nigeria.Design/Methodology: Structured questionnaires were randomly administered to 43 selected registered Estate Surveying and Valuation firms in Benin Metropolis while all retrieved questionnaires were found suitable for analysis. The data collected were analysed using descriptive statistics.Findings: Findings revealed that online residential brokers, increasing space utilization, and smart city applications were the most aware innovations in real estate practice. However, websites and geospatial technologies were the most adopted technologies for sustainable real estate practice in the study area.Practical implications: Therefore, Nigerian Institutions of Estate Surveyors and Valuers should educate real estate professionals on the adoption of innovative technologies for sustainable real estate practice in Nigeria.

Suggested Citation

  • Akinwamide David Oluwatofumi & Jonas Hahn, 2021. "An Appraisal of the Adoption of Innovative Technologies for Sustainable Real Estate Practice in Edo State, Nigeria," AfRES 2021-016, African Real Estate Society (AfRES).
    • Handle: RePEc:afr:wpaper:2021-016
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    More about this item

    Keywords

    Innovation; Nigeria; proptech; Smart Real Estate; sustainability; Technology;
    All these keywords.

    JEL classification:

    • R3 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location

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