By Fadekemi Ajakaiye
Networking opportunity was presented to industry experts, developers, economists and investors to learn, share knowledge and discuss the business year,Â at this year’s Real Estate Outlook, an annual gathering hosted by Alphacrux Ltd.
This second edition, which was held in Lagos, recently, was tagged; â€˜The Aftermath of recession; where do we go from here.â€™â€™
Alphacrux Limited is a company that specialises in real estate, investments, consulting and research. It was established to provide outstanding solution experience to individuals and institution in chosen service offerings.
The Managing Director, Alphacrux Limited, Mr Tobi Adama, stated that the purpose of the annual Real Estate Outlook is to brainstorm with all stakeholders early in the year to aid value propositions.
He stated that the objective of the second edition is to promote more collaboration among the stakeholders in the real estate industry.
The event delved into economic and real estate outlook for the year, as well as panel discussions and presentations.
One of the panellist, Mr Tayo Odunsi, CEO Northcourt, stated that Real estate performance would be stronger in coming seasons as growth would ride off the back of an increased budget, rising oil prices, less dependency on oil revenues.
He explained that “Escape Velocity best describes the 2018 Nigeria Real Estate Market Outlook in Nigeria as Individuals and corporates regained confidence as they resumed investing in residential and retail real estate.”
Odunsi stated that there would be more government and political spending. Household spending power will significantly influence demand for residential real estate as Affordable housing will see an increase in demand.
The equities and fixed income markets also saw tremendous growth pegged by influx of investors and sound market indices, he said.
He stated that “growth across all investment markets is expected to keep riding off the back of increasing oil prices and government led initiatives to make businesses thrive in the country.
“The office sector will remain a tenantâ€™s market until the economy fully recovers. Co-working spaces will continue to grow and begin to establish in A-Grade buildings as well as Corporates taking up such spaces,” he said.
He saidâ€¯there would be more retail development openings in 2018 than the past 2 years as emphasis will be on small, high quality malls with outdoor family entertainment features and improved business environment to attract international business tourists.
“There will be increase in domestic hotel bookings as business conditions get better and inflation further declines,” he projects.