• Friday, June 21, 2024
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BusinessDay

Economic instability and inflation pose challenges to Nigeria’s real estate industry, says Superite Africa CEO

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Economic instability and inflation are major challenges facing Nigeria’s real estate industry, according to Sunday Ifijeh, CEO of Superite Africa, a leading luxury real estate brokerage firm. In an exclusive interview, Ifijeh shed light on how these factors are impacting the industry and shared his insights on potential solutions.

The real estate industry in Nigeria has experienced rapid growth in recent years, attracting both local and international investors. However, economic instability poses a significant hurdle to its sustained progress. Ifijeh highlighted the issue, stating, “The Nigerian real estate market is heavily influenced by the overall economic climate. When there is instability in the economy, it affects the purchasing power of potential buyers, which directly impacts the demand for properties.”

The effects of economic instability reverberate throughout the industry, leading to challenges for developers and investors alike. Ifijeh expressed concern over integrity issues faced by the industry, with some developers failing to fulfill their promises. “Integrity is crucial in the real estate sector. When economic instability arises, some developers may struggle to complete projects, leaving buyers disappointed and skeptical,” he explained.

Moreover, inflation presents another significant obstacle to the real estate industry in Nigeria. The constant increase in the price of goods and services has a cascading effect on property prices, making them less affordable for potential buyers. Ifijeh emphasized, “Inflation erodes the purchasing power of individuals, making it difficult for them to invest in real estate. As property prices rise, the gap between supply and demand widens, hindering growth and development in the sector.”

To address these challenges, Ifijeh believes that a multi-faceted approach is necessary. He advocates for improved economic stability through government policies that promote a favorable business environment and attract foreign direct investment. Additionally, he stresses the importance of transparency and accountability in the real estate sector to regain trust and confidence from buyers and investors.

“While economic instability and inflation are formidable challenges, I remain optimistic about the future of Nigeria’s real estate industry,” Ifijeh asserted. He emphasized the need for collaboration between industry stakeholders, policymakers, and regulatory bodies to implement effective solutions that drive growth and sustainability.

Superite Africa, under Ifijeh’s leadership, is committed to transforming Nigeria’s real estate landscape by offering bespoke luxury properties and maintaining the highest standards of professionalism and integrity. With an expanding presence in Nigeria, the United Kingdom, and the United Arab Emirates, Superite Africa aims to provide exceptional service to its clients while contributing to the growth of the industry.

Aspiring professionals in the real estate field can draw inspiration from Ifijeh’s journey. He advises them to have a strong “WHY factor” that will keep them motivated even when faced with challenges. “Understanding why you are in real estate and having a clear vision will help you persevere and achieve success in this dynamic industry,” he shared.

The challenges of economic instability and inflation are formidable, but with visionary leaders like Sunday Ifijeh at the helm, the Nigerian real estate industry can navigate these obstacles and thrive in the long run. As the sector strives for stability and growth, the collective efforts of all stakeholders will be instrumental in shaping a brighter future for Nigeria’s real estate market.

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Website: https://www.SuperiteAfrica.com

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