Real estate contributing to Lagos GDP – Governor’s aide

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By Rukayat Adeyemi

Mrs Barakat Odunuga-Bakare, Special Adviser to Gov. Babajide Sanwo-Olu on Housing, says real estate is contributing a sizable share to the state’s Gross Domestic Products (GDP).

Odunuga-Bakare said this at the fourth Lagos Real Estate Market Place Conference and Exhibition, organised by the Lagos State Real Estate Regulatory Authority (LASRERA), on Wednesday.

The News Agency of Nigeria (NAN) reports that the theme of the conference is: “Real Estate Regulation – A Panacea For Disaster Mitigation and Recovery in the Built Environment.”

She stated that real estate contributed 5.31 per cent to the state’s GDP in first quarter of this year, noting that Lagos is the economic heartbeat of the nation.

“Real estate in Lagos has also displayed great potential to create jobs, bridge housing deficit as well as boost economic growth.

” This year alone the budget for affordable housing in Lagos was in excess of N67 billion,”she said.

” Considering the strong demand for affordable and decent homes, there is a growing market for luxury homes and an increased demand for commercial real estate.”

She noted that in spite of the state of the economy, the outlook for the Nigerian real estate market is still positive.

” As such, the government as a regulator must continues to play its supervisory and regulatory role.

” This is to streamline the sector’s activities, both to foster greater prosperity and protect the interest of all stakeholders.”

She commended Gov. Sanwo-Olu for strengthening the executive in the implementation of the Lagos State Real Estate Regulatory law as documented in the state Official Gazette of Feb. 11, 2022.

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According to her, sections 6 and 7 of the law give LASRERA the power, among other functions, to formulate policies for proper dealings in real estate transactions in line with best global practices.

” Considering the huge opportunities in real estate, the stakes are higher, as there are several risk and dangers that could make or mar us as players.

“However, embracing best practices is the sure way to mitigate disasters in the sector.

“There are established quality control measures, time tested ethics and operational principles applicable in all professions.

“In spite of laid down rules and tenet, we cannot curb innate human tendencies of some who will always attempt to circumvent and sabotage extant rules.

” This is where regulation and compliance works for all.”

Odunuga-Bakare emphasised that de-risking housing investment for private developers and investors was a key goal for the Lagos state government.

She said that providing a favourable environment for private investment in the built sector was a fundamental and entry point for partnership that works.

The special adviser expressed readiness for collaboration with stakeholders and development of regulations that will boost their businesses and grow Lagos economy.

The Managing Director, Gracias Global, Dr Ololade Abuta, urged government to create a more convenient platform for realtors in the state and ensure that documentation processes for construction were seamless.

Abuta noted that enforcement of LASRERA’s regulations was key to sanitising the real estate sector.

The managing director added that realtors must ensure to do the needful at all times to promote the sector. (NAN)(

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Edited by Olawunmi Ashafa

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