Millennials are real estate market’s biggest opportunity – Expert
Seun Eyitayo, Chief Operating Officer of LandWey at the West Africa Property Investment Summit (WAPI) has identified millennials as the biggest opportunities in the real estate market.
The summit which was held in the prestigious Four-points by Sheraton had an attendance of real estate leaders from 20 different countries. Themed ‘Property Market Redefined’, the summit was organized to reconnect industry leaders and highlight opportunities in the real estate market.
According to the Landwey Chief Operating Officer, the millennials who are between the ages of 25 to 40 years are the largest market; she explained that they are the younger generation that is making their first entry into property acquisition.
“The younger people, the smaller families, are venturing into things that are compact. What we do is Take away the risk and make it easy for them to go through all the processes,” Eyitayo said.
In an interview with BusinessDay, she noted that developing inexpensive items by building on smaller plots of land and optimizing what they can build on each plot of land is one way to make property ownership more accessible to the younger generation.
“We have different layouts. We have 2 bedrooms, one bedroom, studio apartments that young people can afford to buy. Cause obviously the millennials are just starting to build their investment portfolio, they don’t have a lot of money, you want to be able to take out small portions of your salaries,” Eyitayo replied.
Tope Runsewe, Chief Executive Officer of Dutum, said that his company’s role is to provide peace of mind, homes for clients, and service to the public as well as provide building construction service to developers.
“What we want to continue to do is to provide value to our clients and service to the public who are the end-users of everyday building and the product we build,” Runsewe said.
Citing Babatunde Fashola, minister of works and housing, Eyitayo said people in their mid to late 20s have a uniquely distinct taste. “Their homeownership dreams are very different and are different from the dreams of previous generations,”
Stating what the future holds Eyitayo emphasis improvement in customer relationship management, flexible policy on housing, and institutional partnerships are among other solutions mentioned in her speech.