NiDCOM advises Nigerians in diaspora to invest in Real Estate

The Chairman, Nigerian in Diaspora Commission, Abike Dabiri-Erewa, has said the commission is offering prospective property investors the opportunity to invest in the real estate sector.

Dabiri-Erewa disclosed this at a recent stakeholders’ engagement forum organised by a real estate firm, Buyletslive with the theme: “Real Estate Digi-volution.”

She noted that the issues in the Diaspora, which involves 17 million Nigerians abroad and $20t in terms of remittances to Nigeria, is more than any foreign direct investment put together, which is about six per cent of our Gross Domestic Product (GDP.)

“One way we can have Nigerians in the Diaspora to invest properly in the Nigerian real estate sector, is through organisations such as BuyLetLive, playing a key role by connecting buyers directly to sellers without a third party and without being duped.”

The real estate firm also reiterated its commitment to limit the opaqueness in the real estate market.

The Managing Director /Co-Founder, Mr. Ola Daramola, said the firm believes buyers, agents and landlords have benefited from them in the past year through her thoughtfully-created ecosystem, one that allows for easy engagement.

“As a two-sided market business, BuyLetLive is catering for users on one side and the other side, inventory being supplied by agents and developers,” he said.

The Forum featured keynote addresses, panel sessions, open discussions on topics such as funding opportunities for real estate development. The role of technology in real estate, Proptech and galvanising investments for the Nigerian Diaspora in Nigeria property market. These prompted very rich conversations and contributions by guest speakers and invited guests.

In his address, MD, Stanbic IBTC, Mr Wole Adeniyi highlighted the financial opportunities for Real Estate and their economic contribution. He informed the stakeholders of the opportunities available for the industry through the lens of the banking sector.

According to him, the Real Estate Industry has 3.5 Trillion Naira available for utilisation of home loans. BuyLetLive provides the biggest opportunity for users to have access to this with Stanbic IBTC.

“For the expansion of the real estate industry, we need credible and trustworthy real estate players and what BuyLetLive is doing is creating an opportunity and a platform for that connection to happen,” he said.

With the growth of Proptech, where BuyLetLive is leading this paradigm shift in Nigeria, guest speakers at the event shared their thoughts on the adoption of technology in the Nigerian real estate market.