In the midst of the global economic downturn in 2008/2009, real estate in Nigeria also took a bad turn and has been slow to recover. Now, players in the field all agree that when the real estate market does settle, it would be futile to continue as normal. Here, we highlight 4 ways to approach property development to gain and maintain a competitive edge in the Nigerian real estate sector. These include:
Innovative Products
Product innovation in property development in Nigeria has until now been limited to building exteriors and interiors. A new approach to development products means making highly noticeable changes to building designs and layouts, as well as adding new features to architecture. One broad area of consideration is green technology in building construction and function; using environmentally friendly materials, harnessing rainwater to assist with plumbing features, and the use of solar panels for energy and heating.
New Development Processes
Property developers in Nigeria need to re-examine their processes – from construction, to marketing and finance, to procurement. The reasons for improved processes are to save time and costs while improving development quality. The goal is to not only build the final product (houses, hotels, commercial buildings, etc.), but to ultimately increase business performance of development companies.
Modern Materials
Property in Nigeria has not yet benefited from the innovation of building materials being used in the rest of the world. There is a huge need for modern advancements that will help to make construction materials lighter (and reduce building costs), more durable, and more in line with global trends (which include the need to meet environmental objectives).
New ICT Infrastructure
If real estate in Nigeria is to improve its viability and value, developers and innovators in the industry need to include the use of information and communication technology to collect and analyse data, especially construction progress and real estate transactions. The use of ICT in the real estate industry can give investors, developers, and marketers a real competitive edge, and gradually drive up the value of the property market in Nigeria.
