Advertisement
CRESTHUB
CRESTHUB MAGAZINE
  • NEWS
    NucleusIS Rolls Out Credit Scheme to Grow Health Insurance

    NucleusIS Rolls Out Credit Scheme to Grow Health Insurance

    Mylerz Raises $9.6 Million to Scale its E-commerce and Logistics Platform

    Mylerz Raises $9.6 Million to Scale its E-commerce and Logistics Platform

    Kaltani Raises $4 Million to Boost Plastic Waste Recycling in Africa

    Kaltani Raises $4 Million to Boost Plastic Waste Recycling in Africa

    Kwaba Secures Undisclosed Pre-seed Round to Expand Across Africa

    Kwaba Secures Undisclosed Pre-seed Round to Expand Across Africa

    Early Stage-focused VC, HAVAÍC closes $20 million Fund to Invest in African Startups

    Early Stage-focused VC, HAVAÍC closes $20 million Fund to Invest in African Startups

    Bundle Launches Web App to Give Users More Accessibility to Crypto

    Bundle Launches Web App to Give Users More Accessibility to Crypto

  • FEATURED
    How ReelFruit Attained 3x Revenue Growth through Instagram Marketing

    How ReelFruit Attained 3x Revenue Growth through Instagram Marketing

    eHealth Africa is Revolutionizing Public Health in Nigeria and Beyond

    eHealth Africa is Revolutionizing Public Health in Nigeria and Beyond

    Why Establishing Your Brand Identity With a Bold Look is Important

    Why Establishing Your Brand Identity With a Bold Look is Important

    How Traditional Banks in Nigeria Can Leverage Fintech to Enhance Customer Experiences

    How Traditional Banks in Nigeria Can Leverage Fintech to Enhance Customer Experiences

    How One Company Is Helping Young Nigerians Access Standard Sexual Health Services

    How One Company Is Helping Young Nigerians Access Standard Sexual Health Services

    eNaira Has Been Launched

    10 Distinctive Things To Note About eNaira

  • BLOCKCHAIN
    Bundle Launches Web App to Give Users More Accessibility to Crypto

    Bundle Launches Web App to Give Users More Accessibility to Crypto

    How Blockchain can Transform the Financial Ecosystem in Nigeria

    How Blockchain can Transform the Financial Ecosystem in Nigeria

    Non-fungible Token of Nelson Mandela’s Original Arrest Warrant Raises over $130,000 in Auction

    Non-fungible Token of Nelson Mandela’s Original Arrest Warrant Raises over $130,000 in Auction

    The BBN Token: a Shift in the World of African Reality Shows

    The BBN Token: a Shift in the World of African Reality Shows

    The Status of Real Estate Tokenization in Nigeria

    Blockchain company Bitmama launches African Physical Crypto Cards for In-store Payments

    Blockchain company Bitmama launches African Physical Crypto Cards for In-store Payments

  • FINANCE
    Zambian Card- Issuer Union54 Raises $12 Million in a Seed Extension to Develop Homegrown Payment Cards

    Zambian Card- Issuer Union54 Raises $12 Million in a Seed Extension to Develop Homegrown Payment Cards

    Leatherback Limited Intends to Boost Company Profile with $10 million Pre-Seed Fund

    Leatherback Limited Intends to Boost Company Profile with $10 million Pre-Seed Fund

    We report Fundraising Stories everyday! But what do these Funding rounds mean?

    We report Fundraising Stories everyday! But what do these Funding rounds mean?

    Klump secures $780,000 pre-seed funding to Boost Buy-Now-Pay-Later Services in Nigeria

    Sudo Africa raises $3.7 million pre-seed fund for its Card-Issuing API Platform

    Sudo Africa raises $3.7 million pre-seed fund for its Card-Issuing API Platform

    Flutterwave Launches New Products at Flutterwave 3.0

  • START UPS
    Topship Secures $2.5 Million to Boost International Shipping

    Topship Secures $2.5 Million to Boost International Shipping

    Zambian Card- Issuer Union54 Raises $12 Million in a Seed Extension to Develop Homegrown Payment Cards

    Zambian Card- Issuer Union54 Raises $12 Million in a Seed Extension to Develop Homegrown Payment Cards

    Leatherback Limited Intends to Boost Company Profile with $10 million Pre-Seed Fund

    Leatherback Limited Intends to Boost Company Profile with $10 million Pre-Seed Fund

    Equinix Inc Expands to Africa following Acquisition of Connectivity Solution Provider, MainOne

    Equinix Inc Expands to Africa following Acquisition of Connectivity Solution Provider, MainOne

    Egypt’s Mental Health Service 07 Therapy Secures $2.1 million Seed Round

    Egyptian Fitness App, Welnes Secures $300,000 funds to Expand Team

    Egyptian Fitness App, Welnes Secures $300,000 funds to Expand Team

  • PODCAST
CRESTHUB
  • NEWS
    NucleusIS Rolls Out Credit Scheme to Grow Health Insurance

    NucleusIS Rolls Out Credit Scheme to Grow Health Insurance

    Mylerz Raises $9.6 Million to Scale its E-commerce and Logistics Platform

    Mylerz Raises $9.6 Million to Scale its E-commerce and Logistics Platform

    Kaltani Raises $4 Million to Boost Plastic Waste Recycling in Africa

    Kaltani Raises $4 Million to Boost Plastic Waste Recycling in Africa

    Kwaba Secures Undisclosed Pre-seed Round to Expand Across Africa

    Kwaba Secures Undisclosed Pre-seed Round to Expand Across Africa

    Early Stage-focused VC, HAVAÍC closes $20 million Fund to Invest in African Startups

    Early Stage-focused VC, HAVAÍC closes $20 million Fund to Invest in African Startups

    Bundle Launches Web App to Give Users More Accessibility to Crypto

    Bundle Launches Web App to Give Users More Accessibility to Crypto

  • FEATURED
    How ReelFruit Attained 3x Revenue Growth through Instagram Marketing

    How ReelFruit Attained 3x Revenue Growth through Instagram Marketing

    eHealth Africa is Revolutionizing Public Health in Nigeria and Beyond

    eHealth Africa is Revolutionizing Public Health in Nigeria and Beyond

    Why Establishing Your Brand Identity With a Bold Look is Important

    Why Establishing Your Brand Identity With a Bold Look is Important

    How Traditional Banks in Nigeria Can Leverage Fintech to Enhance Customer Experiences

    How Traditional Banks in Nigeria Can Leverage Fintech to Enhance Customer Experiences

    How One Company Is Helping Young Nigerians Access Standard Sexual Health Services

    How One Company Is Helping Young Nigerians Access Standard Sexual Health Services

    eNaira Has Been Launched

    10 Distinctive Things To Note About eNaira

  • BLOCKCHAIN
    Bundle Launches Web App to Give Users More Accessibility to Crypto

    Bundle Launches Web App to Give Users More Accessibility to Crypto

    How Blockchain can Transform the Financial Ecosystem in Nigeria

    How Blockchain can Transform the Financial Ecosystem in Nigeria

    Non-fungible Token of Nelson Mandela’s Original Arrest Warrant Raises over $130,000 in Auction

    Non-fungible Token of Nelson Mandela’s Original Arrest Warrant Raises over $130,000 in Auction

    The BBN Token: a Shift in the World of African Reality Shows

    The BBN Token: a Shift in the World of African Reality Shows

    The Status of Real Estate Tokenization in Nigeria

    Blockchain company Bitmama launches African Physical Crypto Cards for In-store Payments

    Blockchain company Bitmama launches African Physical Crypto Cards for In-store Payments

  • FINANCE
    Zambian Card- Issuer Union54 Raises $12 Million in a Seed Extension to Develop Homegrown Payment Cards

    Zambian Card- Issuer Union54 Raises $12 Million in a Seed Extension to Develop Homegrown Payment Cards

    Leatherback Limited Intends to Boost Company Profile with $10 million Pre-Seed Fund

    Leatherback Limited Intends to Boost Company Profile with $10 million Pre-Seed Fund

    We report Fundraising Stories everyday! But what do these Funding rounds mean?

    We report Fundraising Stories everyday! But what do these Funding rounds mean?

    Klump secures $780,000 pre-seed funding to Boost Buy-Now-Pay-Later Services in Nigeria

    Sudo Africa raises $3.7 million pre-seed fund for its Card-Issuing API Platform

    Sudo Africa raises $3.7 million pre-seed fund for its Card-Issuing API Platform

    Flutterwave Launches New Products at Flutterwave 3.0

  • START UPS
    Topship Secures $2.5 Million to Boost International Shipping

    Topship Secures $2.5 Million to Boost International Shipping

    Zambian Card- Issuer Union54 Raises $12 Million in a Seed Extension to Develop Homegrown Payment Cards

    Zambian Card- Issuer Union54 Raises $12 Million in a Seed Extension to Develop Homegrown Payment Cards

    Leatherback Limited Intends to Boost Company Profile with $10 million Pre-Seed Fund

    Leatherback Limited Intends to Boost Company Profile with $10 million Pre-Seed Fund

    Equinix Inc Expands to Africa following Acquisition of Connectivity Solution Provider, MainOne

    Equinix Inc Expands to Africa following Acquisition of Connectivity Solution Provider, MainOne

    Egypt’s Mental Health Service 07 Therapy Secures $2.1 million Seed Round

    Egyptian Fitness App, Welnes Secures $300,000 funds to Expand Team

    Egyptian Fitness App, Welnes Secures $300,000 funds to Expand Team

  • PODCAST
No Result
View All Result
CRESTHUB
No Result
View All Result
Home INNOVATION

How Proptech Startups are Climbing the Startup Ladder in Nigeria 

by Shalom Oyero
November 8, 2021
in INNOVATION
0
How Proptech Startups are Climbing the Startup Ladder in Nigeria 
Share on FacebookShare on Twitter

For years, technology has served as the bedrock of many businesses, regardless of what field they relate to.

Startups are thinking outside the box and providing solutions to problems related to health, finances, retail, agriculture, education and real estate is no exception as well.

There is no doubt that the real estate industry in Nigeria is making headway, with its achievement largely attributed to the population growth of the nation. Real estate is termed as real property that includes land and anything permanently attached to it, whether natural or man-made.

Although records indicate that the real estate industry used to be the fifth-largest contributor to the country’s economic growth with 70% of GDP generated in the informal sector and urbanization rate standing at 50%, its contribution still fluctuates because of certain challenges the industry faces.

Challenges like land registration processes, high-cost property development, taxations, ineffective property protection laws amongst others.

However, real estate has begun to meet rental demands and provide property development solutions through rising technology known as Proptech.

So, what is Proptech?

Proptech is still relatively new to the market. It is a term which refers to ‘Property Technology’. It is a small part of a wider digital transformation in the real estate and property industry.

Proptech can simply be defined as the application of technology to create and deliver innovative real estate products and services to a wide range of users. 

Countries such as the UK, China, the US, Japan, Korea have adopted this new innovation and are reaping from its accomplishments.

Property technology is thriving in highly populated areas, due to the fact that from time to time, people tend to move from one geographical location to another, mostly from rural to urban areas, once their standard of living improves.

What is Proptech in Nigeria Like Today?

Startups have a competitive advantage compared to traditional businesses because of their ability to incorporate innovation into each step of the developmental process, as well as radically rethink existing systems.

Just like Fintech, Healthtech, Edtech, Agrotech that is accomplishing so much in terms of innovation, Proptech is pushing the boundaries of intense ideas in the real estate industry.

The Proptech market in Nigeria is rising speedily and our companies are gradually making headway to international borders.

A few of Nigeria’s leading Property technology companies are Eden Life, Kwaba, PropertyPro.ng, myPadi, Quartered.

Since 2016, the aforementioned companies have cumulatively raised over $50 million in pre-seed and seed funds.

Per Danbel Property and Investments, a real estate sales and advisory company, Nigeria has 72 proptech companies. CRESTHUB however cannot independently confirm these numbers but will update you as soon as possible.

These startups provide services from property listings to short stays, investment and financing, data and analytics, flexible living and property and community management.

Property technology in Nigeria so far has established itself mainly in private property-listing websites and rental payments. They are predominantly operational in Lagos.

The Next Phase

Against the many economic crises the country has faced, property technology is viable to stay a helpful tool. In many ways, Proptech and Fintech (Financial Technology) are very similar because it’s innovation is headed by Artificial Intelligence.

Technology is what helps keep the real estate industry on its toes, therefore, for Proptech companies to maintain efficient and rapid growth, certain standards are expected of them like experimenting in new tactics and bold ideas, investing in the latest tools and technology, keeping up with industrial revolution, effective software competition, flexibility and so much more.

Property technology companies aim to provide a transparent and secure marketplace for real estate investment. They also encourage property investment culture in the country, nevertheless, these Nigerian companies still need to maintain high game in order to compete with current international standards.

However, the Proptech sector looks quite promising for further development in Nigeria.

Related

Previous Post

Twitter To Allow Non-Users Access Live Audio Sessions

Next Post

Unlimint Seeks To Offer Financial Aids to SMEs Across Africa

Next Post
Unlimint Seeks To Offer Financial Aids to SMEs Across Africa

Unlimint Seeks To Offer Financial Aids to SMEs Across Africa

eNaira Completed N46.3 Million Transactions In Two Weeks – CBN

eNaira Completed N46.3 Million Transactions In Two Weeks - CBN

Recommended

trump Quotes

Trump: 8 fascinating fact about the U.S President Elect.

5 years ago
Equinix Inc Expands to Africa following Acquisition of Connectivity Solution Provider, MainOne

Equinix Inc Expands to Africa following Acquisition of Connectivity Solution Provider, MainOne

1 month ago
CRESTHUB

Cresthub is a data focused media that leverages on data to uncover hidden sights which cuts across startups, technology, blockchain and founders in Africa.

COMPANY

  • About Us
  • Contact Us
  • Advertise With Us
  • Privacy Policy

PRODUCTS

  • Cresthub Magazine
  • Cresthub Podcast
  • Cresthub Insight

SOCIALS

Facebook Twitter Youtube
  • About Us
  • Contact Us
  • Advertise With Us
  • Privacy Policy

© 2022 Cresthub Media

No Result
View All Result
  • NEWS
  • FEATURED
  • BLOCKCHAIN
  • FINANCE
  • START UPS
  • PODCAST

© 2022 Cresthub Media

Cresthub newsletter
THE WEEKLY ROUND UP

Join our newsletter to get first hand insight in tech and start up happenings in Nigeria and Africa at large.

Enter your email address