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Experts foresee growth in the real estate sector through urban renewal and tax reform initiatives

Real estate professionals in Nigeria are optimistic about the potential for growth in the sector if the government takes strategic steps towards urban renewal, infrastructure investment, and tax reforms. This sentiment was echoed at a recent conference titled "Real Estate Outlook 2024," organized by the Nigerian chapter of the International Real Estate Federation (FIABCI-Nigeria) in collaboration with the Nigerian-British Chamber of Commerce, held in Lagos under the theme, ‘Looking Ahead: Gauging Opportunities.'
 
Real estate Stock Photos, Royalty Free Real estate Images | Depositphotos
 
The event was hailed as a pivotal moment for industry stakeholders, drawing notable attendance and insightful discussions. Gladstone Opara, President of FIABCI Nigeria, expressed satisfaction with the conference's outcomes, noting the exceptional turnout and the speakers' keen attention to addressing industry needs.
 
Opara emphasized the imperative role of government intervention in supporting urban renewal initiatives. "The government must proactively engage in revitalizing areas, including slums, by providing essential infrastructure and fostering development," he asserted. Highlighting the importance of vertical development alongside horizontal expansion, Opara stressed that going vertical could optimize land use and facilitate the creation of more affordable housing alternatives.
"By adopting vertical construction, we can preserve green spaces and accommodate the expanding population more effectively," he underscored.
 
Tax policies emerged as a crucial point of discussion during the conference, with participants advocating for tax relief and equitable implementation. Opara critiqued the existing tax framework, describing it as stifling to businesses and growth prospects. He urged for a recalibration of taxation strategies, proposing reductions or eliminations of tariffs to spur economic activity.
 
Furthermore, concerns were raised regarding the complexity of tax structures and their potential deterrent effect on future investments. Opara cautioned against excessive taxation, highlighting its adverse impact on development when not accompanied by corresponding improvements in infrastructure.
 
He called for the establishment of a transparent and efficient tax management system to ensure the fair distribution and utilization of funds.
 
The 2024 Real Estate Outlook served as a catalyst for constructive discourse and collaboration among industry stakeholders, paving the way for innovative solutions and partnerships.
 
Opara expressed confidence in the sector's resilience and capacity to surmount challenges, provided that appropriate policies and strategies are implemented. "Through a concerted focus on urban renewal and the enactment of equitable tax policies, Nigeria's real estate market can unleash its full potential," he concluded.

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