Artificial intelligence (AI), defined as the ability of machines to perform cognitive functions typically associated with human minds, has been widely adopted across various sectors, including finance, healthcare, engineering, technology and manufacturing. Given the increasing relevance of AI in multiple industries, this study aims to examine the extent to which AI has been adopted in the Nigerian real estate sector, particularly focusing on its potential to enhance real estate practices in a data-poor economy like Nigeria.
The study adopts a survey approach to investigate how Nigerian estate surveyors and valuers utilise AI in their practices. Key areas of AI application, its perceived benefits and the limitations hindering its adoption were explored. A census sampling technique was used to distribute structured questionnaires to 75 registered and practicing estate surveying and valuation firms in Benin City. Of the 75 questionnaires, 64 (85.33%) were returned and deemed valid for analysis. The data were analysed using frequency distribution and the relative importance index (RII).
The findings indicate that AI is perceived to significantly improve the efficiency of real estate operations, provide more accurate property valuations, reduce corruption and fraud in property valuation and enhance customer service experiences, with mean values exceeding 3.00 and a relative importance index of not less than 0.63. The study further confirms that AI can be applied across various areas of real estate practice identified in the research. However, certain limitations were identified as barriers to the broader adoption of AI within the sector.
This study concludes that the adoption and implementation of AI in Nigerian real estate practice hold significant potential benefits, particularly in increasing operational efficiency and accuracy. This research recommends that estate surveyors and valuers should pursue comprehensive training to better integrate AI into their practices and align with global technological advancements.
