How professionals can navigate economic uncertainties in real estate sector

On incremental basis, Nigeria’s economy is passing through enormous challenges with uncertainties in its various sectors including real estate.

Developers and professionals in the sector are, therefore, struggling with some of them adopting wait-and-aee attitude to investment while others, mostly the resilient ones are innovating and being creative in their product sand service offerings.

Uzo Oshogwe, chief executive officer of Afriland Properties, says there should be no dull moment for professionals and has, therefore, outlined steps that should be taken to navigate through these challenges

The steps she outlined were contained in her keynote speech at International Real Estate Federation (FIABCI), Nigerian Chapter’s annual general meeting and induction which had as theme, ‘Leadership and Strategy for Business Growth in a VUCA Economy’.

According to her, leaders and managers in the industry must have multiple future outlooks, contingency plans and data-driven decisions including market research and predictive analytics

“All these have to be put in place and you have to think outside the box and ask yourself how to put things in order. There must be a robust risk management framework. You must also leverage technology and encourage your staff to think and come up with innovative ideas,”she said.

She urged the industry leaders to always be agile in changing things when circumstances change. She also underscored the benefits of sharing data in making decisions.

“We have that ideology; that data should be hidden but if we share data, it will help us to make clear decisions .