With 2020 half a decade away, the Nigerian Real Estate Sector should pin faith on the great white hope of landmark tour de force from almost all facets of human avocation in 2020 as promised by the GEJ administration, which predicts that Nigerian should be among the 20 biggest economies in the world five years from now, if Pigs begin to fly by then.
However, this never ending dream could come to fruition and when it does become reality, there will be need for Nigerian real estate investors and sundry players to decipher economic and demographic shifts because expectedly this shifts are going to change investment landscape in this sector by that golden year.
Adversely, it is also believed that the economics of real estate will hang in the balance within the same period. Since technology continues to mindlessly nosedive into every ounce of human existence with reckless abandon. Consequently, it is expected that there will be a striking imbalance in demand for, and supply of retail and office spaces due to the growth in online shopping and virtual office.
Though, I don’t see the challenges induced by a rapidly growing human friendly technological advancement inciting a worrisome rivalry with the opportunities abound. Provided that there is a complete understanding of the economic and the demographic shifts that will overhaul the real estate investment landscape, then the job is half done in 2020.
Rapid urbanization and demographic changes, especially within emerging markets is too much a competition for a decline in the demand and supply of retail and office spaces caused by a technology epidemic and if the later pushes her luck a tad more, there can only be one outcome; a substantial growth in real estate investment.
The supposed havoc that a divergent technology invasion will cause the economics of the real estate business by year 2020, will also maximize real estate investments if its full potentials are exploited relentlessly and adequately.
Therefore, real estate professionals and investors should not overlook the application of technology in this thriving sector of the economy, in fact they should be flirtatious in the application of technology in real estate especially when she’s ready to go all the way with all spheres of human endeavour that deems her worthy, who wouldn’t? This is paramount in other not to be on the back foot in a year that has been earmarked for dreams to come true!
Applying technology in real estate business has become imperative because intense competition for prime real estate is likely to cause real estate managers and investors to seek out new opportunities for yield and as they venture into new territories, the growing and changing real estate world would present them with wider range of risks which they should be equipped to manage.
Did I hear you say “real estate is not as boring as I thought?”
There is a going urge to join the real estate train, so don’t put off till tomorrow what you can do today.
Why wait till 2020?