Nigeria Real Estate Experiencing Growth Despite Biting Economy

Despite biting economic situation in Nigeria, the National President, Real Estate Developers Association of Nigeria (REDAN), Rev Ugochukwu Obiora Chime confirmed last week in Abuja that the real estate sector is experiencing growth.

He explained, “There is still housing development because many manufacturers in this country are operating at below 20 percent capacity utilisation of their factories so some of the idle funds are now kept in aspects that can oscillate with the economy.

“So people now build houses, build malls with the aim of securing the value of their assets, the value of their money because when you put this money in…when there’s inflation, the nominal value of N1 will still remain N1. But the value of an asset created with that money five years ago will keep on increasing.

“Another reason is members of REDAN have decided to keep on investing in this sector because they believe in it. That’s why you still find a lot of developers, a lot of estates springing up.

“We believe that the future of Nigeria, the future of investment, the increase in GDP we’re asking for will come from the housing sector because the global economy dynamics have shown clearly…that the solution lies in a reinvigorated, dynamic and refocused housing delivery mechanism. That’s why Americans are going in there,” the REDAN president expressed.

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