The Future of Real Estate and Property Management in Africa

• By Folajomi Adegbulugbe

The real estate and property management landscape in Africa is undergoing significant evolution. As the continent grapples with rapid urbanization, a growing middle class, and the persistent challenge of housing shortages, it is clear that the way forward will be shaped by a combination of technology, innovation, and a deeper understanding of local contexts.

At the heart of this evolution is the need to redefine how properties are developed, managed, and accessed in a way that creates lasting value for all stakeholders.

Africa’s cities are expanding at an unprecedented rate. With over 40% of the continent’s population now living in urban areas, the demand for housing and commercial properties has never been higher. This surge has created a unique set of opportunities and challenges.

On one hand, the demand presents enormous potential for investors and developers, but on the other, it highlights the inefficiencies that plague traditional real estate and property management. My work as a director at Anmut property developers puts me in the front line of solving these challenges. We are building an estate in the heart of Akure that would change the way young professionals in emerging cities interact with real estate by making it accessible and using technology to provide better service.

The role of technology in shaping the future of real estate cannot be overstated. In recent years, I have seen a steady rise in property tech startups across Africa, offering solutions that were previously unavailable or difficult to scale. Digital platforms are bridging the gap between property owners and tenants, making transactions faster and more transparent.

At the same time, data analytics tools are enabling developers and property managers to make informed decisions about where and how to invest. However, technology is not a magic bullet. Its effectiveness is deeply tied to how well it aligns with the realities of the African market, including the need for offline solutions in regions with limited digital penetration.

Affordable and Sustainable Real Estate Development

Affordability remains one of the most pressing issues in African real estate. While many developers focus on high-end properties that cater to a niche market, the real challenge lies in addressing the housing needs of the growing middle class. Recognizing this, I have strategically positioned my real estate ventures to bridge this gap, ensuring that affordability does not come at the expense of quality.

By leveraging innovative financing models and optimizing construction efficiencies, I have not only made real estate ownership more attainable but also created a sustainable stream of passive income for investors. My developments provide stable rental returns and long-term value appreciation, proving that affordability and profitability can coexist in the African market. This strategic approach has positioned me as a leader in a sector that is often dominated by high-cost developments, offering a blueprint for how real estate can be both inclusive and financially rewarding.

Redefining Property Management in Africa

Property management in Africa is undergoing a fundamental transformation, shifting from a traditionally reactive function to a proactive, technology-driven industry. I have taken a leadership role in this evolution through 93 Property Management, a portfolio company that oversees my multiple real estate brands, ensuring they operate at the highest standards of efficiency and tenant satisfaction.

Through my hands-on approach, 93 Property Management has implemented modern property management strategies that integrate technology, streamline operations, and enhance the tenant experience. Automated rent collection, predictive maintenance systems, and data-driven tenant management have set a new benchmark for property management in Nigeria. My short-let brand, 93 homes and residences offers premium serviced apartments that cater to both business and leisure travelers, filling a crucial gap in the hospitality market while maintaining high occupancy rates.

The Path Forward

The future of real estate in Africa also hinges on collaboration. Governments, private sector players, and communities must work together to address the continent’s housing and infrastructure challenges. Public-private partnerships (PPPs) have shown promise in this regard, enabling large-scale projects that might otherwise be unfeasible. For instance, partnerships between governments and developers have led to the creation of affordable housing schemes in countries like Kenya and South Africa. While these initiatives are far from perfect, they highlight the potential of collective action in addressing systemic issues.

One of the lessons I have learned from working with entrepreneurs at The Hive is that innovation often comes from unexpected places. In the real estate sector, some of the most exciting ideas are emerging from individuals and small businesses that are deeply rooted in their communities. These players understand the unique challenges and opportunities of their local markets, giving them a competitive edge over larger, less agile organizations. By leveraging their local insights, they are able to create solutions that resonate deeply with their target audiences. This bottom-up approach will be an essential part of the industry’s evolution.

As I look to the future, it’s clear that the road ahead will not be without its hurdles. Regulatory environments remain inconsistent across the continent, and corruption continues to be a significant barrier to progress in some markets. Additionally, access to financing remains a challenge for both developers and consumers. These issues are not insurmountable, but they require sustained effort from all stakeholders. Entrepreneurs, policymakers, and investors must work together to create an environment where innovation and growth can thrive.

The African real estate sector is at a crossroads. The choices we make today will determine whether it becomes an engine of inclusive growth or a missed opportunity. By embracing technology, prioritizing sustainability, and fostering collaboration, the industry has the potential to not only meet the continent’s housing needs but also contribute to broader economic development. At The Hive, I am committed to supporting entrepreneurs who are tackling these challenges head-on because I believe that real estate is more than just buildings and spaces, it’s about creating environments where people can thrive.

The future of real estate and property management in Africa is as much about mindset as it is about action. It’s about recognizing that value is created not just by what we build, but by how we build it and who we build it for. It’s about shifting from a transactional approach to one that prioritizes relationships and long-term impact. This is the path that will lead to a more sustainable, inclusive, and prosperous real estate industry, one that truly reflects the aspirations of the African continent.

Folajomi Adegbulugbe is an accomplished entrepreneur and business leader with a proven track record of building and scaling ventures across various industries. He co-founded Pristin Capital and launched successful startups like Jo’s Indulge, furnisheet and Gasify. Currently leading The Hive Incubator in Akure, he supports startups by providing mentorship and resources.

With dual Master’s degrees in International Business and Finance and currently pursuing an MBA at Imperial College London, Folajomi brings strategic insight and innovative thinking to business, investment, and mentorship. Passionate about teaching and collaboration, he is dedicated to helping others unlock their potential and drive meaningful impact.