Real Estate Outlook 2023: Experts Recommend Long-Term Incentives for Real Estate Recovery, Post General Elections

As investors wait to see the outcome of the general elections, stakeholders in the real estate sector have emphasized the need for governments to offer long-term incentives to operators to aid recovery. The experts noted that the industry is systemic and crucial to economic growth, and whatever happens in the political environment will have a significant impact on its activities.

To prevent a crisis, the stakeholders recommended that federal and state governments recognize the critical role of the real estate sector in the economy by providing long-term incentives that will cover the entire ecosystem, drive growth and create jobs. They made these recommendations at the Real Estate Outlook 2023, titled “Pitching your Tent Post-2023 Elections,” organized by the Nigerian-British Chamber of Commerce in collaboration with the International Real Estate Federation (FIABCI-Nigeria) in Lagos.

Dr. Biodun Adedipe, the lead speaker and Founder/Chief Consultant of B. Adedipe Associates Limited, explained that the performance of real estate is a significant indicator of what to expect in the economy. He added that when there is trouble in the real estate sector, it would reflect on the economy since the real estate sector creates value on its own for others. Adedipe further urged real estate product sellers to adopt end-to-end digitization to optimize the sector.

Other experts also highlighted various challenges affecting the real estate sector, including the deficit in affordable housing, foreign exchange challenges affecting the retail sector, and poor performance of the office sector. However, they expressed optimism that the industry had great potential if given the right policies, planning, and incentives.

The President of FIABCI-Nigeria, Gladstone Opara, explained that the forum was to explore collaboration with organizations, governments, and global agencies for impactful synergy on how to survive unpredictable business environments caused by socio-economic and political situations. He expressed optimism for a better economy and encouraged practitioners to stay calm.

The experts emphasized the need for proper planning, data gathering, and training of artisans to boost confidence in the sector, as well as creating sustainable sources of finance for debt and investment capital that recognize the low-risk attributes of affordable housing as an asset class.

Conclusively, the Buyletlive Nigeria Price Index Report robustly contains data that can be very beneficial to developers and anyone who has interest in the Nigerian real estate sector, including those searching for properties to buy or rent in Nigeria.

As Dr. Biodun Adedipe, the lead speaker and Founder/Chief Consultant of B. Adedipe Associates Limited, pointed out, digitization is changing the real estate game, and this report further expands on this with sufficient data collected from different parts of the country, drawing from the past with a reliable projection into the future. Be among the first to gain access to this vital report by signing up here.

cc: The Guardian

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