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As Citiliving continues to grow and expand its reach, Iyayi is focused on building a brand that people can trust, delivering quality housing units on time and within budget.
The future of affordable housing in Lagos
While Citiliving is taking bold steps to address Lagos’ housing crisis, it is just one piece of the puzzle. The government also has a crucial role to play in providing affordable housing solutions.
Public-private partnerships, land reforms, and incentives for developers to build low-cost housing are all strategies that could help alleviate the housing shortage in Lagos.
Additionally, infrastructure development is essential to support the growth of affordable housing projects. Access to reliable electricity, water, and transportation can make city-center living more accessible and desirable for residents.
Ultimately, solving Lagos’ housing crisis will require a multi-faceted approach, with collaboration between government, developers, and startups like Citiliving.
As Iyayi and his team continue to push boundaries and challenge the status quo, they are paving the way for a new era of affordable housing in Lagos. By focusing on supply and quality, rather than just demand, they are making a tangible impact on the lives of residents in the city.
With determination and innovation, Citiliving is proving that the housing crisis in Lagos can be addressed, one housing unit at a time.
And as more startups and developers join the cause, the future of affordable housing in Lagos looks brighter than ever.
As Iyayi said, “We cannot AI our way out of it,” but with visionary leaders and innovative solutions, we can certainly build our way out of it.
Tech is a crucial component in addressing the housing crisis, according to Citiliving. While the company sees the crisis as primarily a supply issue, their tech platform plays a vital role in connecting renters, investors, developers, realtors, and joint venture partners seamlessly.
The web-based platform serves as a central hub where all stakeholders can interact and transact with ease. This technological solution not only streamlines the rental process but also helps in building trust among users. With the platform, individuals can own and monitor properties remotely, without the need for physical visits.
One of the key benefits of Citiliving’s tech platform is its ability to eliminate inefficiencies in the rental process. For instance, the platform replaces multiple fees typically charged to renters with a flat 10% administrative fee. This simplifies the rental experience and makes it more transparent for all parties involved.
However, operating a tech-enabled rental platform in Nigeria comes with its challenges. One major hurdle for Citiliving has been explaining their unique position in the market, which lies between a property developer and a proptech startup. Despite this, the company continues to innovate and simplify the rental experience for everyone.
Citiliving generates revenue through various streams, including development sales, property management, and platform-enabled transactions. The company charges a flat administrative fee on rentals made through the platform, covering agent and legal services. Additionally, Citiliving earns commissions from selling third-party developments and generates recurring income through service charges and maintenance for properties under its management.
In a competitive proptech space, Citiliving’s founder, Iyayi, sees collaboration as key to addressing the housing crisis. He envisions a future where anyone in Nigeria can easily find and rent a property using their smartphone. To achieve this vision, Citiliving focuses on customer acquisition rather than investor funding, using platforms like the Lagos Startup Expo to connect with potential customers and partners.
In conclusion, Citiliving’s tech-enabled approach to the housing crisis demonstrates the power of innovation in addressing complex challenges. By leveraging technology to simplify the rental process and build trust among users, the company is paving the way for a more efficient and transparent real estate market in Nigeria.
