REAL ESTATE: A VIABLE SECTOR THAT CAN BRING NIGERIA OUT OF RECESSION

REAL ESTATE: A VIABLE SECTOR THAT CAN BRING NIGERIA OUT OF RECESSION

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The opinions of real estate mavens who gathered at the recently concluded Stakeholders Forum organized by Pertinence Real Estate Development Company point to the fact that that real estate offers wide range of opportunities at this period of recession.
According to the experts, the ongoing recession is a great blessing in disguise for those who know how to harness the hidden opportunities in real estate sector; those who can think outside the box and be innovative.
While making a remark on why real estate is a unique wealth creation at this period of recession, a real estate developer, Olumide Emmanuel affirmed that real estate is the secret and the key as regards the issue of wealth creation, noting that one needs the necessary code for the secrets to be unlocked and accessed.
“In the World of finances, we talk about vehicle of wealth creation, which means there is a vehicle that takes you from your present financial situation to your desired financial destination. But if you are going from Lagos to Abuja, you can choose to trek, but it will take you a while, you can choose to drive or ride a bike, it will also take you a while, now a man that chooses to fly by plane will get there faster. The reason is not because he is intelligent, not because he has a godfather, not because fortune smiled on him, but because he chose the right vehicle.
“What we are trying to tell people is that for you to get to your desired financial destination, you need to choose the right vehicle and one of the best vehicles you can choose is the real estate and that is what we are telling people. We are saying that there is financial power in real estate,” Olumide stated.
According to some professionals in the sector, real estate business is a rugged one, as it is very resilient and can adapt to all manners of economic situations. For example, during inflation when money loses and most investments decrease in value, real estate has the ability to absorb rising costs. In the face of economic downturn and rising inflation, real estate can weather the storm and even produce more income, more profits and will also appreciate in value. In a nutshell, real estate is described as a safe haven for productive investments that don’t usually experience depreciation in value.
Some experts are also of the opinion that real estate and construction industry serve as good catalyst that can drive the nation’s economic growth and pull Nigeria out of this present severe shake-out.
In his words, The President, Commonwealth Association of Surveying and Land Economy (CASLE), Olusegun Ajanlekoko said:
“Construction Industry has always been seen globally as the barometer of the economic well being of a Nation. The current situation of the country, therefore, cannot but be worrisome. The parlous situation is worsened by the recent hike in cost of cement. It is sad development as the resultant effect on the cost of construction is definitely going to be no less than 40 per cent as cement is a major component and cost sensitive element of the construction Industry.”
Also speaking on the uniqueness of the real estate sector, the Dean, Faculty of Environmental Sciences of the University of Lagos, Professor Timothy Nubi stated that real estate and construction industry remain the viable alternative that can solve the problems of recession that Nigeria is battling with at present. “Look at any nation in the world that fight recession, it was the construction industry because it will activate other sectors, like the quarries, wood sellers, cement sellers, paint makers, even food vendors. Construction industry is the engine room of the economy because it will make even the quarries busy. We should put our money in the productive sector to create further wealth” he said.

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