On Wednesday the 4th of April, 2018, stakeholders in the…
Promises of the International Real Estate Partners to Nigeria’s Property Market
The Promises of the International Real Estate Partners to Nigeria’s Property Market
Slowly but surely, Nigeria is gradually exiting recession and it is at this time that economic improvements and modifications are encouraged. The international real estate partners have chosen this time to contribute to the Nigeria real estate industry to help in its diversification and improvement.
The international real estate partners Nigeria believe that one of the ways in which its best to improve the Nigerian real estate industry is to bank on their relationship with IREP worldwide. To them, this alliance will help them in unraveling the mystery behind the current challenges the industry is facing. This alliance will also proffer possible solutions tailored for each of these challenges like problems involving prospective tenants, managing transactions, transborder facilities management and even basic project management issues.
The chief executive officer of thw residential housing estate in abuja Mrs Gbadebo while speaking at the Launch of IREP Nigeria, said that the mission was to emulate the global real estate standards and deliver goal and value driven solutions to the challenges obstructing the growth of the real estate industry in Nigeria.
According to Mrs Erejuwa Gbadebo, the timing for this initiative is absolutely perfect as this partnership after the recession will help to broaden the Nigerian economy. She also added that it is time to add more value to the real estate industry as it is a large part of Nigeria’s economy and should be invested in to yield more profitable goals.
Some of the goals she talked about includes ensuring that globally, real estate and property management expands which will in turn diversify the economy. She also stated that with the new promise of investors, corporate tenants and asset owners in the near future, it has become expedient that services delivered to each client are fashioned and perfect for them. She emphasised this saying that for the goals to be achieved, pur work should be able to stand amomgst the globally recognized standards.
Mr. Kenny McCrae, the Managing Director, IREP Holdings, Dubai, made his remarks and said IREP Nigeria has been structured in a manner that it executes its operations, carries out business transactions and delivers its exceptional service offering with great support directly from the parent company. He also said that based on the relationship that they’ve had with Nigeria for over a decade, they’ve come to understand the limitations and challenges faced by the West African real estate market especially Nigeria. He stated that their level of interaction and background in the global space, they have seen these challenges and will not be held back by them; instead they’ll use their best services to which has soared high to overcome these challenges and retain their place in the marketplace without killing their uniqueness.
Speaking on how to curb the challenges being faced in the Nigeria real estate industry, he stated that their experience in tougher terrains like Libya and Iran will help them in achieving third goals in Nigeria. McCrae also noted that their experience will also help them reach the demands of corporate tenants with international perspectives.
Speaking on the reasons for the need for international real estate service providers such IREP to partner with the commercial segment of the property market in Nigeria, Femi Akintunde, an engineer, and Group Managing Director, Alpha Mead Group and Director IREP, said Nigeria has evolved and become a very delicate part of the global real estate and property management market as the government has also initiated the process of attracting the FDI; foreign direct investment to the country.
As the government continually makes effort to bring FDI into the country, the responsibility has fallen to the professionals to live up to the standard of these international firms in the global real estate market. According to him, there is a quantifiable number of real estate transactions that take place globally; it’s just sad that the Sub Saharan Africa is always left behind or considered a black box in all of these things and this has reduced the value placed on real estate as they’ve found that much attention is not given because of the low standards.
He also stated in his address that it was these limitations that fueled the need to partner with IREP which had the platform, focus, right pedigree and network to deliver good services to clients across every other sector of the Nigerian economy. According to him partnering with IREP was a strategic move for the Alpha Mead group because it upgrades the position of the group to making it a special and productive business entity that provides the best, safe, comfortable living and operating environment for residential homes, offices, and even recreational centers.
Lastly, Akintunde stated that this was their form of contribution to make it easy for the initiation of more international partnerships, clientele and a massive opportunity to create an environment and platform for the real estate businesses to thrive. However, he also called on the government to improve business processes in the country like the need to quicken processes like registration and easing the legal frameworks to any business in the country emphasising that it will open up more businesses and thereby diversify the economy.