Experts call for investment, policy alignment to stimulate real estate growth

Experts in the real estate industry are calling for increased investment, collaboration and policy alignment to boost Nigeria’s real estate sector, which is expected to grow between six and eight percent in 2025, driven by urbanisation and high population growth.

This was the consensus reached at the real estate stakeholders conference, which was held in Lagos recently.

Timothy Nubi, a professor and director at the Centre for Housing and Sustainable Development, University of Lagos, stated that there exists an urgent need to harness opportunities in the sector to drive economic growth and development.

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“Africa’s real estate market is dynamic and has the potential to turn the fortunes of the economy if well harnessed. In the United States and, UK, real estate contributes 18 to 21 percent of their GDP. In Nigeria, the sector contributes only about 5.5 percent,” he said.

With huge financial investments needed to support the industry, he stated that the sector needs to look towards attracting foreign capital while calling for stronger policy alignment between the government and the real estate sector.

This collaboration between the public sector and the private sector, he said, is needed to ensure unity of purpose as the disconnect between the public and private sector has put a strain in the growth of the sector.

“The funds to develop the industry cannot be pulled from within. A cheat into real estate funding is to attract international real estate financing. We need foreign investors. We cannot do it alone. The public sector cannot do it alone. Also, collaboration between the private and the public sector is essential,” he said.

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“We are here to work with the government until the government realises that we are here,” he said.

Festus Adebayo, founder, Housing Development Advocacy Network, spoke on the need for the government to work with the sector to ensure a streamlined housing policy. He said lack of coordination has led to situations where real estate professionals have been labelled as fraudulent.

“We cannot fold our hands and allow our sector being branded a criminal sector,” he said.