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Real Estate Outlook: Review

The second edition of the Executive Speaker Series by PropertyPro.ng (formally ToLet.com.ng) was hosted at Best Western Hotel (BWC) on the 25th of April, 2018. The well anticipated real estate outlook by PropertyPro.ng, the leading online property platform, kicked off with an opening note by Sulaiman Balogun the Chief Business Officer. Suliaman stressed the importance of the speaker series to address peculiar issues in the real estate sector. He also mentioned the recent acquisition of Jumia House by PropertyPro.ng. Sulaiman further explained the significance of the topic: Co-production in Action: Towards Developing Equal Sustainable Urban Cities and also invited the keynote speakers to the stage.

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The speakers at the event were: Engr. Femi Akintunde, ESV Olurogba Orimalade, Mr. Hassan Anifowose, Mr. Kayode Omotoso and Mr. Faustin Moukala. The speaking session began with Oladapo Eludire, Chief Operating Officer, describing how Nigeria has a high GDP and population size yet does not correspond with the development of its urban environment. The panel was asked the reason why this situation persists in Nigeria.  According to Hassan Anifowose, the problem still persists because we are yet to understand the need for a long-term plan. Faustin Moukala said the problem is as a result of lack of affordable housing for the people. In Kayode Omotoso’s words, “the problem exists because the government(state and local) does not understand the concept of housing, not as a social issue but as a means of wealth production.” According to Femi Akintunde, the problem stems from uneven distribution of infrastructure within the cities as a result of a lack of urban/regional planning. Public-Private Partnership (PPP) said the problem evolved as a result of the failure of the government to plan and enforce compliance with standards.

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Engr. Femi Akintunde affirmed that Public Private Partnership (PPP) does not often work in Nigeria as a result of the acronym TCC(Trust, Confidence, and Consistency). He advised the government to use the resources they have to get the houses we need to help resolve the housing deficit in the country. According to Kayode Omotoso, our problem is not the poverty of money but poverty of the mind. He also said in relation to housing standard that everybody must be better off; nobody must be worst off.

 

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Members of the audience also participated by voicing their opinions and asking questions. A participant asked; how do Nigerians change the narrative about Public Private Partnership (PPP) in relation to housing? ESV Olurogba Orimalade said in order to bring about the change we want, every Nigerian must get involved in the process. Femi Akintunde added that a change in the narrative about Public Private Partnership(PPP) will cause critical mass.

 

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The Chief Business Officer of PropertyPro.ng, Sulaiman Balogun on behalf of the company, gave his appreciation to the keynote speakers and participants alike after which he shared the closing remarks. Networking and drinks marked the end of the event on a cheerful note.

 

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PropertyPro.ng, formerly ToLet.com.ng, was founded in 2013 by four visionary men namely: Ogundipe Fikayo (Chief Executive Officer), Balogun Sulaiman (Chief Business Officer), Eludire Oladapo (Chief Operation Officer) and Ayeni Oluwaseyi (Chief Technology Officer). PropertyPro.ng is the leading online real estate property platform which provides various services for agents, developers and property finders alike in Nigeria.

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