REDAN promises to make home market reports accessible
Akintoye Adeoye, the recently elected president of the Real Estate Developers’ Association of Nigeria, has pledged to make housing reports accessible.
He made this revelation during the association’s recent investiture ceremony in Lagos.
“REDAN will give members exclusive access to data analytics, research insights, and market intelligence reports,” he declared.
“To support real estate technology startups (prop-tech) and entrepreneurs in the built environment, we will establish an accelerator and incubator program that will provide resources like office space and legal support, as well as opportunities for funding and mentoring.”
Adeoye gave his word that the organization will create real estate industry governance.
“REDAN will take a leadership role in creating governance and regulatory frameworks for the real estate industry,” he declared. In order to promote affordable housing, we would push for the Federal Mortgage Bank of Nigeria to be recapitalized.
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“We will put our members in a successful long-term position by promoting ESG principles, sustainable practices, and regulatory compliance.”
“Our main concerns will be diversity, waste management, water use, energy use, carbon emissions, and biodiversity preservation. Increasing the capacity for green building practices will be a top priority, with tools, education, and financial incentives available to encourage the use of ecologically friendly building materials and technology.”
In the meantime, openness in the real estate industry has been demanded by Prof. Fabian Ajogwu of Kenna Partners.
“A lack of transparency is a critical issue arising from challenges in the sector,” he stated. In certain Nigerian states, it can be challenging to determine the true ownership and history of a property due to opaque land tenure laws and transactions. This discourages investment and impedes the real estate sector’s growth.
“The lack of openness in Nigerian real estate deals is partly a result of corruption. It is a serious issue that affects the government of the nation at all levels. This covers actions including contract fraud, extortion, bribery, market distortion that causes resource misallocation, and embezzlement.
