2 weeks Ago By Guardian Nigeria
Experts have urged the government to provide a conducive environment for real estate investors and equip players with adequate information. They also advocated enhanced property rights, access to credit, effective governance, rational dispute resolution mechanisms, financial transparency, and appropriate regulation. The experts spoke at a roundtable forum entitled: ‘Urban Property Markets Playbook’, organised by FIABCI Nigeria chapter in collaboration with World Citizen Consulting and Centre for International Private Enterprise (CIPE).
The forum attracted experts and directors on land matters, valuation, land services, property acquisition and compensation in Lagos State. The property market handbook evaluates the strengths or weaknesses of the industry and builds a comprehensive picture of where reform efforts should focus to fully realise the market and sector’s potential, improve foreign investment, contribute to inclusive economic growth, and provide opportunities for investors. Leading the discussion, the Principal of World Citizen Consulting, Mr Bill Endsley, said the playbook focuses on the global indices of six core elements necessary for sustainable property market development in any economy that seeks foreign direct investment and improved transparency in the real estate market.
These scorecards, classified into six basic things, he said include, property rights, access to credit, governance, mediation, transparency and sustainability. For instance, on property rights violations, he said the playbook advocates that instead of going to courts to resolve disputes on property-related matters, alternative dispute resolution mechanisms are advised for quicker, and less expensive solutions. Endsley said that although transparency remains an issue in the market, it can be solved through cooperation among all property market players.
He said instead of continued focus on things that have not been corrected or are not up to standards, more efforts should be made towards taking action for equitable development. To him, if policymakers and other critical stakeholders begin to work on the recommended actions to improve property markets and access to credits for Small and Medium Size Enterprises (SMEs) within the next eight months, there would be accelerated progress in the sector. “It seems everybody is waiting for the property registry to be digitised, for land markets to be correct.
We won’t wait anymore but move ahead. The property markets take time to change but the question is how we make rational improvement, identify what is obtainable and make adjustments for an improved market,” he said. On the impact of property technology on market operations, Endsley noted that if the fundamental underpinnings of the system are not in place, tools such as Artificial Intelligence (AI) would mean nothing to market development.
President, FIABCI Africa and Near East, Mr Adeniji Adele, explained that the initiative started five years ago with a property scorecard, which aimed to equip international investors in the country’s real estate market with the right information, and tools and help such investors proceed without obstacles. He said the playbook is relevant because access to information would no longer be restricted. President, FIABCI Nigeria Chapter, Mr Akin Opatola, reiterated that the scorecard speaks to how foreign investors can access the indicators when they want to do business in the Nigerian real estate market.
Opatola emphasised that the document speaks to the government to make things easier for investors and equip other players with adequate information. “In terms of title perfection, if cost can be reduced more people would be willing to perfect their property and the faster it is, the better they can get their titles secured and grow their wealth,” he said. The Senior Special Assistant to Lagos State Governor on Housing, Mr Ayodeji Abdul-Akeem, said the Lagos State government is making efforts to address the housing deficit by engaging in various housing projects and promoting urban regeneration.
“We don’t have a lot of land in Lagos anymore, so, we are thinking of building vertical now. The governor has ensured we embark on urban regeneration, where slums in various areas can be converted to smart and social housing apartments,” he added. He assured that the government is open to collaboration with the private sector to build more homes for residents.
The Vice President, FIABCI Nigerian chapter, Mr Ayodeji Odeleye, said the toolkit would help speed up processes and ensure the factors and indicators are achieved faster, adding that the next step is to commence advocacy to the government and all stakeholders on the necessary steps to real estate market attractive for foreign direct investment..
