+23481 0113 0222

The Virtual Reality (VR) revolution in the Nigerian real estate market

With the current Coronavirus situation being experienced around the world, corporate organisations are beginning to adopt more digital means of conducting business. Interestingly, these digital solutions have been in existence before the pandemic but with a slower adoption rate. Organisations are now forced to adopt the digitally inclined approach to work as a matter of life and death, literally!

The real estate industry is not left out of the drive towards digital; despite being highly reliant on physical closeness for construction, property tours, etc. Video walkthroughs and other digital inspections are increasingly becoming popular with real estate firms looking to push residential sales amid the covid-19 crisis. Virtual reality is one technology that is revolutionizing digital inspections . According to a survey by the National Association of Realtors in the United States of America– 44% of clients search for properties on the internet first.

According to a startup realty portal Libarihomes.Com, the Nigerian real estate industry is becoming increasingly reliant on the technology. The company has introduced a VR technology for its clients, which allows their clients to get a much clearer feel of the available properties. The VR tours offer a full 3D walk-through of prospective properties for sale. This allows the client to get a comprehensive view of the property, while allowing the seller to point out points of interest.

Video walkthroughs have been gaining steam in Nigeria for the past 6 months. While the concept is largely being practised in most developed countries, in Nigeria it is still at early stages. Libarihomes.Com believes that VR systems are becoming increasingly necessary in the real estate market as both developers and brokers search for better ways of finding or showcasing properties.

Considering physical site visits for buying homes is not advisable in the current situation, real estate startups are trying to leverage tech-led solutions to woo prospective tenants and buyers.

Safe to say that if you want your real estate business to stand out from the crowd, then you should be looking to adopt the use of VR as quickly as possible.