Property Advice
The need for the potentials of the real estate market to be brought to bear in the dynamics of the Nigerian state has been advocated by the MD/CEO of Reftop Homes Limited, Oluwafemi David Asogba.
The real estate practitioner while speaking during an interview with ThisDay’s Precious Ugwuzor touched on a number of issues affecting the industry in Nigeria.
According to him, the COVID-19 affected virtually everybody and all businesses all around the world but the industry has kept hopes and dreams alive and no matter the challenges they are going through, they have promised to deliver. Though it has not been easy but God he says keeps them moving to deliver affordable homes to Nigerians.
On the issue of insecurity, he says anyone needs to be alive to be known or addresses as a real estate developer as he added that insecurity has made developers to go low in a bid to save their lives. He added that COVID-19 too is not helping matters even as he says the economic downturn is a reflection of poor governance.
If every area of the economy has been handled proficiently, the economy would not have witnessed such a downturn, he says.
Speaking on the need for the government to prioritise the provision of low income housing which will be affordable by average Nigerians, he made reference to the initiative of the former Lagos State Governor, Pa. Lateef Jakande saying:
“To be honest with you, Pa Jakande has done very great. Pa Lateef Kayode Jakande deliberately built low cost houses all over the length and breadth of Lagos State for the masses. He named it low-cost housing scheme but the masses named it ‘Jakande Estate’.
“ Today, Jakande Estate has moved up the masses to middle income brackets. Jakande Estate has provided houses for the low and medium income earners. It has linked the entire Lagos State together from Badagry to Iyana Iba, from Ipaja to Ikorodu, from Isolo to Lekki, from Ibeju to Epe. Just name it. Jakande’s records in housing delivery are yet unsurpassable.
“Meanwhile, the current governor Babajide Sanwo-Olu has been filling the vacuum and I read in the news that he is coming to Sangotedo to commission some building. We believe he can do more and create enabling environment and businesses in the real estate sector to thrive.”
Speaking further on what acts as limiting factors preventing real estate developers from filling up the gap of provision of houses for the low income earners, he says funding is a major limiting factor preventing real estate developers from stepping in to fill this big gap.
On what is preventing the private sector real estate developers from filling the gap of providing houses for the low income earners, he cited funding.
“The institutions responsible for the provision of funds for private real estate developers are lagging behind in the discharge of their statutory duties especially in low-income housing delivery. I will appeal to the Lagos State government to do more because most of the land under acquisition today can be released to the real estate sector and the private business owners that are running real estate,” he said.
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