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Wednesday, June 17, 2015

Olashore seeks reform to maximise N17m real estate market

ITRealms:

There is need to reform the real estate market to maximise the N17m deficit, which shows a huge opportunity, says the Chief Executive Officer of Lead Capital Plc, and Chairman Board of Trustees of Olashore International School Prince Abimbola Olashore, report ITRealms.

Speaking in Lagos, Olashiore pointed out that to unlock opportunities in Nigeria's Real Estate market, the financial sector has to be reformed, stressing that fair banking practices have to be adopted and better supervision has to be focused on. 

“This will also stabilize prices in the long run and help to utilize the 17 million deficit in the real estate market which represents a huge opportunity,” he said, stressing in a paper presentation on 'Unlocking the Opportunities in the Nigerian Residential Real Estate market: The Investor’s Perspective' at a forum recently organized by Lekki Gardens Estate Investment, that the opportunities inherent in the sector lies in the fact that there’s an increasing population growth in which more than 80 per cent of Nigerians live in settlements and demand for housing far exceeds the supply.

“Opportunities in the Real Estate Financing cannot be seen from the Increasing population growth, rapid urbanization and the growth of the middle class have spurred demand for real estate. With the level of housing at only 2 dwelling units per thousand people compared to a rate of 8-10 dwelling units per thousand people as recommended by the United Nations. Nigeria has a population growth rate of 3 per cent and a rural-urban migration rate of 5 per cent, per annum. The rate of housing demand continues to exceed supply, presenting ample opportunities for growth and development” he said.

+Remmy Nweke (ITRealms) 

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