Login Register
feel free to call 09056000005

Real estate industry facing unprecedented challenges – Developers

The Chairman of the Real Estate Developers Association of Nigeria, Lagos Chapter, Bamidele Onalaja, has said the real estate industry is faced with unprecedented challenges. The chairman disclosed this at the just-concluded Real Estate Developers Association of Nigeria, Lagos State Chapter’s Second Edition Stakeholders Summit held on Thursday. He said, “Over the years, real estate investment in Nigeria has become one of the major investments attracting both local and foreign investors. From the commercial city of Lagos to every nook and cranny of the nation, several individuals and companies now engage in real estate investment.“
 
However, the industry is faced with unprecedented challenges, such as inflation, which have led to a spike in the cost of building materials, and the adverse effect of global warming, which has seen a reduction of available land, especially in Lagos State due to flooding and erosion.
“For this reason and more, there is every need to secure the future of the real estate industry. It’s a given that real estate is the only secured investment for an assured future. However, with the challenges facing the industry globally, there is a need for us to think outside the box on ways to tackle these crises.” According to Onalaja, there must be a strengthening synergy with the government and all relevant stakeholders in the industry.
 
The Special Adviser to the Lagos State Governor on Housing, Toke Benson-Awoyinka, said the State was the commercial hub of Nigeria, which entailed that adequate measures were put in place to regulate every sector of the economy including the real estate industry. She noted that in recent times, Lagos had become the choice place for investors/investees, thereby conferring great responsibilities on the state government to ensure effective monitoring of real estate transactions for the benefit of its people. She said, “As a form of proactive step, the Lagos State Real Estate Regulatory Authority Law was reviewed and signed by Mr. Governor, Babajide Sanwo-Olu, precisely on Monday, February 7, 2022.“ This law mandates the Agency to regulate and register individuals/ organisations operating in real estate business transactions in the state and also maintain a database for real estate practitioners in order to curb reported fraudulent practices in this sector.
 
“The purpose is to boost financial transparency in real estate business transactions, protect individuals/organisations, investments both home and abroad, and prosecute investors/investees involved in fraudulent/sharp practices in the state.“ Our main goal is to transform and conform with Global Best Practices when it comes to real estate business transactions. To achieve this, the Agency frowns at anyone taking undue advantage of individuals or organizations that are in need of residential/commercial accommodation.”
 
 
Source: Punchng.com

Similar Topics

The Federal Capital Territory Administration (FCTA) has taken possession of Wadata Plaza, the...

6 days ago Read More

Defaulters on FCT ground rent now have 14 days grace to pay up what they owe the FCT Administration...

6 days ago Read More

Unprofessional practices by estate agents in major cities are significantly influencing the spike...

20 days ago Read More

A Real estate development firm, Lifecard International Investment Company, has revealed that many...

30 days ago Read More

Despite a fall in investment volumes from the 2021 peak, there is an ongoing desire for property...

30 days ago Read More

The Lagos State government has advised the leadership of the Nigerian Institution of Estate...

30 days ago Read More

Real estate market dynamics such as construction cost, land, finance, government policies and taxes...

30 days ago Read More

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

2 months ago Read More

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

2 months ago Read More

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

2 months ago Read More

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

2 months ago Read More

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

2 months ago Read More

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

3 months ago Read More

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

3 months ago Read More

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

3 months ago Read More

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

3 months ago Read More

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

3 months ago Read More

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

3 months ago Read More

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

3 months ago Read More

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

3 months ago Read More