An online real estate company, PropertyPro.ng, and other stakeholders in the property industry have called for more investments in modern construction technologies as well as locally-sourced building materials.
The stakeholders noted that new building technologies could assist Nigerians and Africans at large in designing homes of the future.
These and more views on the growth of the construction industry were expressed at the PropertyPro.ng’s maiden African Real Estate Conference and Awards in Lagos, with the theme, ‘Growing African cities: The reshaping model’.
At the conference targeted at addressing key issues affecting the real estate industry and other sectors, stakeholders stated that using local materials in place of more expensive building materials, could help drive down costs and reduce the country’s housing deficit.
The Lagos State Commissioner for Housing, Gbolahan Lawal, said it had become important for the government to be present at meetings, such as AFRECA, to get first-hand information on the opinions of real estate professionals in the industry.
He also gave a list of the ongoing projects in the state and added that the conference would help to mould the state’s policies on real estate.
The event had six sessions, one of them on ‘Sustainable and equitable housing: The role of the government and private sector’, where the Chief Executive Officer, Alpha Mead Group, Dr Femi Akintunde, urged the government to encourage investments in sustainable housing, including lowering project financing costs such as taxes, which he said were currently too high for developers.
The Principal Architect, cmDesign Atelier, Tosin Osinowo, who led discussion on ‘Building technologies and architectural innovation: Tools for housing developments’, said there was the need for cheaper and more effective building materials such as laterite.
Other speakers highlighted the need for the government to minimise the bureaucracy in land titling, especially to help in creating a favourable investment climate.
They also called for more investment in facility management as this would help to promote a culture of maintenance that could help houses last for generations.
The Chief Executive Officer, iREP, Erejuwa Gbadebo, who led a panel discussion on ‘Real estate valuation and economic growth: Adapting to the digital environment’, stated that if the private sector planned to influence government’s decisions on valuation, real estate valuers must cooperate to influence such decisions.
The event also featured an awards ceremony to reward excellence in the real estate industry as well as an exhibition.