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Tech, public sector infrastructure delivery is key to real estate recovery, say experts

By Ebele Onyekomelu
22 November 2021   |   3:10 am
The seventh yearly West Africa Property (WAPI) Summit will be held between November 23 and 24 in Lagos.

Real estate. Photo: BUSINESSMODULEHUB

The seventh yearly West Africa Property (WAPI) Summit will be held between November 23 and 24 in Lagos.

The event is a regional real estate gathering that connects international money to local opportunities and players. WAPI Summit 2021 will take place in-person and virtually at the Four Points Sheraton, to a global audience and plays host to more than 70 speakers as well as 600 attendees, representing over 170 companies from 20 countries.

According to the host, Kfir Rusin, this year’s event is set to redefine regional property market, as developers and investors invest for the sector’s recovery.

Rusin said: “This year’s event is set to be more impactful than ever, as industry leaders reconnect again for the first time in two years and highlight opportunities in what is a dynamic and increasingly sophisticated market.”

Commenting on this year’s event and the future of the Lagos property market, Landwey Investment COO, Seun Eyitayo, noted that, “WAPI Summit is an occasion to engage with hundreds of people in-person and to reach out to a vast audience during the virtual session. Opportunities for industry players are growing across the sector, particularly for innovative and forward-thinking developers.”

He stressed that “a combination of multipurpose property developments and PropTech are significant indicators of future trends. Smart tech already offers many solutions today. Couple that with climate-conscious housing developments, and you have got a winning formula for sustainable living.”

According to Dutum CEO, Tope Runsewe, “value in the regional real estate sector is increasingly being unlocked by the public sector’s infrastructure driven policies. We see the Nigerian government’s recent focus on infrastructure delivery as a huge opportunity for the property industry.

“With initiatives such as the Central Banks of Nigeria’s planned N15 trillion infrastructure fund and the National Social Housing Programme, we see a leap in foreign direct investments in the property sector which will lead to a boom in construction projects and create jobs across the ecosystem. We believe this will spur overall economic growth as more opportunities are created for those who work in and around the property and construction sectors.”

In his submission, Purple Group CEO, Laide Agboola, believed that the sector’s recovery “is increasingly linked to technology after careful consideration of market trends, we seek to devise products and services that can provide lasting benefits to property investors and consumers with the aid of technology.

“We believe that recovery from the recent pandemic in the property sector lies in Proptech innovations and in symbiotic partnerships with leading players to deliver superior returns for investors and experiences for consumers.”

The Chief Executive Officer, Victoria Crest Homes, Ichechi Okonkwo, said: “The annual gathering is imperative for the premier regional industry platform to connect and highlight excellence in the sector. The WAPI summit offers another platform to project the vision of making aspirational living affordable.”