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Technology crucial to real estate operations — Stakeholders



The Chief Executive Officer, Oxygen Holdings/LandWey Investments Limited, Olawale Ayilara, has said that technology is very crucial to the operations of Nigeria’s property market.

“In the future generally, technology is very integral to how the property market and everything will operate. So, we all need to see how we can invest in technology to enhance how we do business,” he said.

Ayilara spoke in Lagos at the maiden edition of the BuyLetLive’s Stakeholder Engagement Forum, with the theme, ‘Real Estate Digi-volution’.

The Chief Executive Officer, BuyLetLive, Ola Daramola, in his welcome address, said the stakeholder engagement forum was aimed at showcasing BuLetLive’s product and services to stakeholders.

Speaking on financial opportunities in the real estate sector, the Chief Executive Officer, Stanbic IBTC, Wole Adeniyi, said credible real estate players were vital.

“The real estate industry has N3.5tn available for utilisation of home loans. BuyLetLive provides the biggest opportunity for users to have access to this with Stanbic IBTC,” he said.

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Adeniyi added, “For the expansion of the real estate industry, we need credible and trustworthy real estate players, and what BuyLetLive is doing is creating an opportunity and a platform for that connection to happen.”

On his part, the Chief Executive Officer, UPDC Plc, Odunayo Ojo, noted that one of the key issues in the real estate industry was the lack of data.

He, however, stated that the only way to access that data was to feed information into the database.

Also, the Chief Executive Officer, Estate Links Limited, Gbenga Olaniyan, corroborating what Ojo said, stressed that data should not be taken with levity.

“Ensure that you do not joke with data. Not just data, you need to have access to data that is up to date. This is because asking prices for properties in this part of the world are artificially high and are not to be used for decision-making,” he said.

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