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Experts advice on Real Estate Market Opportunities

Given the need to diversify the economy, experts have urged the government and  the citizenry to take advantage of opportunities in the real estate market.

Last week at the Didi Museum, Victoria Island, Lagos, stakeholders  stressed the need to create a localised supply chain and accessible data to bridge housing deficits.

President of the Roland Igninoba Real Foundation for Housing and Development, Mr Roland Igbinoba said his organisation was making effort to provide accurate analysis of the Nigerian real estate market to attract foreign and local investors, among other benefits.

He said: “We thought about how we could provide data to the market, so we dimensioned the market, using Lagos as our case study. Our research covers mass housing, low income housing, medium, luxury and residential housing. Lagos was divided into clusters and analysed in terms of real estate, including their economic power. We broke the analysis down for easy read and with many pictures to break the barrier of too much text.”

Igninoba said the report, the second edition since the first in 2009, provides easy access to all facts, data, statistics and analysis on the key players in the real estate market, as well as closing the gap between investors and housing deficits. He noted that Lagos, with growing housing deficit of about 2.4 million, needs to provide housing in areas where it is needed like on the Mainland.

Chairman of the foundation, Mr. Newton Jibunnoh, said the report would help Nigeria ascertain her housing progress and predict same as far as 30 years from now. This, he said, is important to combat housing deficits in states with immigration explosion like Lagos, Port Harcourt and Abuja, which would benefit the economy at large.

Said he: “The report is not just good for developers, but the entire housing market, including the academia. It is good for lecturers to teach and students to study, because everything is referenced. The country is hungry for investors but lacks data. Data gathering is a step in the right direction. Real estate sector is very vibrant in Nigeria, but when investors can’t acquire information, they go to their country’s embassies in Nigeria to ask for the information. It’s time for us to do this ourselves.”

Chairman, Eko Atlantic, Mr. Ronald Chagaoury expressed the minds of foreign investors concerning Nigeria’s housing market.

“A lot has changed from 2009 till now. Before, Nigeria used to be a mysterious place with hardly any information or place on its real estate statistics, coupled with all the negative media reports. So many investors shied away from Africa. But Nigeria is beating these challenges with information gradually circulating with facts, figures, statistics, Google now has some statistics and these are really good for investment.”

A sponsor of the report, Mr. Tayo Odunsi, Team Lead at Northcourt real estate said:”The first report in 2009 covered every developer in Lagos. So, this revised edition with being in a lot of interest and activities. Real estate in Nigeria has grown big. There are now hospitality industries, formal retail spaces, facilities managers, among others. All these have to be locally documented through this report. Google will get access to it and that makes for easy reach.”

Another sponsor, Mr. Olusesan Olaoye of Alpha Mead Development Company urged facilities managers to key into the project because of the several inherent advantages such as its ability to attract foreign investors which would naturally lead to partnership with local facilities managers.

Source: The Nation

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