Professionals have reiterated the importance of verifiable data, improved mortgage sector and modern technology in the property market in the country.The experts in a virtual Real Estate Roundtable Series themed: “Real Estate Market Evolution in Nigeria: Assessing the Past; Projecting into the Future” organised by Bamigbola Consulting (BC) and BC Academy in Lagos. The forum attracted the Principal Partner, Ubosi, Eleh & Co., Mr Chudi Ubosi, Chief Executive Officer of Castles, Mr Dipo Davies, and the Senior Partner, Bamigbola Consulting, Mr Dotun Bamigbola.

Leading the discussion, Davies pointed out the inevitability of a strong mortgage system for growth, transparency and proper regulation of the real estate sector. He explained that a virile mortgage system will not just assist in financing housing projects but also allow people to own property.

Davies said: “When you own property, you have invested in the community. The cash and carry system is worrisome. We all heard the story of somebody who had 735 duplexes in Abuja. This happens where the mortgage is not involved and this kind of system is not sustainable. Everything seems rosy now, but you could have problems in the future when you have one person holding on to so much property.”

He explained that the involvement of mortgage institutions in the real estate market would enhance compliance with regulations and ensure proper planning. “We heard that 80 per cent of houses in Lagos don’t have approved building plans. If the system remains a cash and carry economy, it will be difficult to ensure due diligence and involve professionals,” he added.

On his part, Ubosi said generating data is important for property market growth. “For long, we have had to struggle with data in the real estate market. We realised that there was just none each time we needed information. We began to track data for the past 10 years. The focus on tracking and collecting real estate information is important for all of us for planning in real estate,” he added.

The Convener, Mr Dotun Bamigbola, said looking back into past operations in the sector will help to predict what the market can become in the future. He called for the use of Proptech and Artificial Intelligence to drive the real estate market.