feel free to call 09056000005

Experts seek new technology to curb housing deficit

Worried by Nigeria’s huge housing deficit estimated at 17 million units and more than N59 trillion required to bridge the gap, operators in the industry have called on authorities to create an enabling environment for private operators to thrive.

They observed that with a projected population of 263 million by 2038, the housing situation in Nigeria calls for emergency response and actions that would encourage investors to commit their resources into real estate.

Speaking at the fourth edition of the Real Estate Outlook Conference themed ‘Repositioning Nigeria’s Real Estate Industry for a new decade’, the players charge the federal and state governments to find a lasting solution to some of the challenges affecting the sector which include inadequate appropriation of fund, outdated mortgage laws, unfriendly compliance with the National Housing Funding Scheme, lack of technology, and the paucity of funds among others.

According to them, inadequate technology, and good designs are hampering the growth of the sector.

The Managing Director, AlphaCrux, Mr. Tobi Adama said Nigeria’s real estate industry is still at its infancy because there are so many opportunities yet to access and tap into due to poor operating environment in the country.

He said, “We have to get creative in the sense that we should not rely on the government to do everything. A lot of private developers are springing up but it is not just about building. As we are tackling the housing deficit we should also be tackling the infrastructure deficit.”

Adama disclosed that there was a need for constant dialogue by stakeholders as such forum would serve as a veritable platform for the convergence of great minds from government, financial services, academia, investors and most importantly the real estate industry players.

He explained that the platform would help real estate stakeholders to deepen their knowledge of the market and find innovative solutions to ride the wave of challenging times.

The Director, Real Estate Advisory, at Northcourt, Mr. Ayo Ibaru on his part harped on the need to develop a framework for solutions to problems affecting Nigeria’s real estate. Specifically, he stressed that the government should ensure an affordable housing framework and engage the right professionals to design draft and legal processes needed in the sector.

He further said that the application of technology in the sector would make transactions transparent and more efficient, and also grants entire levels of access to everyone trying to get one apartment or the other as well as gives clients more options before buying or leasing property in the market.

On his part, the Chief Executive Officer, Monarch Investments Limited, Dr. Gbadamosi Yakubu called for effective collaboration of relevant stakeholders to revive the sector to its full potentials. He said real estate developers should utilize technological applications to engender growth in the real estate industry.

According to him, the real estate operators should take advantage of Crowd-funding to fund housing projects and affordable homes in the country.

source:  Victor Gbonegun and Stanley Akpunonu

Similar Topics

Event Set to Celebrate Managers Who Shape Careers and Drive Organizational Growth   Business...

a month ago Read More

Global Leaders to Converge in Lagos for Landmark Event Driving Urban Innovation and...

a month ago Read More

In a bold move to redefine affordable luxury housing, Nigerian real estate giant Gtext Holdings has...

a month ago Read More

Industry Experts Urge Anti-Corruption Measures, Innovative Financing to Address Crisis By: Oche...

a month ago Read More

LAGOS, NIGERIA – Global real estate consultancy Knight Frank and UK developer Mount Anvil...

a month ago Read More

By Oche Onum Lagos, Nigeria As Nigeria’s real estate sector braces for 2025, rapid...

a month ago Read More

By Oche Onum Abuja, Nigeria In a landmark move to combat climate vulnerabilities in urban...

a month ago Read More

LAGOS, NIGERIA The Federal Government announced plans Wednesday to establish a Real Estate...

2 months ago Read More

According to The Guardian's investigation, 70% of Nigerian states rely on manual land...

2 months ago Read More

What is the Initiative? The Federal Government of Nigeria has unveiled an N100 billion private...

2 months ago Read More

Abuja, Nigeria’s gleaming administrative capital, has long symbolized hope for migrants...

2 months ago Read More

Abuja, Nigeria The Federal Housing Authority (FHA) has suspended all ongoing construction projects...

2 months ago Read More

Lagos, Nigeria  Amid Nigeria’s escalating housing affordability crisis, real estate...

2 months ago Read More

Renowned Nigerian gospel artist Mercy Chinwo has broken her silence in an emotional video...

2 months ago Read More

The Nigerian real estate market is projected to hit $2.25 trillion by the end of 2025, according to...

2 months ago Read More

Nigeria’s Minister of Housing and Urban Development, Ahmed Dangiwa, has called on...

2 months ago Read More

Affordable Housing and Luxury Properties Set to Propel Nigeria's Real Estate Market Over the Next...

3 months ago Read More

Hope for improved housing supply in Nigeria may remain unfulfilled, as the 2025 fiscal budget...

3 months ago Read More

Nigeria commemorated its annual Armed Forces Remembrance Day on January 15, honoring military...

3 months ago Read More

Nigeria’s ongoing GDP and CPI rebasing reveal real estate has overtaken oil and gas as the...

3 months ago Read More