ASSESSING THE VIABILITY OF ARTIFICIAL INTELLIGENCE IMPLEMENTATION IN NIGERIAN PROPERTY MARKET. (A CASE STUDY OF AKURE)

This research investigates the viability of Artificial Intelligence implementation in the Akure property market, focusing on its potential to optimize real estate processes, enhance decision-making, and address market challenges. With advancements in Artificial Intelligence technologies, including machine learning, natural language processing, and computer vision, this study explores how these innovations can transform key aspects of the real estate market, such as property valuation, demand forecasting, and risk management. The research is grounded in a conceptual framework that examines the integration of Artificial Intelligence within real estate, supported by the Technology Acceptance Model (TAM) and the Unified Theory of Acceptance and Use of Technology (UTAUT). These frameworks provide insights into the factors influencing Artificial Intelligence adoption, including perceived ease of use, technological readiness, and organizational support. The study also evaluates the regulatory framework governing Artificial Intelligence in Nigeria, particularly the policies on data privacy, ethical standards, and digital infrastructure, which are necessary for the sustainable adoption of Artificial Intelligence technologies in real estate. Using a survey research design, the methodology involved administering questionnaires to a sample of registered estate surveyors and valuers in Akure. A total of 28 professionals participated, providing data on their perceptions of Artificial Intelligence, the factors influencing its adoption, and the barriers impeding its implementation. Data analysis was conducted using Descriptive Statistics, Linear Regression, and Relative Importance Index (RII) to assess the significance of various influencing factors. The findings reveal that while estate professionals recognize Artificial Intelligence’s potential to improve market efficiency, significant barriers (i.e. regulatory constraints, high implementation costs, and limited technological infrastructure) impede its widespread adoption. The research concludes that for successful Artificial Intelligence integration, addressing regulatory gaps, investing in capacity building, and promoting supportive government policies is essential. This study provides actionable insights for policymakers and industry stakeholders, contributing to the discourse on digital transformation in the Nigerian real estate market.