By Maduka Nweke
The Lagos State Government has reiterated the need to increase the supply of real estate sector as a way of providing accommodation to the ever increasing population of the residents.
Delivering his keynote address on the occasion of Property Investment Conference 2023 organised by newspaper at Oriental Hotels Lagos, Commissioner for Housing, Lagos State Hon. Moruf Akinderu-Fatai, noted that the wellbeing of the people was actually the source of credibility of government.
According to him, “Prospects or opportunities in the real estate will continue to be bright because land is the bed rock of all development. It is also the major raw material of social infrastructure. In urban areas, it is a key asset and in littoral states like Lagos, it is gold. Real Estate has a great and tremendous multiplier effect on the economy.
“This is through housing development and real investment. By expanding basic infrastructure as it is being done on a regular basis in Lagos State, the worth of real estate keeps increasing all over the State. I must also add that in spite of its limited nature, the value of land is being expanded through appropriate innovations in building thereby enlarging the pie.
“Every proactive government with an eye on the future knows that the interacting forces that create opportunities in real estate investment are not to be overlooked. These undercurrent, no matter how slight they appear in the present can cause major drifts or shifts that will affect people’ s lives at both micro and macro level. People are very important.
“The wellbeing of the people is actually the source of the credibility of government. When I say people, I use this term in an all-inclusive manner. To us, that term represents the human capital that involves the poor, the rich, and the users of homes, the home providers, the land buyers and the investors,”he said.
In her contribution, the Special Adviser to the Lagos State Governor on Housing, Mrs. Toke Benson-Awoyinka, stated that Lagos State, being home to over 22 million people, was currently experiencing deficit in the housing sector due to its huge population and majorly due to daily urban migration which made it compelling for the government to jointly address housing deficit in partnership with the private sectors.
She said, “Our gathering today, I believe, is another positive impact for real estate practitioners to key in to the business investments in real estate by not only demanding for accommodations for the teeming property investors and homeownership but to let investors see the need to invest in warehousing, rentage of studio rooms with involvement of facility managements of properties in the sector.