Following the current economic recession and its attendant effects on the real estate sector, experts have said that it may take time for the housing market to stabilise despite predictions that the economy will pick up this year.
A lecturer and member of faculty, Lagos Business School, Dr. Doyin Salami, said at the International Real Estate Federation’s Annual Award and Business Dinner 2017, that real estate depended directly on economic activities to grow.
He said, “It may probably take another two years for the housing market to become productive looking at the present economy and the rate at which already built houses up for sale or rent are not occupied.
“The housing sector needs to look on how to capture more information and data to help those who want to invest to have a holistic approach on the sector; it is a major challenge that the professionals in the sector needs to solve. During inflation, the sector also suffers because it becomes difficult for suppliers to get commodities at reasonable prices, which create another fundamental issue.
“The National Bureau of Statistics released a new estimate that Nigeria is now 190 million people; and looking at where Nigeria and some couple of countries will be in 2100, Nigeria will be the third most populous country in the world and that means commercial real estate, industrial real estate and residential real estate needs to be built.”
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