The idea of a smart home may seem like something out of a Hollywood movie but smart homes are available in Nigeria and even in Lagos and are rapidly gaining traction most especially in the real estate firm.
The Nigerian real estate sector is valued at N20trn according to recent reports by the Nigeria Bureau of Statistics (NBS).
With real estate agents offer their clients smart-homes in Lagos and some other parts of the country. Smart-homes are automated homes that are usually powered by Internet connectivity, with AI-enabled features that control and monitor various functions in the house like lighting, temperature control, air quality, and other electrical or mechanical tasks necessary giving the residents of the house the much-needed comfort they need.
Some other smart homes now have voice-activated smart home assistants. Smart Hubs, Automated door locks with facial recognition, and many other internet-powered things.
Some of the real estate firms which offer smart homes are Savant Nigeria, Hausaba, Awtomeiddia, V2D Convergence, and Oak Homes which hopes to incorporate technology into its high-end luxury apartments.
According to reports, 78% of new construction will involve smart building automation and at least one feature of the Internet of Things (IoT), and the global market is projected to reach $66,546 million by 2027.
The price of this smart-homes which are rapidly springing up everywhere are usually designed as 1 or 2-bedroom homes and cost as much as N13M to N18M for 1 bedroom apartment and N23m to N27m for a 2-bedroom apartment and many are located in the luxury part of Lekki and other areas like Gbagada and Magodo.
The Managing Partner/CEO, of Knight Frank, Frank Okosun shared some insight on the next destination for the real estate sector and investors. He said In view of volatility in the equities market, real estate investors would be more inclined to invest in the capital market rather than keeping their funds unutilized.
“We expect to see a greater influence of digital technology on the delivery of real estate products and services. This will be evident in property developers becoming more interested in the supply of smart buildings, which are capable of lowering operating costs.
Also, there will be increasing automation of real estate service processes as the prop-tech space continues to widen. The continuous rural-urban migration will increase the demand for housing in urban centers. However, affordability will remain a problem due to potential rising inflationary pressure, which might erode the purchasing power of citizens without corresponding income growth.
While the advantage of owning a smart home may be much, there are some downsides to living in a smart home. One of the major disadvantages of smart homes is Internet outages, while most of the smart homes are situated in areas where there are rare cases of a power outage. However, in the case where there is a power outage, residents will experience a lot of inconveniences because the whole house is dependent on the internet to get many things to function. However, this could be managed if there is a backup, and this is a common feature in most smart homes, as they are fitted with suitable backups in case there is an outage.
Another disadvantage to smart-home hackers is. Smart homes are internet enabled and could be hacked and the whole house can be controlled by another person elsewhere remotely. However, securing your Wi-Fi network and updating your passwords is the best way to prevent hackers from gaining access to your house.