Eggheads in the continent’s property industry have called on practitioners to embrace innovative solutions, foster public-private partnerships, and align with global sustainability goals to unlock the full potential of Africa's real estate market.
The experts spoke at a lecture in honour of the President, African Real Estate Society , Dr Kunle Awolaja, in Lagos, where a professor of Housing and Urban Regeneration, University of Lagos, Timothy Nubi, set the tone for discussion with his presentation on ‘African Estate Outlook: Find Value after the Great Reset.’
The market is expected to grow at a compound yearly growth rate of 5-7 per cent over the next decade. “The lack of affordable housing finance, high costs of urban land and weak tenure security, rising construction costs, and prevalence of slums are major challenges to efforts to alleviate the continent’s housing crisis,” he said.
“Except Ethiopia and Mauritius, most of the countries fall short of the global average and require a significant investment in healthcare infrastructure. Nigeria, for example, requires 415,000 beds costing over $498 billion.” Alonge said NIESV will continue to fulfil its obligation under the affiliation status with the organisation, ensuring proper engagement and collaboration to ensure the real estate opportunities in Nigeria are adequately harnessed for the country’s economic development.
For him, Africa is a green land being is being hindered by pockets of insecurity. He said the continent is the next destination for the real estate market. He cited instances of Luanda, Ghana and Nigeria, where the market is growing. Joint Admissions and Matriculation Board has said it will no longer entertain absorption of illegal admissions through the window, ‘Condonement of illegal admissions without registration number’.