Experts seek new policy to revamp real estate industry
The International Real Estate Federation (FIABCI), Nigeria Chapter, has called on both federal and state governments to revitalize the real estate industry through the implementation of new policies and initiatives aimed at fostering growth. The President of FIABCI-Nigeria, Mr. Gladstone Opara, highlighted these concerns during the 50th-anniversary celebration of the FIABCI-Nigeria Chapter in Lagos, themed "Repositioning Real Estate Industry for the Future: Ethics, Affordability, and Sustainability."
Opara expressed worries about the various challenges confronting the real estate sector
, emphasizing the need for effective policies and programs to propel the industry towards maximum performance. Despite some improvements, he noted that the industry still faces setbacks in various aspects and stressed the importance of repositioning in terms of development initiatives, financing, mortgages, ethics, environmental and social governance, and sustainability.
The President urged the government to introduce new initiatives beneficial to industry stakeholders and future development. He emphasized the crucial role of creating awareness about international networking to foster industry growth.
Dr. Tunde Lemo, Chairman of the occasion and former Deputy Governor of the Central Bank of Nigeria, highlighted the significance of the housing sector
in light of Nigeria's projected population growth to 411 million by 2050. He stressed the need for affordable housing, considering the current severe housing shortage estimated at 21 to 22 million units, requiring about 21 trillion Naira to address.
Representing Lagos State Governor Babajide Sanwo-Olu, Commissioner for Housing Moruf Akinderu-Fatai affirmed the state government's commitment to housing development, considering it a key policy. He praised FIABCI for its enduring impact on the real estate industry over the past 50 years and its role in setting excellence benchmarks in the Sub-Saharan region.
FIABCI President for the Africa and Near East Region, Mr. Adeniji Adele, encouraged new inductees and members to uphold ethics, loyalty, and leadership. He highlighted the association's commitment to expanding its influence and collaboration to further grow the real estate industry.
President-elect of FIABCI International, Ramon Riera Torroba, acknowledged FIABCI Nigeria's stature
within the international community and pledged collaboration to enhance professionalism among members. Torroba urged members to discharge their mandates with passion and integrity, essential hallmarks of the network.