PROPERTY Recession: Real estate stakeholders want sector reenergized

As the federal government released the Economic Recovery and Growth Plan (ERGP) which unveils a road map for the country’s economic recovery growth and sustainable development, real estate experts have called on the government to look in the direction of the real estate sector to further improve the economy.

The government said the core vision of the ERGP is one of sustained inclusive growth, with focuses on improving both public and private sector efficiency.

Real estate is considered a vibrant sector that provides jobs for many people such as consultants, contractors, suppliers of building materials, vendors, labourers and artisans.

Speaking on the huge economic potential in the property sector, President of the Nigerian Institution of Estate Surveyors and Valuers, Dr. Bolarinde Patunola-Ajayi, said the sector if fully tapped by government at all levels could get the economy out of recession.

He said: “Real estate business is about management of all land resources, which gives support for all activities of man. Every business is done on land. Human life and basic needs are dependent on land, hence Nigeria must pay attention to real estate, except we are not prepared to come out of our economic woes.

“Real estate investment is the pedestal for economic development and growth, and many developing nations such as Singapore and the United Arab Emirates that understand this have seen the positive impact on their economies. There is effective demand in the real estate sector; developers only need to seek the consultancy services of estate surveyors and valuers to know which type of real estate should be developed in a particular place.”

Patunola-Ajayi stated also that it was erroneous for the government to think that the economy could only be diversified through agriculture and the film and fashion industry, rather than the real estate sector.

According to him, surveying every parcel of land will ensure that every owner, including farmers, has registered title to their land and that would make it possible and easier for the public to have access to loan facilities for all types of developments such as residential, agricultural, commercial or industrial.

“This is with a resultant effect that houses are available for living and offices are available for business, including transportation to move goods and services from one place to another.

Speaking in similar vein, the National Coordinator, Women in Surveying, a subset of the Nigerian Institution of Surveyors, Mrs. Funke Adekunle, called on government at all levels to embark on construction as many people would be engaged and help the nation to come out of the present economic recession.

Adekunle stated that establishing industries in large numbers would provide job opportunities for the youth, adding that it would stimulate the economy to some extent.

She spoke on Friday at the 13th annual regional conference of the Women in Surveying.

She also encouraged individuals to establish industries in order to encourage local production of building materials currently being imported from other countries.