REDAN pushes for development of property data

“Worried by the dearth of accurate data for necessary action plan in the housing sector, the Real Estate Developers Association of Nigeria (REDAN)  is initiating strategy to provide solution to the challenge of housing deficit.”-Nigerian Tribune

The moves by REDAN to provide a solution to the challenge of housing data was made known by its President, Rev. Ugochukwu Chime,   at a meeting  with Central Bank of Nigeria (CBN) on Real Estate Data Collation and Management, in  Abuja, recently.

Chime expressed concerns that  issue of housing deficit in Nigeria has continued to be debatable due to absence of  available studies to back up various figures that are being brandished by different stakeholders.

Justifying REDAN’s readiness, Chime argued lack of reliable data, which is needed for effective economic planning, is required to provide mass and affordable housing in the country.

“Nigeria’s housing deficit is between 10  and  17 million units, depending on who is making the assertion, although no empirical studies are available to support this assertion. We are disturbed of this scenario as both local and foreign enquiries on housing data are directed to REDAN. This is not healthy for the progress of this economy, and it is our desire to change the tempo.

“Data is important in planning, policy and business decisions, and execution of tasks. Data is the basis for business intelligence, which is about taking information and turning it into knowledge to drive better business decisions.”

According to him,  collaboration between real estate developers and  CBN to produce and manage property data was a laudable program that will further strengthen economic planning.

He stressed that the collaboration will  produce  Residential Property Price Index  and a holistic data on real estate and housing data in Nigeria.

Source: Nigerian Tribune