The Founder and CEO of Virety, a property platform integrating verified listings with geospatial intelligence, Olayinka Olamilehin, has said that technology is revolutionising the real estate market across Africa by improving transparency, accountability, and decision-making.
Speaking in a recent interview with journalists, Olamilehin noted that technology is not only transforming payment systems but also helping property stakeholders achieve precision in decision-making, reduce logistical costs, and save time.
He said the African real estate market is expected to reach a value of $17.64 trillion by the end of 2025 and could hit $22 trillion by 2029, representing a 6 percent annual growth rate driven by rapid urbanisation.
“Within this market, the residential real estate segment dominates over 75 percent of the total. Therefore, the residential market demands more precision due to high demand and buying power,” Olamilehin said.
“Our mission is to help people make smarter choices and gain satisfaction through the use of virtual technology, thereby elevating their choices and providing concrete value.”
Explaining how Virety uses fintech integration, Olamilehin said the platform has adopted digital payment systems that ensure accountability between property hosts and guests.
“We have employed fintech to solve the problem of trust in payments,” he stated. “When people make payments and don’t receive the service paid for, they often get discouraged. With fintech, we can withhold the payment until the service has been delivered.”
He added that the system allows guests to report issues and enables Virety to suspend or ban hosts who fail to meet service standards.
“This ensures hosts are held accountable for their treatment of guests. Without fintech, payments would go directly to the hosts, leaving no control or recourse,” Olamilehin explained.
On Nigeria’s recurring challenge of affordable housing, Olamilehin emphasised that the government must take responsibility for ensuring access to housing for middle- and low-income earners.
“The leadership should take accountability in ensuring the speedy delivery of affordable housing. The slower the delivery, the more complicated the problem becomes due to population growth,” he said.
He urged the private sector to diversify beyond high-profile developments and focus on projects that cater to the largest economic class of society.
“Private sector players should form partnerships that attract strong investments to accelerate housing for middle- and low-income earners,” he noted. “Investor confidence and technology now allow ordinary citizens to invest in real estate, but the key challenge remains trust.”
Olamilehin also called for proper regulation and licensing to build public confidence and prevent real estate fraud.
He highlighted that while infrastructure remains the foundation of a profitable real estate economy, it does not directly impact the digital housing market.
“What matters most for the digital housing market is transparency and accurate depictions of what exists on the ground,” he said.
“Access to data gives digital platforms an edge. That data can help the government understand the industry’s needs and design better infrastructure policies.”
According to Olamilehin, technology-driven solutions such as geospatial mapping, virtual inspections, and digital payments will continue to define the future of African real estate, creating a trustworthy and efficient market for all stakeholders.
