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Why housing demands continue to increase – Stakeholders

Stakeholders in the real estate sector have attributed the lack of well developed infrastructure as one of the many challenges facing it in Nigeria.

The stakeholders, who spoke in separate interviews in Lagos on Monday, said the real estate space is a viable one, with many Nigerians looking forward to having their own homes.

The Co-founder and Head of Business Development, Dukiya Investments, Lukman Shobowale, said owning a property in Nigeria is an achievement and with the current urbanisation trend, housing demands will continue to be on the increase.

Shobowale said from the United Nations (UN) growth projections which states that Nigeria will be the third most populous country in the world by 2050, no one real estate company can fulfill her housing needs.

He said this had made real estate a lucrative industry and one that youths should explore.

“Our objective is to provide unmatched real estate service to everyone from all walks of life and we do this by reinventing the idea of comfort,” he said.

Shobowale added that the challenges being faced in the sector would be eliminated if the government can provide enabling environment through infrastructure development.

“Good road network, electricity and automated processes of documentation, all have a role to play in how far the real estate sector will go.

“After providing housing opportunities, we must not be saddled with the responsibility of solving infrastructure issues. This amounts to double taxation,” he said.

Similarly, Head of Strategy and Growth, Dukiya Investments, Bayo Lawal, said many youths interested in the real estate sector were finding it difficult to blend because of its many challenges.

Lawal, who described it as a tedious space that requires tenacious youths driven by knowledge, said: “The housing and management sector requires innovation, competence and negotiating expertise.

Success in such area can only be achieved when the people involved are vast in the field,” he said.

Lawal urged the government to create more forums that will give birth to committees where fresh ideas and solutions to housing problems can be discussed.


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