Expert predicts bleak outlook for real estate sector in 2017

A real estate surveyor and valuer, Mr. Adediran Adetunji, has posited that the real estate outlook for the year 2017 is not as vibrant and buoyant as it is being made to look in some quarters while urging government to introduce and implement the right policies.

“It will be truly magical for real estate to bounce back to vibrancy and buoyancy in 2017. Unless there is a major policy shift in the direction of housing and infrastructure development, I don’t see the real estate sector prospering in 2017,” he said
Speaking further, he urged government to introduce and implement the right policies that will enable the sector to achieve its huge potentials

“Let me quickly add that the real estate sector is a highly specialised area where government must introduce and implement the right policies. The government must engage the professionals in the industry for better results because you must listen to diverse opinions at times like this.

The Nigerian Institution of Estate Surveyors and Valuers is veritably placed to give the government the much-needed advice on how to restore the real estate business into vibrancy, structure the mortgage institutions and increase our housing stocks.

Hitherto, the problems have been created by putting in place those who do not know much about real estate sector, hence you realise that most of the property developers are traders, otherwise, the issue of 17 million housing deficiency would not have arisen” he admonished.

He also called for government investment in infrastructure development which in his opinion is capable of absorbing unemployed people

“After the World War II, the western nations embarked on the Marshall Plan, which created enormous activities in infrastructure development. This is the sector with the ability to absorb a large chunk of unemployed people. We should look at the present situation as if we are emerging from war with the need for massive infrastructure development and similar activities.

The government had introduced the Single Treasury Account; I will suggest that these funds should be administered by a few credible banks for government with the mandate to allocate funds and loans to different sectors of the economy to create vibrant economic dynamics because we cannot afford to be static.

I think it is important on the part of the government to look into this aspect and have a rethink, because a few notes of naira that are working are better than millions lying idle” he concluded