Notwithstanding mounting challenges in the nation’s economy, experts in the housing industry have said that huge opportunities abound in the country’s real estate sector.
They agreed that the sector’s low contribution to the GDP has potential to grow.
They however, said that the sector needs an enabling environment to thrive.
The speakers made this known on Monday, February 12, 2024 during an event organized by the Nigerian-British Chamber of Commerce (NBCC) in collaboration with International Real Estate Federation (FIABCI), Nigeria.
The theme of the event was Real Estate Outlook ‘Looking Ahead: Gauging Opportunities’
In his welcome address, NBCC President and Chairman of Council, Ray Atelly, said that though there were talks about investors leaving the country, he believes many opportunities abound in the real estate of the economy.
The lead speaker, Biodun Adedipe delivered a fact-based presentation on current macro economic challenges and opportunities for the Nigerian real estate sector.
At the executive session, Adedipe was joined by Paul Onwuanibe the CEO of Landmark Holdings; Yemi Idowu, CEO of Aircom; Bidemi Fadayomi, Executive Director, UPDC Plc and Hakeem Ogunniran, Chairman of the Construction and Real Estate Group NBCC.
The event that was attended by leading industry experts, raised the challenge of excessive regulatory oversight.
Adedipe identified the direct and secondary challenges like food inflation arising from the Ukraine/Russia war and the resulting protectionist policies which impacted commodity prices like wheat, rice and maize.
He added that the real estate sector is not isolated.
However, he maintained that the sector has huge potentials for growth.
The Special Guest and the Special Adviser, Housing, Lagos State, Barakat Odunuga-Bakare said, one of the things the government must do was to ensure effective regulation.
However, Ogunniran, urged stakeholders to hone their skills on modern technology that will help them to standardize, deliver projects on time and cheaper should be adopted.