LAGOS – Professionals in the real estate sector have urged both the federal and state governments to find lasting solutions to some of the challenges affecting the sector.
The practitioners who spoke at the just-concluded fourth edition of the Real Estate Outlook Conference themed ‘Repositioning Nigeria’s Real Estate Industry for a new decade’ outlined the challenges to include: inadequate appropriation of fund, outdated mortgage laws, unfriendly compliance with the National Housing Fund scheme, lack of technology, the paucity of funds among others.
They added that inadequate technology and good designs are hampering the growth of the sector.
One of the speakers at the event, Tobi Adama, managing director of AlphaCrux disclosed that Nigeria’s real estate industry is still at its infancy because there are so many untapped opportunities due to poor operating environment in the country.
While advising his colleagues in the sector, he noted that it was high time they get creative and not rely on government to do everything. A lot of private developers, he said, were now springing up but that it was not just about building houses alone. He maintained that as they make efforts at tackling the housing deficit, they should as well be tackling the infrastructure deficit.
“There is a need for constant dialogue by stakeholders in forums that would serve as veritable platforms for the convergence of great minds. These should include government, financial services, academia, investors and most importantly, the real estate industry players.
“The platform would help real estate stakeholders to deepen their knowledge of the market as well as find innovative solutions to ride the wave of challenging times.”
On his part, Ayo Baru, real estate advisory director with Northcourt emphasised on the need to develop a framework for solutions to problems affecting Nigeria’s real estate.
Specifically, he stressed that the government should ensure an affordable housing framework and engage the right professionals to design draft and legal processes needed in the sector.
Baru stated further that the application of technology in the sector would make transactions transparent and more efficient, and would also grant access to everyone trying to get one apartment or the other, as well as give clients more options before buying or leasing properties in the market.