Lagos moves to protect investors in real estate market

Plans are underway by the Lagos State government to protect the interest of real estate investors and the general public through sanitisation and regulation of the real estate market, Kehinde Abayomi, director of estate in the state ministry of housing, has said.

Abayomi, who represented Bosun Jeje, the state commissioner for housing, at the opening ceremony of the ninth edition of the Luxury Living Africa Property Exhibition, said the move was necessary to help curb the excesses of dubious real estate agents who defraud investors in the sector.

“Real estate agents will have to register with the state before they can be licensed as the sanitisation process will also involve screening and training of accredited estate agents within the metropolis,” he said.

Organised by Campaign Hype, the exhibition created a platform for trade promotions, exploring of investment opportunities, networking and market development for all stakeholders in the real estate sector.

The expo also afforded property developers opportunity to showcase their recent products to prospective customers. “The aim of the exhibition is to display innovative real estate products as Nigerians now see real estate as new hub for investment after the crash of the stock market,” said Ike Steve, head, organising team.

“The growth of Africa’s real estate industry over the past six years has been impressive, signalling that the door for opportunity and innovation has opened right here in Africa; the need for a platform where new real estate products can be showcased is essential,” he explained.

The event also provided a platform for stakeholders to discuss and chart the way forward on how investors can benefit from the mini property boom on the continent at present.

Some of the exhibitors at the expo include Rainbow Town Development Limited, developer of Rainbow Town, Port Harcourt; Vava Furniture, Howard Roark Multi Dynamics Limited, developer of Lakeview Park; Beaufort Properties, developer of Beaufort Ridge, Accra, and Kano Emirate Council, developer of Ado Bayero Royal City, Kano, etc.