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‘Innovation, quality control will aid real estate industry growth’


Participants emphasized that ensuring the sustainability of the real estate sector requires embracing innovation and implementing robust quality control measures. This consensus emerged during the 2023 Lagos Business School and Nigerian Institution of Estate Surveyors and Valuers (NIESV) Real Estate Summit themed "Building for the future: Innovations, Opportunities, and Quality Control," held in Lagos.
 
The summit brought together industry stakeholders and government officials to deliberate on advancing the real estate industry. Gbenga Olaniyan, the Founding Partner of Estate Links Limited and the keynote speaker, underscored the importance of understanding market dynamics before constructing for future generations. He urged property practitioners to base decisions on accurate information, advocate for long-term thinking, and adapt to the evolving role of Artificial Intelligence (AI) in construction.
 
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Lagos State Governor, Babajide Sanwo-Olu, represented by the Secretary to the State Government, Abimbola Salu-Hundeyin, attributed the menace of building collapse in Lagos to real estate practitioners' failure to adhere to state laws. Sanwo-Olu acknowledged the housing challenges facing Lagos, with an anticipated population of over 30 million by 2035. He stressed the need for strict enforcement of regulations, advocating innovation, and implementing quality control strategies to address the growing housing concerns.
 
During a panel session, Tola Akinhanmi, Head of Real Estate Finance, West Africa at Stanbic IBTC, highlighted the instability of interest rates in the past decade, impacting cross-border transactions. He advised against borrowing in foreign currency without the necessary forex earnings. Gbenga Ismail, Chairman of NIESV Lagos branch, emphasized the importance of addressing issues such as proper land titling, tax regimes, and convenient fund repatriation to boost investor confidence.
 
 
Chudi Ubosi, Principal Partner of Ubosi Eleh & Company, discussed 'Real Estate Investment Approaches,' affirming real estate as a preferred asset class. He noted challenges faced by developers in delivering off-plan projects due to rising construction costs. Adeniyi Aromolaran, Executive Director of Lagos State Development and Property Corporation, emphasized the need for adaptive building methods aligned with usability.
 
Several speakers, including Grace Ofure (CEO of Lifecard International), Udo Okonjo (MD of Fine & Country West Africa), Jide Odusolu (MD of Octo-5 Holding), and Chude Osiegbu (Co-founder of VENCO Africa), highlighted various challenges and opportunities in the real estate sector. They collectively called for increased collaboration, adaptation to technological changes, and innovation to navigate the complex business environment.
 
Source: GuardianNG
 

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