Poor property data undermines investor confidence — Oikus CEO

Oikus’ latest report shows that more than 60 per cent of property listings in Nigeria contain inaccurate information, a trend undermining investor confidence and distorting housing decisions. In this interview with JOSEPHINE OGUNDEJI, Oikus Chief Executive Officer, Israel Ihaza explains why reliable data is vital to Nigeria’s real estate ecosystem and how digital verification can rebuild trust, transparency, and market efficiency

Oikus’ recent report revealed that over 60 per cent of property listings in Nigeria are inaccurate. Why is data accuracy so critical to the health of the built environment?

Data accuracy is the foundation upon which every thriving real estate ecosystem is built. Inaccurate property data leads to broken trust, poor investment decisions, and flawed planning. When we have verified information, from authentic property details to genuine ownership and usage data, decisions can be made on the basis of truth. Reliable data helps city planners decide where to build new roads, schools, and infrastructure.

For investors, it enhances confidence and reduces risk. For the average citizen, it can mean the difference between becoming a homeowner and losing everything to fraud.

At Oikus, we see data not merely as numbers but as the invisible architecture that holds our cities together. Without accurate data, everyone in the value chain, from developers and regulators to home seekers, is operating on uncertainty. That’s precisely why Oikus was created: to close this data gap through integrity, innovation, and transparency.

What types of misinformation or data gaps are most common in property listings, and what factors drive them?

When we analysed over 100,000 property listings, we noticed recurring patterns of misinformation. Some listings omitted prices, others lacked images or complete location details. In many cases, the same property appeared multiple times under different agents or even the same agent, often at varying prices.

This is not always deliberate fraud. Many agents work within a fragmented and poorly regulated property ecosystem, with no unified database, no standardised verification process, and little accountability. In such an environment, misinformation spreads easily. Under pressure to attract clients or close deals, some agents repost other people’s listings, alter details to make properties seem more appealing, or fill in missing data by guesswork.

However, the deeper issue is systemic inefficiency. Data silos, weak regulation, and a lack of digital integration create fertile ground for errors and manipulation. Without a reliable system for verifying ownership or tracking listings, even well-intentioned professionals may unintentionally perpetuate confusion and mistrust, eroding confidence in Nigeria’s real estate market.

How does inaccurate data affect housing delivery, affordability, and overall market efficiency?

When housing data is unreliable, every actor in the ecosystem suffers, policymakers, developers, financiers, and buyers alike. Without credible information, housing policies become reactive, responding to crises instead of anticipating them. Governments struggle to allocate land efficiently, plan infrastructure, or direct subsidies to the right areas. Developers, unable to forecast demand accurately, often build luxury estates in areas that need affordable housing.

Financial institutions and investors also face challenges. Banks cannot properly assess property values or project returns, leading them to tighten lending conditions or raise interest rates to hedge against uncertainty. Developers, in turn, inflate prices to cover these risks, costs that ultimately fall on the buyer.

Accurate, accessible data is thus a compass for affordability. It enables stakeholders to predict housing demand, monitor price movements, and understand urban growth patterns. Data-driven insights support better zoning, efficient land use, and targeted housing finance. Above all, they foster transparency and trust, ensuring that decent housing remains within reach for the average Nigerian.

In what ways does data inaccuracy distort property valuation and mislead investors or home seekers?

Data inaccuracy is like trying to measure a city with a broken ruler, every value becomes distorted. Duplicate listings, missing details, and inflated prices create false market perceptions. Investors may overpay, while home seekers develop unrealistic expectations of what their budgets can buy.

Property valuation relies on comparables, what similar properties in similar areas actually sell for. When these comparables are polluted by inaccurate listings, the entire valuation model collapses.

At Oikus, we tackle this by filtering duplicates, verifying ownership, and cleaning data. Our system flags anomalies, recalibrates averages, and generates realistic price bands per location. The goal is transparency and predictability, a market that tells the truth.

What steps are needed to establish a national framework for standardised property data collection and sharing?

The key is collaboration. No single entity, not even the government, can build a national data framework in isolation. Regulators, PropTech innovators, and professional bodies such as NIESV, REDAN, and LASRERA must come together to define shared data standards.

We must ask: What should every property listing include? How do we verify ownership? How can data be shared securely? Once these standards are set, government agencies can integrate APIs that automatically sync verified information from trusted PropTech platforms.

Why are many traditional real estate players hesitant about digital transformation?

It’s not so much resistance as familiarity. Many traditional players built the very foundation that innovators like Oikus are now digitising. They sustained the industry through trust-based, offline systems, and that deserves respect. The issue is comfort and understanding, not unwillingness.

With proper contextual education, these professionals can see that digital tools are not a replacement for their expertise but an enhancement of it.

What challenges do PropTech innovators face when integrating data from government agencies or developers?

Two key challenges stand out: access and trust.

Many agencies still rely on manual record-keeping, where property files are stored physically and easily misplaced. The slow pace of digital adoption keeps critical housing and land data trapped in paper archives or disconnected databases. This makes verification cumbersome, discourages investment, and limits PropTech innovation.

Equally, there’s a deep-rooted lack of trust. Developers and agencies often guard information for fear it could expose them to competition or regulatory scrutiny. In a market still struggling with transparency, data is treated as leverage rather than a shared resource.

PropTech firms sit at the crossroads of both problems. They depend on access to reliable data but must also prove they can handle sensitive information securely. Building that trust requires strict adherence to data protection laws, robust cybersecurity, and transparent operations. Only by bridging the gap between access and trust can Nigeria’s real estate sector achieve true digital transformation.

How can collaboration between regulators, developers, and PropTech firms strengthen verification standards?

It begins with aligning incentives. When verified listings become a badge of credibility, something regulators endorse, developers rely on, and buyers demand, everyone benefits.

Regulators gain reliable intelligence, PropTech firms earn user trust, and developers attract serious clients. At Oikus, we’re developing frameworks that combine regulatory validation with AI-powered credibility scoring, making trust measurable, not just assumed.

Beyond property listings, what other data blind spots exist in the building industry?

Significant data gaps persist in maintenance records, occupancy rates, energy consumption, and structural integrity. Without such information, property management becomes reactive, fixing problems after they occur rather than preventing them.

Encouragingly, some firms are now tracking sustainability data like energy usage and carbon footprint. At Oikus, we aim to go further by creating a living data ecosystem where every property has a digital record of its lifecycle, from construction to renovation to resale. That’s what a true smart city represents.

How does unreliable data impact sustainable city planning and building safety?

Inaccurate data can literally cost lives. City planners depend on verified geospatial and building data to allocate resources, enforce zoning laws, and prevent overcrowding. When data is wrong or incomplete, unsafe structures, illegal developments, and misallocated infrastructure are the result.

Reliable data prevents building collapses, ensures fair distribution of amenities, and promotes safer, more sustainable urban growth.

How does poor data quality affect mortgage access and investor confidence?

Investors and lenders depend on accurate data to assess risk. When ownership or valuation data is unreliable, perceived risk increases, and capital dries up. This leads to stricter mortgage terms, higher interest rates, and reduced foreign direct investment.

With verified data, lenders can trust their collateral, investors can project returns more accurately, and the market stabilises. Oikus’ data infrastructure is designed to enable banks, regulators, and investors to make evidence-based decisions grounded in verified truth.

How can government encourage digitalisation in the real estate sector?

Government should lead by example. Digitise land registries, permits, and valuation systems, and integrate them with certified PropTech partners through secure APIs. Authorities can also provide tax incentives for verified listings, training grants for agents, and funding for real estate data start-ups.

At Oikus, we believe regulation should act as a catalyst, not a cage. When policy and innovation move in harmony, transparency flourishes.

How can public institutions adopt open-data policies without compromising security or privacy?

Through tiered access. Not all data needs to be public. Ownership identities, for instance, can remain private, while structural and valuation data can be made accessible. Open data does not mean exposed data; it means structured access that allows researchers, investors, and innovators to work smarter without breaching privacy laws.

How can data analytics help investors identify genuine opportunities and avoid inflated or fraudulent listings?

Data analytics transforms chaos into clarity. By tracking patterns, such as duplicate uploads, inconsistent pricing, or unusual market trends, investors can identify both risks and opportunities.

Oikus’ analytics platform turns raw property data into actionable insights, highlighting emerging investment zones, flagging inflated listings, and revealing performance metrics that show where the market is truly moving, all based on verified information.

How can consumers be better protected from misinformation and scams?

Two strategies are key: verification and education.

PropTech platforms must take responsibility for authenticity by enforcing strict verification processes, matching listings with registry data, and profiling agents for accountability. At the same time, consumers must be educated to recognise verified listings, understand trust marks, and identify red flags.

When platforms uphold integrity and users are informed, the result is a safer, more transparent marketplace built on mutual trust.

How can PropTech tools enhance project management, maintenance, and smart city planning?

PropTech has evolved beyond property search engines to power the entire real estate lifecycle. By integrating construction data, maintenance records, and usage analytics, technology enables developers to predict system failures, streamline repairs, and prolong asset lifespans.

This data-driven approach cuts costs, improves building safety, and enhances the living experience. At a broader level, connected data transforms cities into intelligent ecosystems, where every building contributes to sustainable urban planning.

At Oikus, we aim to connect these dots, helping cities think, function, and evolve through data.

What reforms are necessary to make Nigeria’s real estate sector globally competitive?

Three priorities stand out.

First, the establishment of a national property data standard, defining what information every listing must include, how it’s verified, and who is responsible for validation. This will make data consistent and credible nationwide.

Second, integration between land registries and PropTech platforms via secure APIs to ensure real-time data exchange and reduce human interference.

Third, mandatory digital verification for all public listings to eliminate fraud and strengthen buyer confidence.

Once transparency becomes institutionalised, investment will naturally follow. A data-driven property system not only attracts both domestic and foreign investors but also strengthens public trust in land governance.

How is Oikus addressing these challenges?

Oikus is building the data backbone of Africa’s property market, starting with Nigeria. We are a data-led, socially driven property marketplace that connects verified listings, agents, and buyers through AI-powered intelligence.

We’ve analysed over 100,000 listings, cleaned and structured them into usable datasets, and are developing a marketplace grounded in verified truth.

But beyond technology, Oikus represents a movement, one dedicated to restoring trust, promoting accountability, and empowering genuine players in the ecosystem. We honour the pioneers who laid the industry’s foundations and continue their work with data, technology, and a steadfast commitment to truth.