It is easier to invest in real estate sector, says Michael Ejoh
Nigeria’s economy is currently bleak due to drop in prices of commodities, the real estate sector is regarded as one of the sectors that is usually worst hit by the economic shortfall, how do you think the T.A.G expo will help to lessen the impact of the challenge?
This is indeed very true. The economy has greatly impacted on the sale of Real Estate. In the past, most developers would be able to sell their products off-plan and still record a high number of sales from within the local market.
The expo gives Real Estate developers a new platform to tap into the large communities of Nigerians living abroad. The current exchange rate makes it a lot easier for these individuals to invest. This would help cushion the draught in sales and also increase the inflow of foreign exchange. We have identified a window of opportunity, borne from our experience with the different levels of stakeholders, and the expo will use the information we have gathered over the past year to connect the dots.
There’s still huge deficit in terms of housing in Nigeria, particularly affordable housing, how do you think this administration can deliver its promises on affordable housing?
Once there is an enabling atmosphere, where the bureaucracy to acquire land is reduced to the barest minimum, where sourcing for raw materials and even access to these raw materials is not as grueling or as expensive as to cripple projects or make the cost of building these houses expensive in the first place; where banks and financial houses are willing to provide developers with loans and give them reasonable interest rates and where laws are promulgated and implemented to rectify these elements aforementioned, affordable housing will definitely become a reality.
How is T.A.G EXPO positioned to help the country attract FDI into the real estate sector?
The attendees of the fair are not just Nigerians in Diaspora but also non-Nigerians who have intentions to invest in the Nigerian Real Estate sector. The showcase will be that of Nigeria’s untapped potential in Real Estate development; the fair also aims to expose the many advantages that can be attained from Investment therein. I believe the fair further opens up the opportunities that abound to invest in Nigeria. The feedback from the fair is sure to propagate an underlying message. There is huge potential for Return on Investment in the thriving Nigerian real estate market.
What is the expo all about?
The T.A.G Expo is a platform designed to bridge the gap between reputable Nigerian Real Estate developers and Nigerians in Diaspora who are desirous to own/ invest in Real Estate within Nigeria. It is an annual event that would be held in Major cities around the world where there are a great number of Nigerian professionals who do not have access to meeting credible development companies and financial institutions who render real estate services like mortgage, loans and insurance for the property they intend to invest in.
Who do you expect from the event and how do you hope to engage Stakeholders?
The expo is expected to attract reputable Real Estate development companies, Financial Institutions who provide Real Estate products and services like mortgage and Insurance companies with policies that cover their proposed Real Estate investments. Of course the goal seeks to convene over 600 attendees and present them with various options available in the market. The series of events lined up as a build to the expo is our stakeholders breakfast meetings, this serves as a strong platform to engage interested parties in addition to our use of media in extensive marketing campaign.
Your organisations put together trade shows yearly, the TAGEXPO will be one of such events, is there anything that differentiates this event and what is the credibility of the fair?
The major thing that differentiates the TAGEXPO from previous exhibition is the expertise of the organisers in real estate advisory. The expo would always have a database of prospective homebuyers and investors who have already been profiled and have indicated a strong expression of interest in investing in Nigerian Real Estate.
Every development company that attends the fair would get the database of these investors to enable them constantly communicate and market their products to them. One of the many highlights of this expo is our annual luxury catalogue which provides stakeholder organisations with an opportunity to advertise their real estate solutions – the catalogue would always serve as a reference marketing tool long after the exhibition is over. No other real estate international exhibition has an annual catalogue that showcases the different real estate products and solutions within the Nigerian Real Estate sector.