REAL ESTATE NEWS

Nigerian Surveyors Urge Enabling Environment For Real Estate Sector

Lagos Home & Property Festival

Members of the Royal Institution of Chartered Surveyors (RICS), Nigeria group have called on the Federal Government to create an enabling environment for real estate sector, which will boost the economy.

The real estate experts, who spoke at the Annual General Meeting (AGM) and induction of new members, dwelled on the theme: Funding Real Estate, Requirement from Advisors.

The Chairman, Royal Institute of Chartered Surveyors (RICS) Nigeria Group, Mr. Yinka Omotosho urged government and all practitioners in the real estate sector to look for new ways to pull the economy from its doldrums.

He said the economy have witnessed the good, the bad and the ugly such as devaluation of Nigerian currency, rising inflation, excess supply of property as a result of the economy downturn.

Surprisingly, Omotosho noted that the property market has continued to have a stable property price despite the sharp fall in the demand for property. He said, the RICS Nigeria group has identified funding challenges to investment in real estate sector as bane of housing in the country and proposed options for practitioners in African continent to operate optionally.

An official of Ecobank Nigeria Plc, Mr. Kunle Osilaja discussed how Nigeria compares to other emerging global markets, the impact of regulatory and policy changes and obstacle preventing flow of foreign capital into Africa.

He tasked all stakeholders in the real estate sector on funding and urged government at all levels to summon the political will for the vigorous implementation of all policies and programmes in the housing sector.

Another member, Mrs. Annette Oke said operators should look inwards for funding in view of the structural and other challenges coupled with competition from other regions in the globe.

Source: The Guardian

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Jemimah Abimbola

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