Association of Nigerian Chartered Architects’ Immediate Past Public Relations Officer and Principal Architect, Vista Collaborative Consultants ‘Bodunrin Oguntoye has said that if governments at all levels in Nigeria fail to take prompt action against the present rising costs of construction inputs and borrowing, many Nigerians would soon become homeless.
He revealed this during a recent chat with FirstNigeriaTV.
According to him, the real estate industry in Nigeria is currently facing significant challenges due to the country’s economic situation.
He outlined key issues including :
-High Inflation and Interest Rates: Rising costs of construction materials and borrowing which have made it difficult for developers to complete projects and for buyers to afford properties.
-Foreign Exchange Volatility: Fluctuating exchange rates thus increasing the costs of imported materials and affecting the
-Inadequate Infrastructure: Poor infrastructure, including unreliable power supply and inadequate transportation networks hampering development and increasing operational costs.
-Regulatory Hurdles: Bureaucratic red tape and inconsistent regulations creating delays and increasing costs of doing business.
He also suggested the following as ways government could assist the industry:
-Stabilizing the Economy: Implementing policies to control inflation and stabilize the currency, making construction costs more predictable.
-Improving Infrastructure: Investing in critical infrastructure projects to reduce operational costs and make real estates
developments more attractive.
-Streamlining Regulations: Simplifying and standardizing
regulatory processes to reduce delays and costs for developers.
-Providing Incentives:
Offering tax breaks or subsidies for real estate projects, especially those that focus on affordable housing.
-Facilitatating access to finance:
Improving access to affordable financing options for both developers and buyers, perhaps through partnerships with financial institutions or the creation of dedicated real estate funds.
I’m a consultant Architect with 3 decades of professional experience.
Seasoned licensed architect with a solid background in design,
layout and detail for different building types.
Architect Bodunrin Oguntoye is
a consultant architect with three decades of professional experience, a seasoned licensed architect with a solid background in design,
layout and detail for different building types.
He has management
capabilities with a consistent track record in development and
Implementation of strategic management, operatonal review
and project management delivery.