Unlocking Real Estate Investment Potentials through Digital Project Management Practices: Evidence from South-East, Nigeria

Unlocking Real Estate Investment Potentials through Digital Project Management Practices: Evidence from South-East, Nigeria

Amos A. Fagbuyi, Benita I. Abuo

Eberly College of business Indiana University of Pennsylvania

DOI: https://dx.doi.org/10.47772/IJRISS.2025.914MG00143

Received: 31 July 2025; Accepted: 06 August 2025; Published: 09 September 2025

ABSTRACT

This study empirically exposed essential digital project management practices for unlocking real estate investment potentials in Southeastern Nigeria. Prime focus was on effectiveness of online collaboration tools and digital asset tracking on the real estate performance in geographically defined region. Survey research design was adopted while a total of 125 Estate Surveyors and Valuers across 89 registered Estate Surveying and Valuation Firms in South-East, Nigeria were studied. Descriptive mean, standard deviations and inferential regression estimation techniques were employed in analysing the research data. Findings emerged that online collaboration [ and digital asset tracking [ practices contribute maximally to unlocking the potentials of real estate investments in South-East Nigeria. To this effect, conclusion was drawn that online collaboration and asset tracking enhances real estate investment in South-East, Nigeria. Based on the findings, the study recommended among others that real estate investors should work towards incorporating online collaboration as well as tracking their assets digitally so as to advance sustainable growth in the sub-sector in South-East Nigeria.

Keywords: Real estate, Investments, Digital, Project management

INTRODUCTION

Real estate has long been regarded as a cornerstone of wealth creation and financial stability. As one of the most tangible forms of investment, it offers unique opportunities to generate passive income, build equity, and diversify portfolios. However, the landscape of real estate investment is evolving rapidly, influenced by technological advancements, shifting market dynamics, and changing consumer preferences. Understanding how to unlock the full potential of real estate investment is crucial for both seasoned investors and newcomers alike. Real estate investment presents a myriad of advantages. Unlike stocks or bonds, real estate is a physical asset that can appreciate over time, providing a hedge against inflation (Gyourko & Saiz, 2006). Additionally, it generates income through rent, which can be particularly appealing in volatile economic climates (Baker et al., 2020). Furthermore, real estate investments can offer significant tax advantages, allowing investors to leverage depreciation and mortgage interest deductions (Garriga et al., 2019).

As the real estate market adapts to contemporary challenges, several trends are reshaping investment strategies. The rise of remote work has increased demand for suburban and rural properties, while urban areas are seeing shifts in commercial real estate use due to changing consumer behaviours (McKinsey & Company, 2021). Additionally, technology plays an ever-growing role, with innovations such as real estate crowdfunding, blockchain transactions, and virtual property tours making it easier for investors to access and evaluate opportunities (Zhang et al., 2021). To truly unlock the potential of real estate investments, investors must employ strategic approaches. This includes thorough market research, understanding local regulations, and identifying emerging neighbourhoods (Tse & Cheng, 2020). Networking with industry professionals, leveraging data analytics, and staying informed about market trends are essential components. Moreover, diversifying investment types—such as residential, commercial, and industrial properties—can mitigate risks and enhance overall returns (Hendershott & Lizieri, 2020).

South-East Nigeria, characterized by its vibrant cities and burgeoning population, is witnessing significant growth in real estate development. However, the sector faces numerous hurdles, including inadequate infrastructure, bureaucratic bottlenecks, and fluctuating market conditions. These challenges necessitate a shift towards more efficient management practices to optimize resource allocation and project execution. Digital project management encompasses a range of tools and methodologies that leverage technology to enhance the planning, execution, and monitoring of construction projects (Muthengi et al., 2025). By adopting digital solutions—such as Building Information Modeling (BIM), project management software, and cloud-based collaboration platforms—stakeholders can improve communication, reduce delays, and mitigate risks (Kerzner, 2017). These practices not only facilitate better decision-making but also foster transparency and accountability among project teams.

Recent studies indicate that regions embracing digital project management practices experience higher rates of project success and investor confidence (Oladapo et al., 2020). In South-East Nigeria, the integration of these practices has shown promising results, with improved project timelines and cost management (Obineme et al., 2025). Furthermore, as local stakeholders begin to recognize the benefits of digital tools, there is a growing momentum toward adopting technology-driven approaches to real estate investment. For investors in South-East Nigeria, understanding and utilizing digital project management practices can unlock substantial opportunities. By enhancing operational efficiency, reducing costs, and improving project delivery, these practices can lead to higher returns on investment. Additionally, the adoption of digital tools can position investors favourably in a competitive market, allowing them to respond swiftly to changing consumer demands and market trends.

1.1 Statement of the study

Despite the significant growth potential of the real estate sector in South-East Nigeria, numerous challenges hinder effective investment and project execution. Traditional project management practices are often inadequate in addressing issues such as delays, cost overruns, and lack of transparency, leading to reduced investor confidence and suboptimal project outcomes.

In this context, the adoption of digital project management practices remains limited, primarily due to a lack of awareness, insufficient technological infrastructure, and resistance to change among stakeholders. As a result, many real estate projects fail to meet their objectives, stifling economic growth and limiting the region’s overall development potential.

This study aims to investigate the effectiveness of digital project management practices in enhancing real estate investment outcomes in South-East Nigeria. By identifying the barriers to digital adoption and assessing the impacts of these practices on project efficiency, cost management, and stakeholder collaboration, the research seeks to provide actionable insights that can unlock the investment potential of the region’s real estate market.

1.2 Objectives of the study

The main objective of the study is to examine the potential of Unlocking Real Estate Investment Potentials through Digital Project Management Practices: Evidence from South-East, Nigeria. the specific objectives are to;

1. Effect of online collaboration tools on real estate performance in South-East, Nigeria
2. Effect of digital asset tracking on real estate performance in South-East, Nigeria

1.3 Hypotheses of the study

1. Online collaboration tools have no significant effect on real estate performance in South-East, Nigeria
2. Digital asset tracking has no significant effect on real estate performance in Southeast, Nigeria

LITERATURE REVIEW

2.1 Conceptual Review

Real Estate Investment

Real estate involves land and buildings including all the natural and artificial resources permanently affixed to land such as trees, crops, canals, airports, seaports, dams and forests over which ownership rights can be exercised. According to Cornell Law School (2021), real estate is a piece of land including any artificial or natural property permanently attached to it, above or beneath such as house, building, tree or minerals.

Investment in real estate is one among the channels through which essential and basic needs of man are met in the modern economy characterized by continuous rising population, increased urbanization and industrial growth among others. Hence, globally, real estate investment is given concerted attention due to its critical role and contribution to national economy and socioeconomic development of nations (Mukhtar et al., 2016; UN-Habitat, 2010; FGN, 2009). Its development is therefore, a crucial enterprise in the advancement of any nation.

The real estate sector has huge potentials in developing countries especially Nigeria, and particularly the South-East region. As a result, Builders, property developers, and construction companies have privately or in partnership with public (government) worked and invested in real estate business.

Unlocking Real Estate Investment

Unlocking Real Estate Investment refers to the processes and strategies employed to maximize the potential of real estate as an investment asset. Unlocking real estate investment involves employing various strategies and frameworks to maximize the potential of real estate as an investment. Scholars have offered diverse perspectives on this topic, focusing on market dynamics, technological integration, and strategic approaches. Gyourko and Saiz (2006) emphasize the importance of understanding local market conditions and economic indicators. They argue that factors such as employment rates, income levels, and demographic trends significantly impact property values. For them, unlocking investment potential requires thorough market analysis to identify emerging opportunities. Zhang et al. (2021) highlight the transformative impact of digital project management tools and data analytics on real estate investment. They argue that technologies like Building Information Modeling (BIM) streamline processes and enhance collaboration, leading to improved project outcomes. Their research suggests that integrating technology is essential for optimizing investment performance. Baker et al. (2020) discuss various investment strategies, including diversification across different property types. They assert that a diversified portfolio can mitigate risks and enhance returns, especially in volatile market conditions. Their work suggests that strategic planning and adaptability are crucial for unlocking investment potential.

Lützkendorf and Lorenz (2015) argue that sustainability is becoming a critical factor in real estate investment. They note that environmentally responsible practices not only improve marketability but also lead to long-term cost savings. Their findings indicate that investors who prioritize sustainability are likely to achieve better performance and attract more demand. A report by McKinsey and Company (2021) highlights the changing demand patterns due to the rise of remote work. The study suggests that investors must adapt their strategies to meet evolving consumer needs, particularly in residential and commercial markets. This adaptability is essential for unlocking investment opportunities in a shifting landscape.

Digital Project Management

The landscape of project management is experiencing profound shifts due to the rapid advancement of digital technologies. As organizations increasingly adopt digital solutions, new trends are emerging that are reshaping the way projects are managed and executed (Datta et al., 2023; Ekechukwu & Simpa, 2024; Nwosu & Ilori, 2024). These changes are driven by the integration of advanced technologies, the adoption of digital collaboration tools, and a heightened focus on agile methodologies. Artificial Intelligence (AI) and Machine Learning (ML) are at the forefront of these technological advancements, revolutionizing project management through enhanced decision-making and automation. AI algorithms can process vast amounts of data to identify patterns and trends that might be missed by human analysis, facilitating more informed project decisions (Sharma, 2019). For instance, AI-driven tools can predict project risks, optimize resource allocation, and suggest corrective actions, thus improving project outcomes and efficiency (Sivarajah et al., 2017). Similarly, Machine Learning (ML) models can continuously learn from historical project data to refine predictions and recommendations, providing project managers with increasingly accurate insights over time (Yang et al., 2020).

Online Collaboration Tools

Online collaboration tools have revolutionized the way teams work together, enabling seamless communication, project management, and document sharing across geographical boundaries. These tools are essential for enhancing productivity, fostering teamwork, and facilitating real-time collaboration in various settings, including corporate environments and educational institutions (McKinsey & Company, 2021). Online collaboration tools have transformed the landscape of teamwork and project management, enabling organizations to operate more efficiently and effectively. By leveraging these tools, teams can enhance communication, streamline workflows, and foster a collaborative environment, ultimately driving better outcomes. As technology continues to evolve, the capabilities and features of these tools are likely to expand, further enhancing collaboration in the digital age (Baker et al., 2020).

The adoption of digital collaboration tools is another significant trend impacting project management. With the rise of remote and hybrid work models, organizations are increasingly relying on digital platforms to facilitate communication and collaboration among distributed teams (Nwaimo, Adegbola, & Adegbola, 2024; Scott, Amajuoyi, & Adeusi, 2024; Udeh et al., 2024). Tools such as Slack, Microsoft Teams, and Zoom have become integral to daily operations, enabling real-time interactions and collaboration regardless of geographical locations (Daim et al., 2021). These platforms not only streamline communication but also support document sharing, project tracking, and task management, thus enhancing overall project efficiency.

Digital Asset Tracking

Digital asset tracking refers to the methods and technologies used to monitor and manage digital assets, ensuring their proper use, access, and security. It involves organizing, storing, and retrieving digital files like images, videos, and documents, often through specialized software known as Digital Asset Management (DAM) systems (Amazon Web Services, 2023; McKinsey & Company, 2022). Digital asset tracking refers to the systematic monitoring and management of digital assets—such as documents, media files, intellectual property, and other digital resources—using technology (Tapscott & Tapscott, 2016). Tracking digital assets involves using software solutions that offer features like metadata tagging, version control, and audit trails. These systems enable organisations to efficiently manage and monitor their digital content lifecycle, providing real-time visibility and access control. Digital asset tracking optimizes workflows by ensuring that digital assets are readily accessible. This reduces time spent searching for files and enhances productivity (Gartner, 2021). Tracking systems help protect digital assets from unauthorized access or loss. They can monitor usage patterns and detect anomalies, thereby safeguarding sensitive information (Forrester Research, 2020).

Many industries are subject to regulatory requirements regarding data management. Digital asset tracking aids in compliance by providing clear records of asset usage and modifications (McKinsey & Company, 2022). By monitoring the utilization of digital assets, organizations can identify underused resources, eliminate redundancy, and allocate budgets more effectively (PwC, 2021).

Real Estate Performance

Real estate performance refers to how well real estate investments perform, encompassing metrics like rental income, property value appreciation, and overall return on investment. It’s a key indicator in the property market, influencing investment decisions and the overall health of the real estate sector. The real estate market has been described by Makama and Ishaya (2007) as the human interaction to exchange rights in real estate, which is measured in terms of monetary value. Economically, the real estate market is a market where real estate resources are exchanged through the forces of demand and supply (Maier & Herath, 2009), having a network of systems which are interconnected through the various mechanisms of the market in the allocation, usage, exchange, management, and development of spatial resources within the risk-return framework (Geipele & Kauškale, 2013; Kauškale & Geipele 2017) including other factors. These factors affect the functioning of the real estate market at different levels and degrees. Such factors are locational, demographic, socio-political, economic, legal, institutional, and the global economic environment that form the mechanism within which the real estate market functions at the various levels, categories, and types.

2.2 Theoretical Frameworks

Resource-Based View (RBV)

The Resource-Based View (RBV) of the firm, a theory emphasizing a company’s internal resources and capabilities as the source of competitive advantage, was initially proposed by Birger Wernerfelt in 1984. Jay B. Barney later significantly refined and expanded upon it in 1991. The Resource-Based View emphasizes the importance of leveraging unique resources for competitive advantage (Barney, 1991). In real estate, digital tools and innovative practices can enhance operational efficiency, improve decision-making, and ultimately unlock investment potential. This perspective aligns with the growing need for technological integration in the sector. The Resource-Based View (RBV) is a strategic management framework that emphasizes the importance of a firm’s internal resources and capabilities in gaining a competitive advantage. In the context of real estate investment, particularly through digital project management practices, RBV provides insights into how firms can leverage their resources to enhance investment potential, streamline operations, and maximize returns.

Utami & Alamanos, (2023) opine that the resource-based theory (RBT) is an influential approach in strategic management. It has been widely applied as a managerial framework to determine vital resources for a firm to achieve a sustained competitive advantage. The theory provides an essential framework to explain and predict the fundamentals of a company’s performance and competitive advantage.

In 1991, Harrison, Hitt, Hoskisson, and Ireland presented evidence that suggested resource complementarity, not similarity, was associated with higher performance in acquisitions. Actions to gain complementary resources allow firms to learn new and valuable capabilities. Their updated paper in this issue reviews more recent research. The authors demonstrate that this research provides supportive evidence for their original hypotheses. They also show that strategic alliances may be an attractive alternative for accessing complementary assets because the investment or long-term commitment is less than that required in acquisitions. Lockett and Thompson (2001) provide complementary evidence from the economics literature that supports this aspect of the RBV.

2.3 Empirical Studies

Real estate investments are made in order to get maximum returns. Several scholars have carried out works in relation to the performance of real estate. Babajide, Oyetunji, and Oyetunji (2018), conducted a study on barriers to ICT deployment in Nigerian real estate practice. The introduction of the computer and the advent of the internet have changed how many lives there are in the modern world. The versatility of ICT has led to its adoption in real estate services, as the property market is imperfect. This means that information about the property is not well disseminated. The study aimed to investigate the bottlenecks to the adoption of ICT in Nigerian real estate practice. Findings revealed that the most salient barrier to the deployment of ICT in real estate practice is the rapid change in ICT technologies. Recommendations were that practitioners should improve their learning culture on the use of all forms of ICT software for real estate practice in the bid to build their level of expertise and put the profession on a global scale compared to its contemporaries.

The study conducted by Andreasson and Mattsson (2019) investigates the potential of digital solutions and services in facilitating value generation within the Swedish real estate industry. The primary emphasis of the research was on the generation of value for both tenants and real estate owners. The data obtained from the interviews was subjected to thematic analysis to identify recurring patterns and themes. On the other hand, the survey data was examined by examining variations across age groups, gender, and diverse living arrangements.

Ude, Ekwochi and Ude (2020), conducted a study on the Collaborative Management and Performance of Real Estate Companies in Enugu Metropolis, Enugu State, Nigeria. The study adopted the survey design method and the sample size for the study was determined using Freud and William’s formula and sample size of 233 was selected from a population of 4541. The study made use of primary and secondary data sources while primary data were collected through copies of structured questionnaire on a 5-point Likert Scale format while analyses were presented in tables and percentages. The hypotheses were tested using Simple Linear Regression (SLR) and Pearson Product Moment Correlation Coefficient (PPMCC). The study concludes that the importance of collaborative management strategy and real estate companies’ performance justified their importance as a tangible asset in promoting and managing project performance. The findings revealed that there was a significant positive relationship between leadership role and team commitment (r = 0.674; p < 0.05) in the real estate companies; while it was discovered that inter organizational innovation positively affected the project employee performance (r = 0.665; p < 0.05) in the real estate companies.

In their study, Harum, Monsurat, and Yesim (2024) carried out bibliometric analysis on technological advancement applications in the real estate and construction industry. Their study analysed research articles published between 2006 and 2023 on “technological advancement in construction industry and the real estate sector”. A total of 155 articles were assessed using VOSviewer application. Findings uncovered that most advanced technological applications, especially AI, blockchain technology, smart contract, industry 4.0, IoT, and digital transformation lend positive and significant to increasing performance of real estate and construction industry. The study therefore, suggest for adoption of advanced technological innovations for resolving real estate and construction industry sector challenges.

METHODOLOGY

Survey research method was adopted. The study utilized a primary sourced data gathered from a population of 125 Estate Surveyors and Valuers, members of Real Estate Developers Association of Nigeria (REDAN), and other Associates and Fellows working with the 89 registered Estate Surveying and Valuation Firms in South-East, Nigeria (published gazette of Nigerian Institution of Estate Surveyors and Valuers [NIESV], 2018-2024). Structured questionnaire whose responses were scaled on a 4-point measurement criterion and ranked from the highest to lowest was used to collect the data. The questionnaire copies were administered to the respondents by both direct and electronic (google) method. Proportionate method was employed in distributing copies of the questionnaire across the respondents; hence, 45 copies were sent to the firms in Enugu metropolis, 23 copies to those in Anambra urban, 12 copies to Abia urban, 15 copies to Ebonyi city, and 30 copies to Imo urban. Out of the 125 copies of the questionnaire administered to the respondents, 122 were duly and correctly filled and returned for analysis. Focus on only registered Estate Surveying and Valuation Firms was to ensure that only professional opinions and views were captured and analyzed in the study. Since the numbers were not too large, further sampling was not considered.

Internal consistency of the research instrument was ascertained using the “test-retest” method. The computed Spearman’s rank correlation coefficient was 0.834>0.50. The 83.4% correlation coefficient indicates a very strong positive relation between the two test-retest exercises. In other words, confirming a very high degree of internal consistency of the research instrument. Descriptive statistical techniques such as frequency counts, percentages, mean, standard deviation and case ranking were used in analysing the survey data. However, ordinary least squares regression form was used in validating the formulated hypotheses. Statistical Package for Social Sciences (SPSS) for windows, (version 25.0) and Microsoft Excel aided analysis of the research data. Significant effects were accepted at (P<0.05).

RESULTS AND DISCUSSION

The response rate (% returned) is 97.6% [(122/125)%]. The result of return rates by to state (or location) is as presented below:

Table 1: Return Rates

Source: Extract from the field survey, 2025

The response rates as presented in table 1 shows a return rate of 91.7% from Aba in Abia state, 100.0% from Awka in Anambra state, 93.3% from Abakaliki in Ebonyi state, 100.0% from Enugu in Enugu state, and 96.7% from Owerri in Imo state. Holistically, out of a total of (125), one hundred and twenty-five copies of the questionnaire distributed across the Estate Surveying and Valuation Firms in the South-East urban centres, 122(97.6%) were correctly filled and retrieved for analysis.

Table 2: Respondents Profile

Source: Extract from the field survey, 2025

The respondents’ profile (table 2) highlights the highest academic attainment of the respondents, and their years of working experience. The result reflects a diverse and dynamic cross-section of professionals involved in the study. Result of the education statistics revealed that the respondents exhibit a range of qualifications. Greater percentage lies with Bachelor of Science (BSc.) holders (45.1%) and Higher National Diploma (HND) holders (29.5%), while from the least, we have Ph.D. degrees (7.4%) and M.Sc. degree holders (18.0%). Also, distribution of their years of working experience shows that majority 47.9% have worked for 10 years and above; thus, confirming that they are well experienced in the field and hence, any information provided by them can be relied upon for generalizations.

Table 3: Descriptive statistics and Kolmogorov-Smirnov (K-S) Test of the study variables

Source: Extract from SPSS 27.0 Output

The descriptive statistics presents the mean and standard deviations of the variables in the study. OCT(3.26±0.923), DAT(3.04±0.708), and REP(3.12±0.899) indicates acceptance based on the 4-point likert criterion. However, the Kolmogorov-Smirnov estimates confirmed normality of the data series, hence the p-values are all above 0.05. The K-S test result fulfilled an essential assumption for parametric test applications. The implication is that further advanced statistical assessment can come from the family of parametric tools.

Hypothesis One: Online collaboration tools have no significant effect on real estate performance in South-East, Nigeria

Table 3: Regression Result of effect of OCT on REP

*significant at p≤0.05

The result (table 3) proved that real estate performance in South-East, Nigeria are positively [-estimate (0.56311)>0] and significantly [p-value (0.0012)<0.05] influenced by online collaboration tools. This result confirmed significant contribution of ICT in promoting real estate services within the South-East region. The R-square estimate shows how effective the online collaboration tools are in predicting the real estate performance on a linear plane. A value of 59.3% indicates a high predictive ability of online collaboration tools on the real estate performance in Southeastern region of Nigeria. Autocorrelation estimate (DW-statistic = 1.78411) which is approximately 2 provided enough statistical evidence of absence of first order autocorrelation problem in the model. In other words, the error series in the model are uncorrelated.

Hypothesis Two: Digital asset tracking has no significant effect on real estate performance in South-East, Nigeria.

Table 4: Regression Result of effect of DAT on REP

*Significant at p≤0.05

The panel OLS result (table 4) uncovered that digital asset tracking (DAT) [(0.489), t*(3.091), p(0.0027)] lends significant positive support to real estate performance (REP) in South-East, Nigeria. This indicates strong dependency of real estate performance on digital asset tracking. In other words, enhancing REP requires proper positioning and ensuring smooth and efficient DAT.

Based on the regression line: REP = 1.90214 + 0.48902(DAT), a 100% adoption of DAT in real estate investment will bring about 48.9% appreciation in REP in the area. The R-squared estimate of 54.6% indicates the explanatory power of DAT on REP. It affirmed that in absence of other economic factors, over 54.6% of the total changes in real estate performance (REP) can be explained by digital asset tracking (DAT). The conclusion is therefore drawn that a 100% adoption of digital asset tracking is required for progressive real estate performance in South-East, Nigeria; hence, the proposition that DAT has no significant effect on is rejected.

The autocorrelation estimate (DW-statistic = 1.55430) supports that the model is not suffering from first order serial correlation; hence, it is correctly specified and devoid of residual/error series.

CONCLUSION AND RECOMMENDATIONS

This study explores the potentials of real estate investments through technological applications in project management. Owing that technological innovation has been identified as one of the giant approaches by which performance of the real estate sector can be enhanced, this study specifically considered adoption and use of online collaborative tools and digital asset tracking in unlocking real estate investment potential within the Southeastern region. The conclusion drawn was that online collaborative tools (OCT) and digital asset tracking are significant drivers of real estate performance in South-East, Nigeria. In other words, the study highlights that adoption of digital project management practices such as use of online collaborative tools and digital asset tracking would lend significant positive support to achieving the potentials of real estate investment in the region. On these grounds, the study recommended that:

• Real estate investors and practitioners within South-East region should work towards improving their learning culture on technological skills development especially those concerned with real estate management (online collaboration and digital asset tracking) with a view to building their level of expertise and advancing sustainable growth in the sub-sector, thereby elevating real estate investment potentials to a global scale.
• Real estate professionals and managers should welcome digital technological practices for reduced cost, timely delivery and improved certainty in reals estate operations in South-East Nigeria.

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