…. Says Real Estate Sector Will Further Boost Lagos GDP
The Special Adviser to Lagos State Governor on Housing, Barr. Barakat Odunuga-Bakare has emphasized that professionals in the built sector must adhere to best practices in order to mitigate associated disasters in real estate investment, adding that following established guidelines and regulations is crucial to ensure the safety and resilience of buildings and infrastructure.
The Special Adviser stated this on Wednesday at the 4th Lagos Real Estate Market Place Conference and Exhibitions Organized by Lagos State Real Estate Regulatory Authority-LASRERA at Eko Hotel and Suites, Victoria Island.
She added that by implementing best practices, such as proper construction techniques, regular maintenance, and adherence to safety standards, the risk of disasters can be significantly reduced among built professionals, including measures to prevent structural failures, fire hazards, and other potential risks.
The Special Adviser averred that the State government is committed to promoting and enforcing these best practices across the built sector by working closely with developers, contractors, and other stakeholders to ensure compliance and raise awareness about the importance of safety measures.
She stated that prioritizing adherence to best practices, Lagos State aims to create a safer and more resilient built environment for its residents, just as she urged all stakeholders to play their part in mitigating disasters and ensuring the long-term sustainability of the sector.
While saying that the theme of the Conference: “ Real Estate Regulation- A Panacea For Disaster Mitigation and Recovery in the Built Environment” is apt, Odunuga-Bakare emphasized that de-risking housing investment for private developers and investors is a key goal for the Lagos state government.
The Special Adviser said: “Considering the huge opportunities in real estate, the stakes are higher, as there are several risks and dangers that could make or mar us as players. However, embracing best practices is the sure way to mitigate disasters in the sector.
“Despite laid down rules and tenets, we cannot curb innate human tendencies of some who will always attempt to circumvent and sabotage extant rules. This is where regulation and compliance work for all.”
Speaking on the significant potential of the real estate sector in the growth of Lagos State's Gross Domestic Product (GDP), Odunuga-Bakare, stated that real estate contributed 5.31 percent to the state’s GDP in the first quarter of this year.
“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 more than a billion,” she said.
She highlighted the importance of continued investment and development in the sector to unlock its full economic benefits from what the sector contributes to the GPD of the State presently to what the real estate sector can generate as income for Lagos State.
In her words: “The real estate sector has the potential to create jobs, stimulate economic activity, and attract foreign direct investment. By providing affordable housing options, commercial spaces, and infrastructure development, the sector can contribute significantly to the overall economic growth of Lagos.
“To fully harness the potential of the real estate sector, there is the need to support the various policies of government, streamlined regulations, and professionalism on the part of the practitioners. These measures would not only attract more investors but also ensure sustainable and inclusive development.”
The Special Adviser also stressed the importance of public-private partnerships in driving the growth of the real estate sector through collaborations between government agencies, private developers, and financial institutions.
She reported that the sector has witnessed remarkable growth in recent years, attracting both local and international investors, stressing that all hands must be on deck to fully harness the potential in the sector.
Odunuga-Bakare informed that given the strong demand for affordable and decent homes, there is a growing market for luxury homes and an increased demand for commercial real estate.
The special adviser noted that despite the state of the economy, the outlook for the Nigerian real estate market is still positive, as such, the government as a regulator must continue to play its supervisory and regulatory role.
She commended Gov. Sanwo-Olu for strengthening the executive in the implementation of the Lagos State Real Estate Regulatory law as documented in a Lagos State of Nigeria Official Gazette of Feb. 11, 2022.
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.
She said that providing a favorable environment for private investment in the built sector is a fundamental entry point for a partnership that works just as she expressed readiness for collaboration with stakeholders and the development of regulations that will boost their businesses and grow Lagos’ economy further.
Earlier, the Managing Director of Gracias Global, Dr Ololade Abuta, urged the Lagos state government to create a more convenient platform for realtors in the state and ensure that documentation processes for construction are seamless.
Abuta noted that enforcement of LASRERA’s regulations is key to sanitizing the real estate sector, adding that realtors must ensure to do the needful at all times to promote the sector.
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