(3 minutes read)
· Africa’s Property Technology (Proptech) sector is ramping up. It is a key component of future strategies for local REITs, operators and others looking to conduct their future real estate businesses
· The technology will also help VCs looking to invest in early stage startups and finding opportunities for investments
Africa’s Property Technology (Proptech) sector is ramping up. It is a key component of future strategies for local REITs, operators and others looking to conduct their future real estate businesses. The technology will also help VCs looking to invest in early stage startups and finding opportunities for investments.
Covid-19 accelerated the growth of technology in real estate management on the continent with smart building and sustainable technology being the most broadly adopted innovations. Recently, a leading Nigerian Proptech start-up has been included into the NYC-based Metaprop accelerator. Also, fund allocation to property technology by VC’s such as Kalon Ventures has increased. Global tech leaders, such as MRI Software, has expanded their footprint across the African market. Leading African real estate players, such as Broll, Turner & Townsend, and ATTACQ have increased their presence in the continent.
MRI Software is one of the leading drivers of Proptech globally. With over two million users worldwide and with over 70% of the South Africa’s REIT sector using its tech, MRI Software’s scale provides it with a platform to bring new technologies to market and drive adoption of new
Each company using solutions for planning and forecasting is doing things slightly differently. There are also things that remain consistent and repeatable regardless of circumstances. A lot of planning and analysis could be replaced by a predictive analytical engine powered by artificial intelligence.
With more funding being channeled into Proptech by global players and strategic investment into the African Proptech sector, this year’s Africa Proptech Forum Virtual Summit on 07 September is to be a bigger event.
