Worried by Nigeria’s huge housing deficit estimated at 17 million units and more than N59 trillion required to bridge the gap, operators in the industry have called on authorities to create an enabling environment for private operators to thrive.
They observed that with a projected population of 263 million by 2038, the housing situation in Nigeria calls for emergency response and actions that would encourage investors to commit their resources into real estate.
Speaking at the fourth edition of the Real Estate Outlook Conference themed ‘Repositioning Nigeria’s Real Estate Industry for a new decade’, the players charge the federal and state governments to find a lasting solution to some of the challenges affecting the sector which include inadequate appropriation of fund, outdated mortgage laws, unfriendly compliance with the National Housing Funding Scheme, lack of technology, and the paucity of funds among others.
According to them, inadequate technology, and good designs are hampering the growth of the sector.
The Managing Director, AlphaCrux, Mr. Tobi Adama said Nigeria’s real estate industry is still at its infancy because there are so many opportunities yet to access and tap into due to poor operating environment in the country.
He said, “We have to get creative in the sense that we should not rely on the government to do everything. A lot of private developers are springing up but it is not just about building. As we are tackling the housing deficit we should also be tackling the infrastructure deficit.”
Adama, disclosed that there was a need for constant dialogue by stakeholders as such forum would serve as a veritable platform for the convergence of great minds from government, financial services, academia, investors and most importantly the real estate industry players.
He explained that the platform would help real estate stakeholders to deepen their knowledge of the market and find innovative solutions to ride the wave of challenging times.
The Director, Real Estate Advisory, at Northcourt, Mr. Ayo Ibaru on his part harped on the need to develop a framework for solutions to problems affecting Nigeria’s real estate. Specifically, he stressed that the government should ensure an affordable housing framework and engage the right professionals to design draft and legal processes needed in the sector.
He further said that the application of technology in the sector would make transactions transparent and more efficient, and also grants entire levels of access to everyone trying to get one apartment or the other as well as gives clients more options before buying or leasing property in the market.
On his part, the Chief Executive Officer, Monarch Investments Limited, Dr Gbadamosi Yakubu called for effective collaboration of relevant stakeholders to revive the sector to its full potentials. He said real estate developers should utilise technological applications to engender growth in the real estate industry.
According to him, the real estate operators should take advantage of Crowd-funding to fund housing projects and affordable homes in the country.