Uche Cecil Izuora
Leading property firm, 1st Choice Properties, has designed a mobile application to eliminate property fraud and attract investors in the housing sector.
The App, which is the first in Nigeria, is to save Nigerians at home and abroad seeking to invest in real estate and properties from corruption and the harmful activities of dupes.
In a statement by Gbenga Agbana, on behalf of the company, said that Nigeria faces acute shortage of housing, with less than 10 per cent of Nigerians owing properties, while majority of Nigerians have no access to affordable housing. “The country’s housing stock in very low with some 10.71 million compared with the population. In the past few years since upsurge in migration became pronounced, locals and the Diaspora have been making tremendous contributions mostly through direct housing and land investments.
“In 2024,Diaspora investment was $20.9 billion” Agbana said.
Associated with this development is the risk of increasing corruption and exploitation of investors including the Diaspora population by corrupt individuals, land and property speculators, which discourages the genuine efforts of the Diaspora population, local and international groups from investment in Nigeria, the statements added.
Agbana, said that every year, the country loses billions of funds to corruption in the housing and property sector a trend that negatively affects the prospect of effective and functional housing and property investment in Nigeria.
He said, “The design is the first in West Africa. The new Mobile App helps potential real estate investors to eliminate fraud and enhance transparency in the Housing and Property Investment portfolio of Nigeria. This will ensure Nigeria in the comity of Nations with transparent and corruption free housing and property investment. It will help Nigeria safe billions of funds every year that would have gone into the corruption industry.”