Africa’s real estate sector is indisputably a goldmine. While its exact worth is difficult to determine due to diversity and fragmentation, experts suggest that the market, being one of the fastest-growing in the world, is worth trillions of dollars.
Credit to the advent of Airbnb, smart homes, and phone-based mortgage purchases, technology is transforming the global property industry. Per stats from Future Market Intelligence, as of 2021, proptech was worth USD 67.5 B and is projected to grow to USD 86.5 B in 2022.
Technology has penetrated and disrupted the property industry of other most likely more developed economies. In Africa, though, it has had a bit of a back-breaking time disrupting the status quo. Proptech startups have been emerging across the continent, driven by the sector’s growing need for efficiency and transparency.