In times past, ownership of property was a sign of wealth and one of the primary ways for the wealthy to tie down their assets for posterity. Now that we are in the 21st century, not much has changed since then. Being a homeowner is still the dream of many people, whether old or young.
While this may be a budding development in advanced economies, the reality of property ownership is quite different for many Africans. Take Nigeria, for instance. There is a shortage of affordable mortgage or financing options, so owning a house would require more than a sizeable amount of down payment. No wonder Nigeria’s apex bank, the Central Bank of Nigeria, put homeownership in the country at 10 per cent compared to 72 per cent in the United States and 78 per cent in the UK.
And then, there are families whose income is barely enough to pay for rent. Given this, how can technology provide solutions to housing-related needs and requirements? What solutions could be leveraged to create better access to professional information and market insights in the real estate industry? The short answer is property technology, most popularly known as proptech.
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