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Tuesday, August 9, 2022

Expert says high Interest rate, forex volatility hindering property development

Real estate expert and Managing Director/Chief Executive Officer of Afriland Properties Plc, Uzo Oshogwe, has identified high interest rate and forex volatility hindering the growth of the real estate industry in Nigeria.

Oshogwe said this at the 2021 edition of the West Africa Property Investment Summit in Lagos.

A statement by the firm quoted her as saying, “Most of the loans available we get are at double-digit rates and this makes it very difficult to get a decent return on investment. The loan tenure is another challenge faced by developers; short-term loans are not suitable for infrastructural projects which are long-term in nature.

“The private sector, Federal Government and all relevant regulatory agencies need to come together to develop a framework that will hedge against these challenges and agree on key measures that will promote cheaper constructions and drive infrastructural development in the country.”

The CEO said that her company’s success over the years was built on needs identification and working closely with prospective off-takers before commencing construction.

She added that having a diversified portfolio of investments and product offerings was a key factor that enhanced the company’s growth.

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