“As the country gradually exists recession, stakeholders are set to examine the short-term indicators and long-term structural changes that will reinstate investor confidence in the nation’s real estate industry.”- Punch
According to the organisers of the Real Estate Unite, this and many more issues that affect the industry will form the basis for discussion at this year’s edition of the summit and exhibition, scheduled for October 23 and 24 with the theme, ‘Africa’s Real Estate: What’s new?’
The Chief Executive Officer, 3Invest Limited, organisers of the event, Mrs. Ruth Obih-Obuah, said the African real estate market was beginning to show signs of recovery and stability, adding that in a fast-moving world, the real estate industry needed to adapt itself taking into account geo-political, economic, societal and technological challenges.
She said that the recent economic downturn had caused the real estate sector in Africa to fall below the projected 2.6 per cent regional growth.
She added, “The economic indicators show that Nigeria is gradually coming out of recession. However, balancing short-term indicators with long-term structural change will reinstate investor confidence, which is paramount to the success and continued growth and recovery process of the sector, as driven by government reforms and policies.
“Other West African states are showing continued growth and democratic progress. Ghana’s Gross Domestic Product stood at 6.6 per cent by the first quarter of 2017, according to the IMF. Senegal, Gambia and Ivory Coast are also showing stable economies.”
The Director, Research and Strategy, sub-Saharan Africa, JLL, Tom Mundy, said that the Nigerian economy finally seemed to be coming out of recession and that the impact on real estate markets, particularly in the retail space, had been clear with many of the country’s larger shopping malls suffering from persistently high vacancy rates as footfall came under pressure.
According to Obih-Obuah, against the backdrop of these pressing issues, industry leaders and investors will unite again at the summit to exchange views at the event that provides an important platform for the residential, office, retail, health care, hospitality and industrial sectors of Africa’s property market to network, learn, transact, showcase and discuss opportunities and issues in global real estate yearly.
She stated, “The game has changed. Being faced with this new reality, how do we create new sources of growth? Are we rethinking business strategies? What are the new roles and responsibilities? What entirely is new? Solutions will form the basis of this year’s conversations.
“To throw a spotlight on the economy, Dr. Doyin Salami, a foremost economist, professor at the Lagos Business School and second term CBN monetary policy committee member will through his keynote presentation give an insightful examination of key trends in sub-Sahara Africa and global economy with a specific view towards the future direction over the short and medium terms, including the outlook for GDP growth, interest rates and currency performance,” she added.
She said that several other speakers at the event would focus on areas, including annual market and economic update; global issues and effects on local markets; emerging disruptors in African real estate; housing market; ground breaking technologies built for Africa; sub-Saharan Africa future cities and infrastructure; and healthcare as the most important priority for improving sub-Saharan Africa.
Other areas of focus, according to her, include capital market trends; overview of the hospitality, tourism and leisure sector in Africa; retail revolution; and office market, among others.