Nigerians turn to mobile apps in 'proptech' housing boom
LAGOS - Nigerians searching for their dream home to buy or rent are turning to the internet in droves, leading to a surge in the number of property-focused technology firms.
“Our focus is on the mobile market,” said Fikayo Ogundipe, co-founder of market leader PropertyPro which launched in 2012.Ogundipe said the website receives around 500,000 hits each month, compared with 15,000 a month back in 2013, with around 90 percent of that traffic coming from mobile phones. The country’s proptech companies typically adopt a subscription model, charging property agents a listing fee and property developers a commission on completed transactions. But risks are attached to the convenience of online listings in Nigeria’s largely unregulated property market.
Anyone can become a property agent, without any form of accreditation, making it possible to falsify property listings without fear of punishment by an industry body.
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