Examination of the Real Estate Market by The 7th Detail Business Series
On Wednesday the 4th of April, 2018, stakeholders in the Nigerian real estate sector had a meeting at the 7th Detail Business Series, to explore opportunities, ascertain the challenges, and to discuss the way forward especially with the advent of technology.
At the meeting, several presentations were made displaying the latest dynamics and development in the real estate market.
Also, the Senior Economist of Price Water House Coopers; Dr Andrew Nevin Nigeria speaking on “Proptech: Developing a Smarter Marketplace” stated that he believed that technology had progressed to the stage where it was changing relationships between both physical and financial assets.
Nevin confirmed that “Blockchain” in this new digital and technological age, was a major tool to consider if they were going to consider contemplating digital transformation.
He also emphasized that this is the time in Nigeria and Africa, where a proper land registry is needed the most.
In his words, “A proper land registry, is key to the growth and development of the Nigerian Real Estate sector”.
Finally, he encouraged Stakeholders to be advocates of a properly detailed land registry in the country.
Mr Sonnie Ayere , the CEO of Dunn Loren Merrifield spoke on “Alternative Financing Opportunities in a Digitally Enabled Market” and identified regulatory impediments as the major challenge facing innovative financing in Nigeria.
He also stated that “crowdfunding”, which is actually a true platform for driving finance, is not provided for in the Company and Allied Matters Act (CAMA).
Ayere, otherwise known as the investment expert also shared that the ongoing mortgage reforms is a splendid opportunity to revolutionize the real estate sector in Nigeria.
According to him, “The Real Estate is the big elephant in the room that can drive massive economic activities in Nigeria”.
More presentations were featured and amongst them was that of the Founder and Team Lead of Estate Intel, Dolapo Omidire on the topic: “Using Data to Create an Efficient Property Market”.
In his presentation, access to data, inconsistencies in valuation, and poor maintenance culture were the key issues affecting the growth of the real estate sector in Nigeria.
He emphasized that with data, valuation and authentication of properties could be carried out transparently, and this in turn will improve the real estate market in the country.
Also featured in this business series were panel sessions that discussed topics like “Thriving in a Disruptive Market” by Tosin Ajose(Head, Real Estate, Detail Solicitors) with Mr.Femi Williams(CEO,Chams Plc), Mr.Adeniyi Adeleye (ED & Head Rea Estate Finance, West Africa, Stanbic IBTC Capital), Mr.Abdulmalik Mahdi(Head Sales, B & H), and Mr. Dolapo Omidere(Founder and Team Lead, Estate Intel) as the panelists.