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Proptech industry growth will hit $23bn, says group

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The Nigeria Proptech Association has said that the country’s proptech industry’s market size has reached an all time high of $11.7bn and is expected to hit approximately $23.7bn by the year 2027.

“Small Small Technology got into Techstars Toronto and in 2022, RedSwan CRE got into Aldar Programme in Dubai. These PropTech startups are all based in Nigeria. ARM Labs Techstars Accelerator programme was recently launched in Lagos with the intention of investing in early-stage PropTech and Fintech startups in Africa. Up to 12 startups will be selected on an annual basis.”

Since 2019, Africa PropTech ratio has hovered between 0.3 and 0.6 per cent of total VC funding, significantly less than the global five per cent benchmark. Nigeria Proptech startups are also seeing some growth in the market. As of 2021, startups in the space have secured over $2m in investments. There are over 70 active Proptech startups in Nigeria alone according to an August 2021 PropTech Nigeria survey.

He projected that by 2050, none of the world’s biggest cities will be in China, Japan or the United States. He said Africa’s population growth would triple by 2050 and the biggest cities would emerge from the continent.

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