Wednesday, April 04, 2018 7.30PM / Proshare WebTV
Stakeholders in the Nigeria real estate sector explored the opportunities, challenges and the way forward for the market with increasing technology disruptions at the 7th Detail Business Series.
The series featured several sessions and presentations on the dynamics and developments in the real estate market.
Dr Andrew Nevin the Senior Economist of Price Water House Coopers, Nigeria speaking on “Proptech: Developing a Smarter Marketplace” believed technology is changing relationships between physical and financial assets.
Nevin asserted that “Blockchain” in the digital technology age, was a major tool to consider when contemplating digital transformation.
At a time Africa and Nigeria require huge and massive investments and capital, Nevin made a strong case for a proper land registry in Nigeria.
According to Dr Nevin “A proper land registry, is key to the growth and development of the Nigerian Real Estate sector”.
He called on Stakeholders to be advocates of a detailed and proper land registry in the country.
Speaking on “Alternative Financing Opportunities in a Digitally Enabled Market” Mr Sonnie Ayere, CEO, Dunn Loren Merrifield identified regulatory impediments as the constraints facing innovative financing in the country.
Ayere gave a specific example of “crowdfunding” which is a veritable platform for driving financing, which is not provided for in the current Company and Allied Matters Act (CAMA).
The Investment expert also identified the current ongoing mortgage reforms in the country as an opportunity to revolutionize the property market.
“The Real Estate is the big elephant in the room, that can drive massive economic activities in Nigeria” Ayere said.
Also giving his presentation the Founder and Team Lead of Estate Intel, Dolapo Omidire shared insight on “Using Data to Create an Efficiency Property Market”.
He listed access to data, inconsistencies in valuation and poor maintenance culture as some of the key issues affecting the real estate market in Nigeria.
With Data, Omidire stressed that transparency and authentic valuation of properties, can be achieved in the Nigerian real estate sector.
The Business series also featured a panel session that discussed “Thriving in a Disruptive Market” anchored by Tosin Ajose(Head, Real Estate, Detail Solicitors) with panelists Mr Femi Williams(CEO, Chams Plc), Mr Adeniyi Adeleye(ED & Head, Real Estate Finance, West Africa, Stanbic IBTC Capital), Mr Abdulmalik Mahdi(Head Sales, B & H) and Mr Dolapo Omidire(Founder & Team Lead, Estate Intel).