Eastern Africa has emerged as one of the booming destinations for property development and investment in the rapidly evolving world of real estate.

As the sector grows, experts in the field are looking for innovative ways to expand their knowledge and stay ahead of the curve.

Recognising the transformative power of technology, they are keen on leveraging the power of Artificial Intelligence (AI) to create substantial breakthroughs in their business.

This is at the forefront of the African Real Estate Society’s (AfRES) East African Chapter Conference 2023 convening in Kigali from May 25 to 26 under the theme "The next generation of real estate valuers in East Africa, the effect of ICT.”

Organised by the Institute of Real Property Valuers in Rwanda (IRPV) in partnership with AfRES, the conference brought together real estate practitioners, academia, professionals in related fields, and policy-makers from across Africa, with a particular focus on East Africa.

The event aims to foster collaboration within the real estate profession ecosystem and explore innovative approaches for mutual benefit.

According to Esperance Mukamana, the Director General of the National Land Authority, participants at the conference also seek to significantly improve real property valuation processes, especially in cases of expropriation for public benefit and land mutation.

By harnessing technology, such as AI, Mukamana said there is potential for more accurate valuations and stable pricing, ultimately benefiting individuals by preventing excessive costs.

Mukamana further explained the advantages of utilising AI systems, citing the example of Rwanda’s e-title system, which enables people to request land services and obtain authorisation through their phones, eliminating the need to physically queue at offices.

She noted that implementing AI in valuation and price-setting processes would facilitate faster and easier operations for real estate professionals.

The exchange of best practices among participants is also a key objective of the conference, fostering knowledge sharing and collaboration.

Nicky Nzioki, the chair of the East African chapter of AfRES, emphasised the importance of incorporating ICT into their profession to embrace technology and stay ahead of the curve.

He said the organisation aims to train professionals in utilising AI and Computer Assisted Mass Appraisal (CAMA) to enhance their work and generate more income.

Furthermore, Nzioki mentioned that through AfRES’ East African Chapter Conference 2023, they seek to discuss ways to standardise property measurement practices across East Africa, enabling members to practice in any country within the region.

John Mugisha, Chairperson of IRPV, discussed the implementation of AI in Rwanda’s Land Administration Information System.

The system, he said, provides crucial information on property owners and the historical selling prices of properties, which assists in the valuation process.

Mugisha emphasised that AI supplements their work by drawing information from other systems, making valuation easier without replacing human labour.

Rhonna Nyakurama Butare, an expert in land governance and urban development, expressed her belief that AI is a game changer.

She emphasised the utilisation of data-driven systems and their compatibility with other information systems to yield predictable results through data regeneration and assessments.

Butare said the advantage of employing AI in real estate valuation lies in its ability to generate mass valuations quickly, affordably, and with limited human bias, adding that it also allows room for scalability.

She clarified that AI will not replace real estate valuers’ jobs entirely, as it merely mimics human intelligence to a certain degree, explaining that there will always be valuation requirements that can only be addressed through a mass appraisal approach.