Chief Operating Officer of North Court Real Estate, Mr. Ayo Ibaru, has revealed that the housing sector in Nigeria must be made to flourish if there would be an inclusive economic growth in Nigeria that can address the problem of increasing unemployment.
Mr. Ayo made this revelation while participating in a discussion forum with the topic “Unlocking Growth In The Real Estate & Housing Market In Nigeria,”.
Ayo stated that housing, must be embraced as a tool for driving economic development and achieving shared prosperity by both the federal and state governments.
North Court’s COO believed that by reforming the “Land Use Act,” issues of titling would be resolved, allowing real estate and housing value chain operators greater access to land.
The realtor emphasized the importance of private sector participation in the current Federal Government Economic Sustainability Plan, which focuses on “Mass Housing,” in order to help the government meet its goal.
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He further emphasized that no country has succeeded in lifting millions of people out of poverty without integrating the housing sector and its ecosystem.
He highlighted the need for the Nigerian government to investigate a robust “Social Housing” policy that the private sector can participate in.
“States can reduce barriers to citizens accessing land through the deployment of technology, making the process more transparent and efficient,” he added.
He said there was enough information and research in the Nigerian Real Estate and Housing Market, but that accessibility, interpretation, and application remained a challenge.
He cited the North Court 2021 Outlook report for the Real Estate industry, which stated that if Nigeria’s economy improves, the sector will see increased activity and opportunities.
He noted that the quality of infrastructure and the influencing factors of demand and supply are some of the key factors contributing to the rising cost of apartments and rents across the country.
He stressed the importance of the government investing in infrastructure in order to improve the country’s Real Estate and Housing market.
In his forecast for 2021, Ibaru said he expects significant growth in the healthcare, industrial, retail, and residential segments of the market.
Ibaru acknowledged that massive local investments in the Real Estate sector had occurred in 2020, with international investors willing to collaborate with small, medium, and large-scale developers.
