A real estate property development association, Perfection Real Estate Investor Cooperative Society, has unveiled a new housing property scheme that it says is a value proposition aimed to empower people and bridge Nigeria’s housing demand-supply deficit at a pre-launch event held in Lagos.
The scheme offers individuals opportunity to build-up their investment in real estate over a period with guaranteed return on investment. Therefore, the cooperative is offering real estate products ranging from home ownership, real estate investment, ordinary membership, and ambassadorship products managed by Imperial Homes Mortgage Bank Limited.
Meckson Innocent Okoro, chairman, of the cooperative society, said one of the critical needs of man is to own a house of his own, which is universally accepted.
According to Okoro, who is an estate surveyor and valuer, real estate is a stock of value because of the fixed nature of land that accounts for reasons real estate cannot fail or depreciate.
“There is no alternative to housing; cash flow is constant and easily predictable subject to willing tenants who are ready to pay,” he said.
He said that high taxation influences development in real estate, as developers will always look for environment with less taxation for their investment, therefore the society must place an eagle eye on property tax.
Speaking further on investment opportunities in real estate, Okoro advised new property developers to always make location their primary decision to invest in real estate, and consider insurance option on the property.
He, however, identified the cost of getting Certificate of Occupancy (CofO), and the monetization of land use act, which vested the ownership of land on government, away from the traditional institutions as a major challenge in the sector.
Niyi Adeleye, President, Perfection Real Estate Investor Cooperative society, in his keynote address said the cooperative was set up to tackle the challenges in real estate because human existence cannot function without the sector.
According to Adeleye, Nigeria currently has a shortage of 17 million housing unit with only two percent of Nigerians investing in real estate. “Perfection Real Estate Investor Cooperative Society looks to be the J.P. Morgan of Africa with prime properties,” he said.
Debo Adejana, Guest speaker at the unveiling said the time to invest in real estate is now with the number of growth poles in the Ibeju Lekki axis of Lagos like the Dangote refinery, Lekki free trade zone, and an estimated 50,000 new jobs over the next decade. “Investing in real estate now is the right investment move anybody can undertake, especially with Perfection Real Estate along the Ibeju Lekki axis,” he said.
Source: Business Day