Application of Artificial Intelligence (AI) Approach to African Real Estate Market Analysis Opportunities and Challenges

Abstract

The information on the real estate market is fast growing and becoming more complex to analyse. Therefore there is a need for reliable real estate market analysis for an informed and handsome investment decision making. The study examines the opportunities and challenges of using artificial intelligence (AI) approaches to analyse quantitative / data on the Africa real estate market. A systematic review of the literature was conducted. The study found some opportunities characterised by the usage of AI tools to include a reliable forecasting model, good predictive power, ability to perform complex tasks and analyses of a large number of variables. The major constraints of AI tools application in the study area include knowledge gap, weak political will, unstable economic conditions, low level of market transparency, maturity, openness and lack of availability and reliable data and research on the Africa real estate market analysis (AREMA). The study concluded that the Africa real estate market is yet to be ready for the adoption of hi-tech market analysis devices such as AI and machine learning (ML) due to lack of availability and reliable data. However, the study suggests a strong collaboration and cooperation between the public and private sectors to create enabling real estate business environment that prioritises technology infrastructure, data-driven property market and reliable databank to achieve a sustainable Africa real estate market analysis for an informed investment decision. Keywords: Artificial Intelligence (AI), Africa, Real Estate, Market Analysis, Opportunities, Challenges, Analysis, Data, Environment.