After acquiring Jumia House, ToLet.com.ng, a property search and eCommerce site has now rebranded to PropertyPro.ng.
It would be recalled that ToLet.com.ng now PropertyPro.ng had acquired Jumia House for an undisclosed amount after the latter’s parent company, Jumia had to divest from non-core eCommerce business.
In an official statement issued by the company, it conceded that the rebranding is a fall out of its acquisition and to further improve its positioning in the market.
PropertyPro.ng said its “business model is based on connecting real estate players, it recognizes the importance of user protection and has taken extra steps to ensure the quality of listings, agents and clients on the site through its verification process.”
Since the beginning of Nigeria’s last recession eCommerce companies has either shut down their non-core units or divest to smaller players who can use the data and technology to their advantage.
The Nigerian property market is one of the most complex and opaque in the world with no proper metrics or official prices for valuing property.