Adoption of artificial intelligence in property valuation: insights from practitioners in Lagos property market

Purpose Integrating artificial intelligence (AI) into property valuation significantly integrates technological innovation into property decision-making. However, this practice remains limited, particularly in emerging markets. This study examines the awareness and integration of AI in property valuation, factors influencing AI integration into property valuation, and the roles of professional bodies and property firms in integrating AI into property valuation. Design/methodology/approach The research employed a qualitative approach and semi-structured interviews with registered property valuers in the Lagos property market. A total of 15 identified participants were selected based on their active involvement in the local property market and knowledge of AI applications in property valuation, and 11 were scheduled for interviews based on consent and availability. The qualitative data from the interviews were manually transcribed and analysed thematically. Findings The results showed that the awareness and adoption of AI in property valuation practice are at a low ebb. In addition, the findings suggest a higher level of integration among younger property valuers, who seem more inclined towards the adoption of AI than the older property valuers. The results show that AI adoption in property valuation enhances efficiency, accuracy, and transparency by leveraging data-driven insights and minimises human error. However, challenges such as ethical concerns, high costs, unreliable data in emerging markets and risks of reduced human oversight were noted as drawbacks. The results also highlight the role of professional bodies in addressing these barriers through clear regulations, targeted training and collaborative oversight. These are critical towards ensuring a balance between the ethical use of AI and human expertise in the property sector. Practical implications The study recommends that professional regulatory bodies and stakeholders develop frameworks to facilitate AI integration, including training programs and partnerships with technology providers. Originality/value This research contributes to the underexplored literature on AI adoption in emerging real estate markets, with a specific focus on Lagos, a rapidly urbanising market with nascent proptech ecosystems.