Lagos housing market report for launch
Preparations are in top gear for the launch of “The State of the Lagos Housing Market – 2016” a follow up edition of the 2009 publication of the same title. The 200-page book, a result of six years of research by Real Foundation Housing and Urban Development, hopes to give stakeholders the ability to discover, analyze and make informed decision on residential real estate opportunities in the state.
Revealing this, Thursday, at a media parley, Founder of the initiative, Rowland Igbinoba, stated that the report would bridge the gap created by the dearth of reliable data and in-depth real estate information in the ever increasingly complex demand for strategic solutions in today’s global real estate marketplace.
He explained that the Rowland Igbinoba Real Foundation For Housing & Urban Development is a corporate social responsibility effort and a non-governmental initiative aimed at providing information and analytics to the residential real estate market in Nigeria.
“The purpose is to chronicle the entire residential real estate market in the state, with the expectation that it will help provide comprehensive data on the real estates marketplace that investors and other decision makers can consult.”as a reliable resource material so that they can make informed decisions on the housing needs of Lagos state. Before now, it has been a major problem in that investors in the sector were always seeking ways to get information. So, this report is coming to bridge that gap and in fact provide all the answers in terms of the demography of Lagos State, the population distribution, what is lacking and where,” he stated.
He added that it has taken as much as six years for a second edition of the report to be published because information gathering in Nigeria remains an uphill task.
“It is a testament of the difficulties in gathering data, mining them and sharing knowledge from the data that will ultimately boost market developments. These difficulties are both in terms of the cost of doing a comprehensive research and the skills needed to do the research. The Foundation is strictly set up as an institution for social capital, advocacy and policy making towards the development of the Nigerian housing market and ultimately the provision of affordable housing to the citizenry”.
Chairman of the Foundation, Dr. Newton Jibunoh, explained further the impetus of such research work and its benefits for the industry. “We are looking at 10 years from now with his report. Lagos is about the most vibrant city in the country and it is growing at an accelerated rate so that it has become difficult to make plans and projections for the future without getting your hands burned in the end. So, even the government stands to find this book beneficial.
“As someone who has travelled widely, I have found that one thing that has been very lacking in our country is availability of data. Often, foreign investors get frustrated when they are looking for information and research work that has been done in their area of interest and it is not there. They find nothing,” he stated.
The launching is slated for Friday 29th April.
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