Africa has the potential to become the proptech hub of the world, a report by Estate Intel stated.

The report titled, ‘Net zero, focus on niche specific sectors and technology innovation are the key trends affecting African real estate’, noted that this was disclosed at the 13th Annual Africa Property Investment Summit in Johannesburg. According to the report, globally real estate has been slow to adopt tech despite being the largest asset class.

It, however, stated that across Africa, the sector was gaining momentum.

It said, “While tech may sound complicated, it is really about the benefits it brings in terms of their improved user experience, savings on costs, easier transactions, and better security.

“Data and technology on their own do not really do much. However, it can underpin an institution’s strategic value drivers. In their instance, they use technology across multiple facets such as tenant experience, enhancing customer experience, ensuring world-class security through their safe spaces, and management of net zero strategies.

“Overall, the proptech forum’s general consensus is that proptech is gaining momentum across African real estate and it is imperative that industry players and not tech developers drive this innovation and momentum.”

Sequel to the insights shared at the 13th Annual Africa Property Investment Summit, experts emphasized that net zero, niche specific sectors, and technology innovation were the key trends affecting African real estate.

An expert, Niyi Adeleye, Head of Real Estate Finance, Standard Bank, Africa Region, said the next growth frontier for Africa was about niche-specific sectors.