Artificial intelligence (AI) is no longer a futuristic concept confined to science fiction or technology companies. It has entered the real estate industry and is beginning to change the way properties are valued, marketed, managed and invested in.
From automated valuation models to intelligent property management systems, AI is increasingly capable of processing enormous volumes of information in seconds, identifying patterns that may be difficult for humans to detect. For Nigeria’s real estate industry, this technological revolution presents both an opportunity and a warning.
The opportunity lies in using AI to make professional practice faster, more accurate and more efficient; the warning is that professionals who refuse to adapt may eventually find themselves operating in a market that has moved beyond them.
Property valuation is one of the areas where the impact of AI could become particularly significant. Traditional valuation relies heavily on the professional’s experience, market knowledge, comparable evidence and interpretation of property characteristics.
AI can complement this process by analysing large datasets containing property prices, rental values, location characteristics, transaction histories, infrastructure, demographics and other market variables. Automated valuation models can potentially produce preliminary estimates quickly, helping professionals handle large portfolios and identify market trends.
