CHALLENGES FACING ADOPTION OF PROPTECH IN REAL ESTATE PRACTICE IN LAGOS STATE, NIGERIA

The quest for technological advancement and sustainability in all aspect of human dealings has become a contemporary issue among practitioners and researchers throughout the world. In developed economies, the studies of PropTech tools have shown the significant of PropTech adoption in terms of time saving, cost reduction and efficiency in real estate practices. PropTech has also become a subject matter of discourse among researchers in developing countries like Nigeria due to benefits attached to its adoption. Previous studies have been confined to the level of awareness and adoption of PropTech tools in real estate practice in the study area, with little empirical information on the challenges facing the adoption of PropTech in the real estate sector. This study focused on the challenges facing adoption of PropTech tools in Lagos State. Primary data were obtained from 205 real estate surveying and valuation firms through the administration of questionnaires. Data obtained were analyzed with the used of mean and relative importance indices. The findings of the study revealed that cost of implementation (4.03), resistance to adoption of technology (3.62), potential job displacement (3.60), knowledge gap (3.57) and economic factor (3.54). The study recommended that government and financial institutions should provide innovative funding, low interest loan and tax incentives to real estate surveying and valuation firms to support technological transformation of real estate firms in Lagos State, Nigeria.