Real estate experts have emphasized the need for creating a conducive environment for industry operators to advance the sector. They expressed concerns that the absence of growth enablers has exacerbated the housing deficit, which now stands at over 22 million.
Leading the call at the third edition of the Pan-Africa Real Estate Summit, themed “Building a Better Africa: Real Estate Investment Opportunities in Africa,” held in Lagos and Abuja, the keynote speaker, Mr. Tunde Obileye, stated that the government should make the industry more viable by removing obstacles to growth and restoring its past glory. He observed that in the past, real estate investment used to be safe and profitable, but all that has changed now.
Obileye said, “Investing in real estate has become too risky due to the devaluation of the naira, as well as challenges such as poor workmanship, weak policies, inadequate regulations, and low income. Policy inconsistencies are another issue affecting this sector that needs to be addressed once and for all.”
Sesi Hundeyin, Partner at Bloomgate Solicitors, expressed concern about land-grabbing, which remains a significant problem that operators have to contend with, discouraging people from investing in the sector. He called on the government and security forces to protect landowners and real estate investors.
Osinachi Nwandem, a Senior Associate at the Aluko & Oyebode firm, spoke about “Contracting Strategies for Investors and Protection for Developers.” He emphasized the need to secure investors’ confidence above all else. Nwandem advised developers to think long-term to stay afloat and include Price Adjustment Clauses (PAC) in any agreements with clients or investors.
He also recommended compliance with all laws and regulations, the use of only qualified workers and quality materials, the maintenance of integrity, and fairness in all business dealings.
