Buhari and Real estate subsidy

Worried that the real estate sector is now being dominated by foreigners, Nigerian property investors have called on the incoming administration to support the industry.

Real estate experts aired their views as they gathered in Lagos, at Forum tagged: Real Estate Financing in Nigeria: Modalities, Opportunities and Challenges.

It was put together by the Nigerian chapter of the International Real Estate Federation, FIABCI.

They also advised that if efforts are put in place to build at least 500 houses in each of the 36 States, close to 1million jobs can be created. Adding that measures have to be taken to address the increasing housing deficit in Nigeria.

They unanimously called on the incoming government to assist in providing other ways of real estate financing, citing that the traditional banks have not been supportive.

The group also said that government should take advantage of the huge investment opportunities that abound in the real estate sector, citing the recent International Monetary Fund IMF prediction that said 70% of global growth will be from emerging economies like Nigeria.

Speakers at the event include:

The former President FIABCI-Nigeria and World Vice President Africa-FIABCI, Mr. S.P.O Fortune Ebie.

President FIABCI-Nigeria, Mr. Joseph Akhigbe.

Head, Real Estate Finance (West Africa) Stanbic IBTC Capital, Mr. Adeniyi Adeleye.

The Managing Director/Chief Executive Officer, Crown Realities Plc, Mr. Darl Uzu.

Managing Director, FSDH Asset Management Limited;

Fund Manager, Africa Capital Alliance, Mr. Obi Nwogugu.