Unreliable Data Contributes to the Problems of Real Estate in Nigeria

Unreliable Data Contributes to the Problems of Real Estate in Nigeria

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In the face of unreliable statistics that is also affecting the real estate investments in Nigeria, experts in the real estate sector have been urged to partner the National Bureau of Statistics (NBS) in order to have a reliable data that would boost Foreign Direct Investments (FDI).
Making this known recently during 2017 Award Dinner organised by the Nigerian Chapter of the International Real Estate Federation (FIABCI), a lecturer at Lagos Business School Dr. Doyin Salami said such reliable data would help to strengthen the housing sector which needs information and data to help investors in Nigeria real estate.
The lecturer said that he faulted the often quoted 17 million housing units deficit, proving that Nigeria do not have any reliable data about housing, which would have been helpful.
He acknowledged that although there is some information on housing from the states, but do not represent a national figure, noting that these figures seem to be static for more than 10 years even with the phenomenal growth in the population.
“It just leaves a bit of concern about how accurate the data is. “As far as the supply of the real estate side is concerned, if there is no construction, then supply suffers”, the don noted.
He expressed fear that the real estate sector’s numerous challenges may linger and this could repeat itself in 2017 except government thinks behind the box and turnaround the economy.
In his words, “If you combine the rate of inflation in 2016, which ended the year at about 19 per cent meaning that anything that started the year with 100 ended at 119, with another 12 per cent inflation which the government has projected, we are in excess of 131 for what were 100 a year ago.”
In his opinion, Nigeria President of FIABCI, Joseph Akhigbe said the theme of the Dinner, ‘Real Estate 2017: It’s All about the Economy’ was carefully opted for to discuss how the real estate could survive the present economic challenges.
“I am sure that in this brief period since the economy took a downturn, we have all witnessed the good, the bad and the ugly of the devaluation of the Nigerian currency, rising inflation, excess supply of property as a result of the economic downturn and surprising stable prices despite the sharp fall in the demand for property,” he added.

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