Though there are global standards for real estate practice, the Nigerian market has been noted to be full of more businessmen with little or no professional knowledge of the built environment. The government is however making moves to ensure that they embrace international standards of practice thus ensuring housing availability and economic and social growth.
In Lagos state the word was “Real estate developers should make housing more accessible by building to target the different socio-economic classes as a roof over one’s head is one of three vital needs of man” (Sanwo-olu, 2020)
One of the agencies committed to purging out quacks and fraudsters by ensuring quality relationships with developers in view of practices in global cities in the real estate sector is the “Lagos State Real Estate Regulatory Authority” (LASRERA). The agency just launched its portal through which the agency seeks to make it easy for potential customers who are willing to either buy or sell properties to do so from licensed real estate practitioners/property developers without any fear.
Thus we see the government partnering with the private sector. The special advisor to the governor on housing also said the launch of the portal was to eradicate all fraudulent practices in the sector. With millions of Nigerians living in the diaspora and who want to invest in Nigeria’s real estate market, however, financial trust and safety in the sector have been the deterrent.
In conclusion, though the challenges of real estate in Nigeria remain cost of hosing delivery, civil infrastructure, transportation, and the availability of mortgage, The federal government is constructing low-cost homes in almost all the states of the country, the more developers consider targeting different socio-economic classes the better for the Nigerian real estate market (Fashola, 2019). This is why at Archtech Properties, we have considered the different economic classes and build any structure based on our customer needs research.
(Fashola, 2019). Babatunde Fashola (2019, November 1) FG constructing low-cost houses in 34 states –Fashola. Retrieved from https://punchng.com/fg-constructing-low-cost-houses-in-34-states-fashola/
(Sanwo-olu, 2020) Babajide Sanwo-Olu (2020, September 29) Sanwo-Olu tasks real estate practitioners on int’l best practice. Retrieved from https://businessday.ng/news/article/sanwo-olu-tasks-real-estate-practitioners-on-intl-best-practice/