Experts Bemoan Weak Regulation In The Real Estate Sector
Experts in Nigeria’s real estate sector have identified over taxation, weak regulation, quackery among major inhibitors to the nation’s housing development.
Speaking at a talk show organized by Photizo Properties in Lagos, Chief Executive Officer, Photizo Properties, Patrick Oriyomi, said investors shy away from real estate because of lack of trust.
According to him, real estate in Nigeria, especially in Lagos has been bastardized by quacks that embezzle investors’ money, leaving in misery.
He noted that difficulties in getting Certificate of Occupancy (C of O) is also part of the challenges disrupting investments in the real estate sector in Lagos.
Oriyomi said: “I have a property that is free and gazzetted already but the process has taken us more than four years, yet the C of O has not been gotten. This also shows that some C of O’s have not been gotten in Lagos.
“There should be a regulatory body in the real estate sector that would regulate how things are done. Everything should not be left for the court to handle because some of these challenges can be handled without getting to court.
In Nigeria, one can buy a property for N100 million and sell it same day for N120 million and this is because we don’t have strong laws that regulates investors and investments in the sector.
“There should be a body that regulates realtors and property agents in Nigeria if quackery must be stemmed. There should be certain exams and trainings, which realtors should undergo and they should have regulatory identity to distinguish professionals from quacks.”
He admonished realtors to undergo trainings before they move on to market real estate products to investors, noting that it would distinguish them from quacks.
However, he urged government to boost the business-enabling environment in order to encourage investments in the nation’s housing sector.
Another real estate expert at Photizo, Maureen Okpoebo, noted that ignorance of some people to understand the importance of real estate was also a challenge facing the sector.
She maintained that Nigeria as a country has not properly harnessed the opportunities that could come from giving comfortable homes to its masses.
Okpoebo said: “If you check other countries, they no longer sell lands itself. They sell rooftops and spaces. Nigeria has not properly seen the importance of real estate and is yet to tap its enormous benefits.
Okpoebo urged the government to look into land laws in terms of land surveying, land registry and property taxation to enable low-income earners in Nigerians to benefit from investing in the nation’s housing sector.
In her remarks, Chief Executive Officer, Vivacity PR, Oluwakemi Areola, said the programme was aimed at inspiring Micro, Small, and Medium Enterprises (MSMEs) in the real estate sector to further improve their skills, ideas to grow Nigeria’s real estate sector.
She urged MSMEs in the sector to re-evaluate what they are doing and re-strategize to get better results.