The challenges and Opportunities for proptech adoption in Nigeria: an exploration of the factors that influence the adoption and diffusion of Proptech innovation in the Nigerian Real Estate industry

This research paper examines the challenges and opportunities for proptech adoption in the Nigerian real estate industry. Proptech, a convergence of property and technology, has the potential to revolutionize the way real estate businesses are conducted by enabling more efficient, quick, and cost-effective operations. However, proptech adoption in developing countries like Nigeria faces unique challenges, including inadequate infrastructure, limited access to finance, and lack of awareness and trust in modern technologies. This study aims to explore the factors that influence the adoption and diffusion of proptech innovation in Nigeria. A descriptive survey will be used to gather data; a structured questionnaire will be distributed to real estate professionals, proptech companies, and potential users of proptech solutions in Nigeria. The findings of this study will shed light on the current challenges facing proptech adoption in Nigeria and the opportunities it presents for the real estate industry. The results indicate that about 71% of the respondents are currently using proptech solutions; with increased efficiency, cost reduction, and better decision-making identified as the main benefits. Lack of awareness was cited as the primary reason for not adopting proptech solutions while concerns regarding data privacy and security were noted as potential risks. Factors influencing adoption include ease of use and compatibility with existing systems. The study's significance lies in providing insights into the state of proptech adoption in Nigeria and identifying key challenges and opportunities. This information will be valuable for real estate managers, developers, investors, brokers, and technology providers, helping them make informed decisions regarding the adoption of proptech solutions. By improving operational efficiency, enhancing customer experience, and driving business growth, proptech adoption can contribute to the growth and development of the Nigerian real estate industry.