Despite Rising Inflation, Real Estate Offers Huge Opportunities, Says Opatola

Fadekemi Ajakaiye

FIABCI-Nigeria Chapter president, Mr Akin Opatola, has said despite the impact of persisting inflation on the real estate sector, it still offers huge opportunities for investors to thrive.

Opatola said with high inflation, it has been tough for project development, as people are finding it difficult to balance, but he observed that amid the challenge, opportunities abound in the demand and supply value chain.

He stated this at the launch of the ultra-luxury ‘Ocean and Blossom Condominiums’ project organised by the Globalis Real Estate Advisors in Lagos, urging investors to take advantage of opportunities that exist in the industry.

The One Ocean and blossom condominiums’ project is developed by CEPSTAR7 developers in partnership with Globalis Real Estate Advisors.

The project, located in Lekki Peninsula Oceanfront Okunde, around the Blue water tourism zone, Lagos, consists of 43 units of apartments out of which 41 units are available with penthouses, two-bedrooms, three-bedrooms and four-bedrooms, all en-suite luxury condominiums.

The edifice, which is also within the Lagos-Calabar coastal road, will offer state-of-the-art amenities and sustainable features such as stable power supply, motion sensitivity, smart homes, and carbon emission sensor among others. The timeline for completion is 2026.

He disclosed that all apartments in the building will have a view of the ocean, noting that it will be worth investing in the project.

“We are about 65 per cent complete now, in the next one-month; we are going to be picking up the imported items from the ports. So gradually, we are going to start the finishing. By January, I’m sure some flats will be ready and we’ll be able to show people exactly what a finished unit will look like,” he stated.

Certified International Property Specialist, Rei Obaigbo, added that a construction company, Cappa and D’Alberto, is handling the project, assuring that it will offer the best in terms of quality, finishing and quantity.

On his part, the President, International Real Estate Federation (FIABCI) Africa and Near East Region, Mr Adeniji Adele, described the project as a unique one in terms of the structure, amenities and facilities that are being provided, adding that investors should commit funds to the project as it will give value for money.

He further said there was the need to strengthen the lax regulatory framework in the sector, as the absence of proper regulations is preventing the real estate sector from achieving its potential. He said: “Brokers must be aware that they cannot just do anything but must know that there are sanctions, they need to be properly trained. And being transparent must be adhered to. You cannot be an estate surveyor, an architect or a professional in the built industry but you must be accountable to your clients. And you need to be very transparent in anything you are doing because you know, when the chips are down, they’re likely to go and report you to a professional body and likely to lose your license. So, most of the people you see outside might not be brokers, they are quacks because they are not registered brokers,” he said.