PropTech: How Technology is Transforming Real Estate Operations

ESV Rose Chinyere Okoro

The real estate sector, traditionally known for slow adoption of technology, is undergoing a profound transformation driven by the rise of Property Technology, popularly known as PropTech. From digital payments to virtual property tours, data-driven valuations, and smart building management, PropTech is reshaping how properties are bought, sold, managed, and experienced. For an industry long plagued by inefficiency, opacity, and slow processes, technology is delivering unprecedented levels of convenience, transparency, and innovation.

One of the most significant shifts is the digitalisation of property search and transactions. Online listing platforms now allow buyers and renters to find properties from the comfort of their homes, compare prices, view neighbourhood insights, and communicate with agents directly. Technologies such as virtual reality (VR) and 3D walkthroughs have further improved the experience, enabling clients to tour properties remotely a trend that grew rapidly during the COVID-19 era and continues to gain traction today.

PropTech is also revolutionising property financing and payments. Digital mortgage platforms, crowdfunding models, and fractional property ownership solutions are making real estate investment more accessible, especially for young people who previously could not afford lump-sum payments. Fintech integration allows seamless rent payments, service charge settlements, and automated invoicing, reducing disputes and improving financial transparency between landlords and tenants.

In the area of property development and construction, technology is improving efficiency and reducing costs. Building Information Modelling (BIM), drones, modular construction, and AI-assisted project management tools allow developers to plan better, detect design flaws early, and monitor construction progress in real time. These innovations help reduce project delays, a major challenge in Nigeria’s real estate landscape and enhance accountability.

Smart building technology is also transforming facility and property management. Sensors, Internet of Things (IoT) devices, and automated systems now manage energy usage, security, water supply, and environmental controls in modern buildings. Smart meters and predictive maintenance tools help property managers detect faults ahead of time, reduce utility wastage, and improve the overall living and working experience for occupants. As sustainability becomes more important, green PropTech solutions are gaining popularity, helping buildings meet energy-efficiency standards.

Data analytics is perhaps one of the most powerful PropTech tools. Real estate decisions are increasingly being informed by data on pricing trends, demographic shifts, rental performance, and consumer behaviour. This reduces guesswork, enhances market transparency, and helps developers build properties that align with actual demand. Governments, too, can use PropTech innovation to strengthen land registries, automate title verification, and reduce corruption in land administration.

However, challenges remain. Nigeria’s PropTech ecosystem still contends with issues such as low digital literacy, poor broadband penetration, limited access to investment capital, and resistance from traditional industry players. Cybersecurity risks and data privacy concerns must also be addressed as more transactions move online.

Despite these challenges, PropTech is clearly the future of real estate. It is breaking down barriers, democratising property ownership, improving customer experience, and enabling smarter, more efficient cities. As technology continues to advance, the real estate sector will increasingly lean on innovation to deliver value and those who embrace PropTech today will be the leaders of tomorrow’s property market.