They expressed concern that the lack of growth enablers is exacerbating the housing shortage, which currently stands at more than 22 million.
Leading the call at the 3rd Pan-African Real Estate Summit titled “Building a Better Africa: Opportunities for Real Estate Investment in Africa” held in Lagos and Abuja, keynote speaker Mr. Tunde Obiriye said that the government said the following: Increase the industry’s viability by removing obstacles to growth and restoring its past glory. He observed that once real estate investing was safe and profitable, but now everything has changed.
Obirai said, “Investing in real estate has become too risky due to the continuing decline in the value of the naira, challenges such as shoddy workmanship, weak policies, zero regulation, and even low income. “There is,” he said. Policy somersaults are another problem affecting the sector and need to be addressed once and for all. ”
Ceci Fundain, a partner at Bloomgate Lawyers, lamented that land grabbing remains a major problem that operatives have to deal with, adding that development is discouraging people from investing in the sector. He called on the government and security forces to protect landowners and real estate investors.
Speaking on “Contract Strategies for Investors and Protection for Developers,” Mr. Oshinachi Nwandem, Senior Associate at Aluco & Oyebode, said that above all, it is necessary to ensure investor confidence. Ta. He advised developers to think long-term and include price adjustment clauses (PACs) in their contracts with customers/investors to stay in business.
He also advised them to comply with all laws and regulations, use only qualified workers and quality materials, uphold integrity and be fair in all their dealings.
