Consult Lawyer and Surveyor Before Any Real Estate Purchase, Expert Says
CEO, ElanOrris, Ayobami Alo in this Interview with Thisday newspaper speaks on the importance of consulting a lawyer and surveyor before any real estate investment. He also spoke on land repossession and mortgaging opportunities available to citizens.
Do you think real estate contributes adequately to the GDP?
This country’s GDP relies majorly on mining, agriculture, real estate, finance, entertainment and communications.
Real Estate is about the third in rank at the present (which includes residential buildings, tank farms, industrial warehouses and commercial buildings such as events centres, gas stations, worship centres, malls, schools etc) and it contributes adequately to the GDP.
What is the sustainability of property developments in recent times, looking at land repossession and building collapse?
As a country, we must first stand for quality and honesty. If the government is honest and open to the public about land under acquisition, committed or free, many people will not fall victim to repossession. Also, if we stand for quality, the problems about collapse of buildings will reduce drastically, if not stop totally. The countries that are ahead of us today, stand for quality and they have buildings which are over 50 – 100 years old still standing strong.
Speak on mortgaging opportunities available in Nigeria real estate sector?
The Federal Mortgage Bank of Nigeria is now cooperating with mortgage institutions to make accessing this facility easier, as long as the institutions can provide affordable housing to low and middle-income earners. These mortgage institutions also are partnering with private estate developers to ensure mortgage loans are easy to get. However, to obtain a mortgage loan, income and age of the intended buyer are two vital factors that would be considered.
What is the reason behind abandoned projects in Nigeria?
It is either the unbearable increasing costs of building materials or many Nigerians bite more than they can chew.
With high cost of construction, surging land prices and excessive financing costs, how can an average earner in Nigeria own a property?
Every low or middle-income earner in Nigeria must understand that buying real estate has always been tough, that is why not everyone owns a property. If our landlords did not take pain to own their properties, which houses would we rent? However, I would advise average Nigerian earners to go the direction of locations with growing traffic and steady development.
Does your experience in various sectors have any role to play in the success of Elan Orris?
Yes, it does. God was preparing me for this time unknowingly.
What setbacks have you faced since setting up your firm?
Too many to count, but a few were Policies, Capital, Internal structure etc.
What basic information does one need to acquire a property in Nigeria?
No matter what anyone knows about property acquisition, they must consult their lawyer and surveyor. To make it easier, find a reliable Estate Development Company like Elan Orris Real Estate Ltd to make life beautiful without regrets.
How do you intend to reshape real estate functionality in Africa?
At ElanOrris, we merge the ancient methods of selling properties with the modern technologies to satisfy our stakeholders. We also believe that there must be a touch of beauty in what we deliver. It makes us unique. Finally, if foreign home designs can be brought to this country, we can also take our original indigenous ideas abroad. Where the work lies is in developing our own original ideas in terms of architecture and project delivery in such a way that people outside this country can spot a Nigerian Building whenever they see one.
How can a land developer navigate the various levels of taxation especially during building construction?
These are statutory charges, they cannot be escaped. An educated developer knows that the government must be given what belongs to her.Attachments area