Stakeholders in the built sector have met in Lagos to deliberate on global real estate trends, their probable replication in the Nigerian market as well as the key developments to watch out for in the new Year.
Organised by the Construction and Real Estate Group of the Nigerian-British Chamber of Commerce, NBCC, the combined in-person and online forum came up with robust suggestions for maximizing potential in the sector which is currently a metrics of opportunities and challenges for government and players.
In an opening remark, the NBCC’s President, Mrs Bisi Adeyemi noted that the sector is now experiencing some growth and increased contribution to the nation GDP.
The Chairman of the Chamber’s Construction and Real Estate Group, Mr Hakeem Ogunniran, who listed fifteen trends to watch out for in the sector, said it was high time, Nigeria industrialize the construction process to ensure best practices and optimized costs.
“We need to industrialize the process by deploying appropriate technology and gaining efficiencies for the market, industrializing the process helps to solve the issue of standardization and I always say there are two things we need to solve our problems; we need to be able to buy and sell houses just like every other products and that means that we have to streamline all the rules and regulations currently impeding transactions in the sector” Mr Ogunniran posited
On his part, a leading business advisory expert and strategist, Mr Opeyemi Agbaje listed high inflation rate, shallow financial market, inefficiency in land administration as well as corrupt planning system and difficulty in foreclosure as some of the challenges mitigating against the sector in the country
Mr Agbaje however noted that global trends such as flexible working hours and short term rentals are likely to have possible impacts on the sector locally.
In her contribution, the Special Adviser to the Governor on Housing, Mrs Toke Benson-Awoyinka said in the spirit of equity, the State government would in a few weeks conclude the foreclosure clause in its mortgage law to build investors’ confidence and end the challenges posed by some sit-tight tenants.
“Right now, the bill is at the House of Assembly and when passed, people will be able to build and have the confidence that they have access to their property when a client defaults” the Special Adviser said
Mrs Benson-Awoyinka who is in charge of the Lagos Real Estate Regulatory Authority advised every individuals who wants to go into landed property transactions to engage the services of a lawyer.
She said “Because your lawyer looks at the contracts and Lok at the hidden clauses that would enable you get your money back if the seller defaults. There’s no clear title of land in Lagos called ‘excision in process’, You must do due diligence, search at the land bureau to ensure that a property has a clean title before you begin any transaction to avoid being scammed.
She emphasized that in addition toenforcement of the relevant laws and regulations, Lagos would begin to name and shame fraudulent players in the real estate sector