Experts and sundry stakeholders at the ongoing Real Estate MarketPlace Conference and Exhibition being hosted by the Lagos State government have canvassed for strict regulation and controls as the state seeks sustainable real estate practices.
This year’s edition of the conference and exhibition, which is the fifth in the series, has as theme, ‘Reimagining Lagos urban landscape through sustainable real estate practices.’
The experts noted that part of the urban development problems emanate from unwholesome real estate practices, explaining that the free entry that defines investment in the sector does not help its growth and development.
Aminu Tambuwal, the Senate committee chairman on housing, lamented the negative effect of the free entry into Nigeria’s real estate by some wealthy individuals who do so without qualifications.
Tambuwal said this has given rise to unprofessional practices, contributing to risk, fraudulent activities and questioning the integrity of the Nigerian real estate.
“Some of the challenging issues limiting the development of real estate practice in Nigeria is that it has become an all-comers sector as it has been infiltrated by people that lack the capacity, knowledge and integrity,” he said.
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He added that the effect of this free entry has resulted in practices that need to be tamed to sustain the integrity of professionals in the sector.
“The situation has turned out so bad that anyone can wake up and become an emergency developer, realtor or estate agent without any skill, experience or going through training. Unfortunately, the notion that because someone has money qualifies him to be an estate developer has gained traction. To be an estate developer is much more than only having money,” Tambuwal said.
According to him, the current situation which lacks adequate regulation has created a system that has defrauded many innocent consumers without a trace, noting that cases of victims are too numerous and heart-breaking,” he said.
The senator said there was an urgent need for strict regulation and enforcement, noting that the Senate was open to all engagements and collaboration with stakeholders for legislative backing to assist the development of the sector.
Earlier, Barrakat Odunga-Bakare, special adviser to Governor Babajide Sanwo-Olu on housing, highlighted the importance of this year’s conference theme, saying that Lagos with its dynamic population growth and urbanisation holds immense potential but faces significant challenges that need to be addressed.
Lagos faces formidable challenges including inadequate infrastructure, environmental degradation, a growing housing deficit and gross non-compliance with real estate practices. Therefore, our theme is carefully crafted to invite us to rethink how we design, develop, and sustain urban spaces in Lagos to ensure they are inclusive, environmentally friendly and economically viable,” Bakare said.
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