Property and technology industry operators have said that poor regulation of the real estate industry has been hampering growth in the sector.

Krib CEO Oyinkansola Tella, in an exclusive interview with The PUNCH, said that inadequate real estate regulation has been causing painful experiences for city dwellers, who invest in property.

She said: “In developed countries, becoming a real estate agent requires a license. Anyone in Nigeria can become an agent at any time. Many renters/buyers have been scammed and misled by unscrupulous agents, some of whom they met online due to lack of regulation.

“Although most assistive technology startups save users time and money by not charging legal or agency fees, a lack of trust has limited the success of online real estate transactions because most people prefer to meet with agents, view properties to confirm what was displayed online, and process transactions through legal associates to ensure their security.”

According to her, there has been an increase in tech startups tackling Nigeria’s property and real estate challenges in the last five years.

“Krib gives you access to cozy and affordable short-term apartments that allow for a flexible payment plan,” he explained.

Along the same lines, Finer Design Limited CEO Eberechi Nonka-Dike noted that a lack of regulation and enforcement of existing laws has held back the growth and power of proptech in Nigeria.

He said: “There is a big market, but also a big housing deficit, which means there is demand but the supply indicator is low. Therefore, proptech bridges the gap between demand and supply. Also, improving the regulatory framework would help leverage proptech in Nigeria.”

“The ideal for a company to call itself a construction or real estate company, be it by regulation that it has a minimum capital base. However, proptech companies are springing up, where are they going to find that amount of funds to put as capital?