The Real Estate Industry and the Pivotal Role Being Played By the Private Sector

ESV Oluwabusuyi Adepoju,

The private sector of the real estate industry, encompassing activities like real estate development, surveying, valuation, agency, sales, marketing, auctioneering, project financing, and property management, among other areas of interest, will continue to lead in the Nigerian and African real estate space. Even amid economic challenges, private-sector real estate activities have continued to maintain resilience and market dominance.  The reasons for the continued growth in the real estate sector, even amid economic challenges, are not far-tech. Real estate investments are the only investment with an economic edge over inflation.

Driven by a fast-rising population and growing consumer demand in Nigeria, the real estate private sector players continue to be the major providers of real estate products and services, thereby helping to bridge the huge housing gap faced in Nigeria and other developing economies in Africa.

In Nigeria, real estate development is characterized by private sector activities, spearheading economic dynamism in this very important sector of the economy.  The entrepreneurial drive and initiatives being exhibited by Nigerian leading developers is something commendable that should be encouraged by the government at all levels.

The role being played by the Real Estate Developers Association of Nigeria (REDAN) cannot be overemphasized. Leading Nigerian real estate developers like Adron Homes and Properties, Brains and Hammers, Cadwell Limited, PrimeWaterview Limited, BUA Estates, Henry Montego Homes, and many others are redefining real estate taste with their best-in-class smart homes that are currently being developed.  No government agency in Nigeria can boast of the quality of luxury properties being developed by these brands that are making waves in the private sector.

In the area of estate surveying and valuation, estate surveyors and valuers have remained consistent and professional in the delivering of valuation services to their growing public and private sector clients. Valuation of assets of all types is the core professional function and territory of estate surveyors and valuers.

The engineers, architects, quantity surveyors, and other professionals in the built environment have been playing catalytic roles in the real estate space through their quality services in diverse ways.

For the private sector to maintain this leading role and dominance in the Nigerian real estate sector, the government must create a congenial economic and political environment for these players to leverage and keep the current tempo. In the very near future, the contributions of the private sector real estate providers will continue to grow.
ESV Oluwabusuyi Adepoju is a Lagos-based registered Estate Surveyor and Valuer