To advance the sector, experts in real estate have reiterated the imperative of providing an enabling environment for operatives.

They expressed worries that absence of the enablers for growth has worsened the housing deficit, which is now over 22 million.

Leading the call at the third edition of the Pan-Africa Real Estate Summit entitled: “Building a Better Africa: Real Estate Investment Opportunities in Africa” held in Lagos and Abuja, the keynote speaker, Mr. Tunde Obileye, said government should make the industry more viable by removing impediments to growth and restore its past glory. He observed that in the past, real estate investment used to be safe and profitable but all that has changed now.

Obileye said: “Investing in real estate has become too risky as the value of the naira keeps dropping and because of challenges like poor workmanship, weak policies and zero regulations, as well as poor income. Policy somersault is another issue affecting this sector that needs to be addressed once and for all.”

Partner, Bloomgate Solicitors, Sesi Hundeyin, lamented that land-grabbing is still a major problem operatives have to deal with, adding that the development is preventing people from investing in the sector. He urged the government and security forces to protect landowners and real estate investors.

Senior Associate at Aluko & Oyebode firm, Osinachi Nwandem, who spoke on ‘Contracting Strategies for Investors and Protection for Developers’, said investors’ confidence must be secured above all things. He advised developers to think long-term to stay afloat and include Price Adjustment Clauses (PAC) in any agreement with clients/investors.

He also advised them to comply with all laws and regulations, use only qualified workers and good materials, uphold integrity and be fair in all their dealings.