Login Register
feel free to call 09056000005

Realtors optimistic, foresee growth under Tinubu’s presidency

Operators in Nigeria’s real estate sector are optimistic that the expected new administration in the country to be headed by Bola Tinubu will create the right environment and policies to drive growth in the sector.
The operators note that as a business-minded person that is well disposed to the private sector, Tinubu will come up with policies that will encourage the business community to invest in the economy.
 
“There is optimism; the present anger and frustration arising from the outcome of the presidential election will go away with time and there will be peace. You can see that the international community has accepted him and that means they will be willing to do business here,” Odunayo Ojo, CEO, UPDC, said in an interview with BusinessDay.
 
Ojo, who believes that the expected peace would change the mood of the business community and make businesses thrive, added, “real estate always thrives where and when businesses thrive; the sector will grow as a result and we will start seeing this from the second half of this year.”
He hoped that economic activities would also increase; leading to the creation of better- paying jobs that would enable the workers to take mortgage and buy homes. “Housing does not exist in a vacuum; there must be a critical mass of buyers in good paying jobs for it to thrive and we only need a good economic policy to drive all that,” Ojo said.
 
Chudi Ubosi, principal partner at Ubosi Eleh + Co, told BusinessDay that going by his antecedent, Tinubu comes off as a private sector person who believes that the private sector drives the economy.
Ubosi expects a major liberalisation in land title issuance which, he said, would enable buyers to use their property as collateral to get loans from banks. “We expect to see improved focus on property dealings; a policy to liberalise homeownership; opening up of new towns and cities; there will be more investment and enabling environment in terms of infrastructure provision,” he said.
Activities in the construction industry have been low in the last six to 12 months as a result of rising cost of materials and high exchange rate. Igbuan Okaisabor, CEO, Construction Kaiser Limited, also hopes that Tinubu would open up activities in the private sector.
 
“With guidance from people like Babatunde Fashola who has done it over the years, Tinubu would be able to open up activities in the industry. We need a stable exchange rate to plan with; we also need encouragement as local operators. Government should encourage partnerships between local and foreign firms for knowledge transfer and also to build competence,” Okaisabor said.
Continuing, he said, “devaluation and inflation have ruined the construction industry. We want the new government to address these problems; provide infrastructure and by so doing create more jobs for young Nigerians who are idle.”
According to him, the construction industry is still dominated by foreign operators, adding that they in the industry would want the Tinubu presidency to allow local content in the industry by giving contracts to local industry operators.
As part of his manifestoes, Tinubu promised to merge agencies in the housing sector to create two strong ones for efficient management of the sector. But Kehinde Ogundimu, CEO, Nigerian Mortgage Refinance Company (NMRC), said in an interview that the problem of the sector was not the weak agencies.
 
“We have about four of these agencies which are not too many. In the US, they have about five.The problem is about making the four we have stronger. If you merge them and create only two, you will be making the too strong and dominant. They will become a system risk.
“What the new government can do with the housing agencies is to make them stronger and also capitalise them adequately,” he said.
He added that, “all we want the incoming government to do for us is to reduce the time and cost of perfecting titles. Cost of fund, that is exchange rate, is also an issue. If they address these two for us, we will be done,” he said.
 
 
Source; Businessday.ng

Similar Topics

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

4 days ago Read More

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

5 days ago Read More

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

13 days ago Read More

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

18 days ago Read More

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

20 days ago Read More

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

24 days ago Read More

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

26 days ago Read More

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

a month ago Read More

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

a month ago Read More

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

a month ago Read More

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

a month ago Read More

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

a month ago Read More

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

a month ago Read More

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

a month ago Read More

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

a month ago Read More

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

a month ago Read More

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

2 months ago Read More

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

2 months ago Read More

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

2 months ago Read More

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

2 months ago Read More