Experts on a panel session at the Detail solicitors’ Real Estate Business Series in Lagos have projected that Nigeria’s real estate sector will grow alongside anticipated overall Gross Domestic Product (GDP) of the country.
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Citing the reform policies of President Bola Tinubu, the professionals expressed optimism that investor confidence in the sector will increase advising real estate players looking for funds to prioritize key factors such as positive leverage, capital structure and nature of project in view.
According to them, despite challenges including recent building collapses, lack of mortgage and many other issues the sector grew at 5.31 per cent in the first quarter of 2023 thus became the fifth largest contributor to GDP.
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The event tagged ‘Unlocking Opportunities: Real Estate Financing for success’ had speakers like Head, Real Estate Finance at Stanbic IBTC, Tola Akinhanmi; saadiya Aminu MD/CEO Urban Shelter Limited and many others who all agreed that there will likely be a boost in demand for the residential asset class following the approval by the National Pension commission (PenCom) for the use of Retirement Savings Accounts (RSA) as equity contributions for mortgages.
