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Our model of housing units is revolutionising real estate in Nigeria – Oloyede

Our model of housing units is revolutionising real estate in Nigeria – Oloyede

Oladotun Oloyede is the founder and CEO of Rolad Properties and Allied Services Limited. He is an Oxford University-trained Real Estate Investment Expert with a remarkable track record of creating real estate solutions for over 3,000 individuals in Nigeria and beyond through land schemes and property acquisition. In this interview, Oloyede shares how his journey to unlocking the real estate industry is revolutionisqing the sector. Excerpts by Seyi John Salau:

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Your company is currently spearheading a 1,000 units’ housing development in Nigeria; what is the motivation for this project?

Indeed, this is an ambitious project. It is a 1,000-unit housing development called Idera De Housing Scheme powered by Rolad Properties, located at Adesan Mowe, Ogun State Nigeria. I am deeply motivated by several factors. First and foremost, I’ve always thought that everyone has the right to safe, affordable housing. Nigeria now has a housing shortage of approximately 20 million units, and by 2030, this shortage is anticipated to reach 30 million units. Now, this project helps close this gap and fill a critical need while simultaneously generating jobs and energising the local economy by increasing demand for goods and services. Additionally, this project unquestionably supports my goal of developing inclusive and sustainable real estate solutions. We are creating communities as well as structures as part of this project, incorporating sustainable methods like green building and other renewable energy sources. The environment will gain from this, and homeowners’ long-term running costs will go down. Nigeria’s real estate market is anticipated to expand at a 10 percent annual rate over the next five years, according to a recent PwC analysis. I think this project is in a good position to benefit from this expansion. To fulfill the demands of various buyers, Idera De Housing Scheme provides a range of housing options, including 3 bedrooms fully detached bungalows and 2 bedroom semi-detached bungalows. I am optimistic about the outcome of this project and eager to witness how it will affect Nigerians’ daily lives.

Does this initiative exemplify your commitment to transforming the real estate landscape and enhancing livelihood?

Absolutely! Through the completion of this project, we will produce more than just housing units. We are constructing houses where families can prosper and achieve goals. Our mission is centered on this dedication to improving lives. Additionally, the idea behind this project demonstrates our commitment to environmentally beneficial procedures. We want to have a beneficial impact on the environment, consume less energy, and provide homeowners with solutions that are both affordable and efficient. This project is a practical illustration of how real estate may be used to improve people’s lives. In my opinion, real estate is a potent tool for social and economic development. I want to increase everyone’s access to and affordability of real estate, and I think that this project is a step in that direction.

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How does this initiative help in unlocking dreams and achieving their property goals like you said earlier?

Through land schemes and property purchase, we have enabled over 3,000 people to realise their potential and accomplish their real estate aspirations. People who might not have the money to acquire a piece of land outright might purchase it through land schemes, which allows them to pay for their land in installments. They have been able to invest in their future and build the homes of their dreams as a result. For other income goals, purchasing property is another way for people to own their first, second, third, or more homes with us. To make it simple, reasonable, and convenient for them to realize their real estate goals, we have made these properties available for off-plan purchase (at a discounted price). I also have a commitment to help people build wealth and financial security through real estate investments.

Rolad Properties and Allied Services Limited is just five years under your leadership as the MD/CEO, what is the secret and what should young entrepreneurs be thinking now?

One of the keys to our success has been, first and foremost, our unwavering dedication to our core values, which include respect, integrity, speed, excellence, and quality. This is one thing young entrepreneurs need to focus on, defining their fundamental beliefs and constructing their businesses around them. These values serve as the foundation for every choice we make and every action we take. The second reason is that we are a customer-centric business. We cherish our customers so highly that our only goal is to give them the best service possible. We go above and above to fulfill their needs and surpass their expectations. To better serve our clients’ needs, we’re always coming up with innovative ideas. Young business people must rapidly understand that without clients, there is no business. Last but not least, our dynamic team of knowledgeable, experienced, and motivated individuals that share my enthusiasm for real estate is another one of our superpower secrets. You see, investing in the development and well-being of our workforce has paid off in terms of productivity and innovation. Young entrepreneurs are urged by me to form solid teams and provide a welcoming workplace environment that draws and keeps excellent talent.

Following the feat achieved in the last five years; the next question would be what’s next for you?

We are geared more to do more! Our pledge is to become a leading world class team and a point of reference for quality, excellent and affordable real estate services in Africa and beyond. So you see what is next is already captured in our vision. The real work has just begun – we remain committed to our mission of providing affordable real estate services and there are several exciting avenues we plan to explore in the future. So we shall continue to grow Rolad Properties and Allied Services Limited – establish more estates across Nigeria and undertake more project developments in Nigeria and outside. We shall keep extending our reach to other African nations and international markets. Yes; we have started as we are well-established in the UK. I believe there is potential for housing solutions throughout Africa and beyond, and this growth will enable us to do that. In addition to these, I am personally dedicated to mentoring and assisting young businesspeople in order to enable them to realize their potential and turn into shining examples in their communities and economies. The impact of Rolad Properties under your leadership resonates far beyond national borders, with a strong presence not only in Nigeria, but also in the United Kingdom.

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Are you expanding across the transnational borders too?

YES! Expanding across transnational borders is indeed on our radar. Our successful presence in Nigeria and the United Kingdom has demonstrated our ability to operate effectively in diverse markets, and we see potential for further international expansion.

From your wealth of experience over the years, what are the key areas in the value chain of the real estate industry that investors should take keen interest on?

I think interested investors in the real estate sector should pay attention to the following. First is the land scheme; land is a tangible asset, and its value is rising. Land investors are in a strong position to make good returns on their investment if they can get it for a fair price. Property development – Putting money into real estate ventures might be profitable. Investors can keep a lookout for opportunities in innovative building and environmentally friendly building techniques, like our Idera De Housing Scheme, to invest in or partner on. Then leasing is another crucial area in which investors should show interest. A comparatively low-risk strategy to invest in real estate is to own a property only for the goal of generating rental income. Lastly, real estate financing – when careful consideration of all factors is given, investments in real estate financing, such as mortgage lending, can produce favorable returns.

Land schemes as a development tool seems to be revolutionising your sector, what is driving this trend?

There are quite a number of drivers, and these four are the general drivers: Firstly, we can see affordability; in developing nations like Nigeria, where many people have limited incomes, land plans help to make land ownership more accessible. Secondly, because of payment plan flexibility, most land development projects provide a range of payment choices, which is crucial for those who do not have a sizable down payment. Buyers are able to stretch out costs over time. The third factor contributing to these trends is accessibility. Most land development plans are located in handy areas, making it simpler for residents to go to and use their land. Lastly, is the investment potential. Land is a tangible asset, and its value is rising over time, as I mentioned before in the previous question. Investors in land are in a strong position to make significant returns on their investments if they can get it for a fair price. Other drivers include urbanization that has now made land scarce, driving up cost of land in urban areas, making it difficult for people to buy land out rightly; land schemes provide solutions to this.

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How would you rate the industry generally and does the outlook portend opportunity or otherwise?

The outlook and the positive rating do indicate opportunity. According to Mordor Intelligence, the worldwide real estate industry is anticipated to reach $36.6 trillion by 2027, while the Nigerian real estate market is projected to increase from $21.47 billion in 2022 to $40.18 billion by 2027 at a Compound Annual Growth Rate (CAGR) of 12.02 percent throughout the forecast period. Growing housing demand is one of the prospects, and urbanization also increases demand for commercial and residential assets in metropolitan regions. Construction of new infrastructure will increase property values and spur economic expansion. Technology and PropTech will open up new doors for efficiency and innovation. Although there are difficulties, success in this field demands a blend of market expertise, strategic planning, adaptability, and a dedication to sustainability. The industry’s resilience and potential for growth make it an attractive space for investors and developers who can navigate these complexities effectively.