Last year was a difficult year for the property market, despite the 2019 challenges, real estate experts have projected a rebound this year.
In spite of this optimism, some experts have noted that it can only be possible if the government works to discourage slush funds in the sector.
There were also predictions that landlords would be more open to a zero increase and a slight reduction in rent renewals as tenants were not willing to pay more, citing the economic times, job losses and poor infrastructure service upgrade in homes.
Critics have also argued that the law is favourably disposed to tenants against landlords.
However, but this will soon change as the Lagos State Government, through the Special Adviser to the State Governor on Housing (MOH), Mrs. Toke Benson-Awoyinka said the state government is willing to partner the private sector to develop the housing sector in creating awareness to residents contrary to the erroneous belief that the government is hostile to private sector.
She stated that it is this administration wants to ensure that every resident prospers and contributes to the state’s growth. While stressing that the 21st Century Smart City of Lagos requires that real estate stakeholders to capture transaction electronically because real estate is to Lagos as oil is to Nigeria.
“There is the need to provide, develop and continuously capture and update a Unified Central Database of Real Estate activities within the state while making it accessible for objectives of planning and policy decisions.
“Our vision is to provide an enabling environment and transparent Real Estate sector conforming to international best practices while safeguarding the interests of all stakeholders. Our mission, however, is the creation of an innovative and sustainable environment to promote Lagos as a Real Estate Investment destination in Africa and the World,” she noted
She mentioned the major reasons that made the government come up with Lagos State Real Estate Transaction Department (LASTRED) to include frustrations by the public and the losses they encountered.
Mrs. Benson-Awoyinka further stated that her office had battled many cases of transaction failures.
The President, Real Estate Developers Association, Mr Ugo Chime, while making projections reiterated that a lot of factors slowed the real estate activities one major factor he mentioned was the 2019 elections
Otunba Sola Enitan, a popular estate surveyor and valuer maintained that the growth in real estate in certain cases was fuelled by slush funds.
He further stressed that before any country can experience economic growth, the fight against corruption and money laundering must be thorough, adding that money laundering affects a nation’s economy.
Enitan regretted that corrupt persons brought their ill-gotten funds to the sector. He, however, pleaded with anti-graft agencies to check this.
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