Real Estate Federation seeks solutions to housing crisis

International Real Estate Federation (FIABCI), Nigeria chapter, yesterday, called for innovative solutions to the high cost of building materials, which had worsen housing crisis in the country.

Its President, Mr Akin Opatola, made the call when he led the executive members of FIABCI Nigeria on a courtesy visit to Rutam House, the Headquarters of The Guardian Newspaper, Lagos, to build mutually beneficial partnerships and discuss its forthcoming world congress.

He lamented that the persistent hike in prices of essential building materials, like cement, iron rods, and economic policy on interest rate and energy costs might not stop any time soon, noting that the increase in price of materials was inflation-induced.

He said it was time for everyone across the value chain, including brokers, developers to become innovative in surmounting the challenges.

Despite the challenges, he observed that developers were still making money and brokers were getting buyers even in this tough environment.

“It is just for operatives to be creative at this time in terms of design and material use in building development. Real estate comes in cycles and so anytime this kind of disruption comes, people just have to think out of the box, come up with innovative and smart solutions that mitigate challenges,” he said.

He said the visit was crucial to deepening relationships and solicits for partnership with The Guardian on its forthcoming World Congress to be hosted by Nigeria in June 2025.

Opatola said: “This is the first time FIABCI International is coming to Nigeria to host its world congress, entitled: ‘Real Estate Renaissance,” which is about the future, change, smart cities, artificial intelligence and technology as well as the need for partnership and how real estate brokers, developers can build sustainable cities.

“The forum will attract about 250 international top international real estate players. FIABCI is over 50 years old and because of the collaboration that we have always had with The Guardian, we thought it wise to meet with leadership and continue with the existing relationship that we always enjoy,”

FIABCI Africa & Near East President, Adele Adeniji, said the association lays emphasis on advocacy and consultation across all levels of government to educate the people on what is right and what it stands for. He also expressed dismay that Nigeria has not gotten it right in terms of regulation that can boost ease of doing business in the real estate sector.

In his remarks, Mr Tolu Bawa-Allah, an architect/member, said professionals in the sector could not operate in isolation, but must focus on what the market wanted through collaboration.