Legal, infrastructure experts seek right policies to grow real estate market in Nigeria

In a bid to address challenges militating against the progress of the real estate sector in Nigeria, legal and real estate experts in Nigeria are seeking the right policies to help drive its growth.

Speaking at the 7th Detail Business Series in Lagos, organized by Detail Solicitors, Nigeria’s first commercial solicitor firm, specializing in non-court room practice, Andrew Nevin, Partner and Chief Economist, PwC revealed that the real estate is not growing, as it should because of land registry.

Navin said: “Land registry has delayed the progress of the real estate sector. It is delaying its investment, which is costly. In Lagos we need approximately five million dwellers and we are not getting them as expected as a result of the land registry.

According to him, the right economic policy will go a long way in improving the real estate sector.

Sonnie Ayere CEO Dunn Loren Merrifield stated that the real estate has a whole lot of disrupting factors restraining its progress especially in the area of raising enough fund to secure a house, shopping space and the likes.

He added that the mortgage terms and agreements are also bottlenecks to eliminate in the sector.

He therefore advised people who embark on mortgage skill to rather go for ‘loss of work insurance,’ which according to him is more suitable and affordable for those who want to secure and own a house.

Toyin Ajose, associate partner heading Detail’s real estate and construction practice said it was 7th detail series but the first time to focus on real estate, adding that the theme, ‘Navigating the evolving real estate market place –dealing with market disruptors’ is timely and apt.

Dolapo Omidire, founder and team lead, Estate Intel, who also spoke at the event, discussed the use of data to create an efficient property market.