Analysts are of the opinion that the real estate market would expand in 2018 after the economy must have stabilized. Concurrently, stakeholders expect real estate sector to pick up, therefore, providing opportunities for prospective inspectors in different segments of the industry. Also, Chairman, Mixta Africa, South Africa, Mr. Deji Alli, advised on the need to look at different sectors of real estate and provide solutions. He also mentioned that skills, fund, and cost of credit were major problems of investors in the sector and further advised that investors should tap into merits provided by huge pension funds.
The principal partner, Kola Akomolede, and Company, Chief Kola Akomolede, enjoined prospective investor to invest in residential property for the middle-income group on Lagos Island and locations such as Ikoyi, Lekki, Victoria Island and Maitaima among others. In his words, despite the abundance of vacant houses in these locations, there is still room for residential housing for the middle-income class citizens. He also highlighted that another opportunity that property investors are not looking at is small accommodation like one bedroom and two-bedroom apartments for young couples in high-end location.
The President, Nigerian-British Chamber of Commerce, Mr. Akin Olawore, an estate surveyor, and valuer said the obvious would be affordable mass housing “especially with the low cash flow potential and need to improve the economy and job creation through the housing industry.” He explained that the revival of the housing industry would benefit value chain including insurance, mortgage, real estate consultants and brokers apart from contractors, builders’ merchants and others who stand to benefit directly and indirectly. Both Olawore, Managing Director, Mixta Africa, Kola Ashiru-Balogun, said opportunities were in the affordable housing provision for the middle and low-income groups of the society.
Social Housing Activist, Adekunle Faleti, in one of his posts, He said “going into the new year, federal, state and local governments must invest in stable, affordable, healthy housing in safe neighborhoods with access to healthcare.” He said such houses must add supportive services for those who need them, particularly the elderly and people with disabilities who, according to him, are homeless. A former Chairman, Nigerian Institute of Building, Lagos State, Mr. Asimiyu Bashir, urged people to invest in landed property and keep it for future use, adding that their investment would appreciate in future.
During the presentation of 2018 Budget to the National Assembly by President Mohammadu Buhari in the last quarter of 2017, the Federal Government planned to set aside N35.4 billion to address the housing needs of its workforce under the National Housing Programme. This, if fully implemented, will provide opportunities for investors and developers alike.
Meanwhile, experts in the real estate sector have called on government and housing providers to adopt new technologies that encourage mass and quality housing provision at affordable rates for citizens. In his analysis on “Likely Drivers of growth in 2018”, Managing Director, Financial Derivatives Company (FDC), Mr. Bismarck Rewane, said that rents are expected to fall as bargaining power of buyers strengthens. The industry will gain traction for intense regulation in 2018. Rewane also said rents will find their true value as supply floods the market hence it will become naira denominated.
Source: New telegraph
