Stakeholders in the real estate industry have said that despite funding and infrastructure challenges, opportunities for growth in the sector are increasing with the expanding population creating demand for residential and commercial properties. The senior Manager, Real Estate Finance, Stanbic IBTC, Mr. Tola Ainhami, said has emerged the sixth largest in the country, accounting for 8.4 per cent of the total Gross Domestic product in 2014 and in the second quarter of 2015, the sector grew by 18.78 per cent. “The Nigerian real estate sector has in the past five to seven years witnessed increased foreign and domestic investment; entry of foreign developers, investors and service firms increased joint venture arrangements between local sponsors and financial as well as strategic partners; and development expansion into secondary cities such as Delta, Owerri, Abeokuta, Enugu, Ibadan and kano, among other,” he said. The Managing Director, FHA Mortgage Bank Limited, Mr. Roland Igbinoba, said the sector was being driven by demographic shifts, macroeconomics, capital, data, policies and standards, and technological growth.
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