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Firm laments technology gap, trust crisis in land market

Nigeria’s digital real estate company, Sytemap, has raised concerns over the ongoing trust crisis and slow adoption of technology within the housing sector, particularly in the land market. The firm highlighted that the widespread lack of trust has far-reaching consequences, deterring genuine investors, increasing customer acquisition costs, and creating a vulnerable environment prone to exploitation.
The report provided insights into the changing dynamics of Nigeria’s land market, revealing that 80% of land buyers are under the age of 45, which is reshaping market demands. It also noted that many buyers purchase plots without visiting the sites, further emphasizing the need for digital solutions.
 
 
Despite the growing interest, the process of purchasing land remains burdensome, involving several complex steps such as identifying the right plot amid limited online listings, navigating unclear ownership records, conducting manual site inspections, negotiating with agents, drafting contracts, securing financing, and completing registrations.
The report stressed that restoring trust is crucial for market growth. Potential solutions include leveraging technologies like blockchain for title verification, implementing transparent buyer rating systems, and enforcing strict penalties for malpractice.
 
Sytemap expressed concern that 90% of operators still rely on outdated methods, underscoring the need for innovative strategies. Manual processes continue to dominate even beyond payments, calling for a complete digital transformation in the sector.
Several factors were cited as contributing to the erosion of trust, including unclear land titles, murky documentation, and verification processes that enable fraudulent sales. Additionally, misleading marketing materials, such as advertisements promising amenities that differ from the final product, also play a role.
 
Sytemap’s Co-founder and CEO, Nnamdi Uba, emphasized that the land market is at a pivotal moment, with significant shifts in buyer behavior, technological advancements, and market changes. He stressed that innovation is crucial to unlocking new buyer segments and staying competitive through technological partnerships.
 
Chidi Fidelis, Head of Business and Sales at Sytemap, further noted that the land market is evolving quickly due to demographic shifts, technological disruptions, and changing buyer expectations.

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