The International Real Estate Federation, Nigeria chapter, in collaboration with the World Citizen Consulting and Centre for International Private Enterprise has urged the Federal Government to support the growth of Nigeria’s property market.
Both groups said the government should ensure enhanced property rights, access to credit, effective governance, rational dispute resolution mechanism, financial transparency, and appropriate regulation to boost performance and foreign direct investments.
They said stakeholders’ engagement with the property market handbook should provide a guide that evaluates the strengths or weaknesses of the market.
They advocated 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 the opportunity for all investors to prosper.
Speaking at a roundtable forum themed, “Urban Property Markets Playbook”, the experts urged synergy among stakeholders to achieve a more transparent and efficient property market.
The forum attracted eggheads and directors on lands matters, valuation, land services, revocation acquisition and compensation in Lagos state.
Leading the discussion was the Principal of World Citizen Consulting, Bill Endsley, who said the handbook focused 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.
He said, “These scorecards, classified into six basic things, include property rights, access to credit, governance, mediation, transparency and sustainability.”
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 noted that though transparency remained an issue in the market, it could be solved through cooperation among all property market players.
He added, “Instead of continued focus on things that have not been corrected or not up to standards, more efforts should be made towards taking actions for equitable development.
“This is because 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 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 idea is how do we make rational improvement, identify what is obtainable and make adjustments for an improved market “
The President of FIABCI Africa and Near East, Adeniji Adele, explained that the initiative started five years ago with a property scorecard, which aimed to equip international investors playing in the country’s real estate market with the right information, and tools and help such investors proceed without obstacles.
He said the handbook was relevant because access to information would no longer be restricted.
Meanwhile, the President of FIABCI Nigeria Chapter, Akin Opatola, reiterated that the scorecard spoke to how foreign investors could get some easy indicators when they want to do business in the Nigerian real estate market.
Opatola emphasised that the urban market playbook also speaks to the government to make things easier for investors and needed to equip other players with adequate information to further enlighten clients appropriately.
“For instance, 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. Then for the players, once we understand the process, it is easier to advise our clients,” he said.
The Senior Special Assistant to Lagos State Governor on Housing, Ayodeji Abdul-Akeem, said the event expounded on how SMEs could come up with corporations and other initiatives to access properties and homes.
He noted that Lagos government is currently 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 even thinking of going vertical now. The governor has ensured we do urban regeneration where those slums in various areas can be converted to mega smart apartments and some social housing apartments so the youths can also benefit,” he added.
