Real Estate Players Urged to Avoid Borrowing in Foreign Currencies
The Head of Real Estate Finance, West Africa at Stanbic IBTC, Tola Akinhanmi, has advised real estate players to avoid borrowing in foreign currency.
According to him, taking such a route was risky because of the instability of the foreign exchange market as experienced in the last 10 years.
He insinuated that if borrowing must be done in foreign currency, then real estate practitioners should ensure that they are also earning forex.
Akinhanmi gave the advice at this year’s Lagos Business School/Nigerian Institution of Estate Surveyors and Valuers Real Estate Summit held in Lagos.
Also speaking at the summit, themed, ‘Building for the future: Innovations, Opportunities and Quality Control,’ the Founding Partner of Estate Links Ltd, Gbenga Olaniyan, advised practitioners to make proper analysis before making decisions
This was as he stressed the need to understand the dynamic nature of the market before entertaining the subject matter of building for the next generation.
He was quoted by Daily Trust, “Artificial Intelligence will take over the business of people who don’t use Artificial Intelligence, so the onus is on us all to get connected. We need to understand AI before it leaves us behind because clearly, this is part of the future of construction.”
