By ESV Modeyin Kingsley
The real estate sector is a cornerstone of Nigeria’s economy, offering opportunities for investment, employment, and housing development.
Despite the importance of this sector, the presence of fraud, unprofessional practices, and regulatory gaps has hindered its full potential. Sanitizing the sector can create numerous benefits that foster growth and trust in the industry. Some of the benefits include:
1. INCREASED CONSUMER CONFIDENCE
A sanitized market ensures transparency and accountability, empowering buyers, tenants, and investors to make informed decisions. This reduces the risk of fraud, such as illegal land sales, thereby restoring public trust in the sector.
2. ECONOMIC ADVANCEMENT
By minimizing fraudulent activities and streamlining operations, more investors—both local and foreign—will be attracted to the market. This can boost the sector’s contribution to the economy, thereby creating a platform for increased revenue generation and job opportunities.
3. ETHICS AND PROFESSIONALISM
Sanitization promotes compliance with ethical standards and professionalism among real estate practitioners. With mandatory licensing, training, and the institution of a regulatory framework in place, real estate practitioners are held accountable and committed to better service delivery.
4. REDUCED LITIGATION AND DISPUTES
A well-regulated market prevents disputes arising from fraudulent transactions or double allocations of a single plot. This saves time and resources for individuals and the judiciary, thereby creating a more harmonious environment for property transactions.
5. IMPROVED URBAN DEVELOPMENT
With clear regulations and verified property transactions, urban planning and development can proceed smoothly. This ensures that housing projects align with national development goals and provide adequate infrastructure for communities.
6. INCREASED ACCESS TO REAL ESTATE FINANCE
A sanitized real estate market creates an enabling environment for financial institutions to provide mortgage facilities for funding real estate investment. This increases access to homeownership, contributing to the overall reduction of the housing deficit.
In a nutshell, sanitizing Nigeria’s real estate sector can serve as a catalyst for sustainable economic and social development. By fostering transparency, trust, and professionalism, the sector can thrive and benefit all stakeholders involved.
Rotn. ESV. Modeyin Bayo Kingsley is the Irristitible
Magic President of
Rotary Club of Olambe
2024/2025 Rotary Year
