Ogunleye Predicts Stable Real Estate Sector in 2024

Fadekemi Ajakaiye

The Chief Executive Officer of Denaro Properties, Babajide Ogunleye, has predicted a stable real estate sector going into the new year, considering the various reforms by the federal government.

Ogunleye, who stated this at the company’s end-of-the-year party, recently, added that the reforms of the President Bola Tinubu-administration are expected to yield positive results.

“The election season is over and reforms like the removal of subsidy, and the stability of the Naira through the efforts of the CBN will make next year better.”

He said, “President Tinubu removed the controversial fuel subsidy on the day of his inauguration in May. Prior to this, the last administration had spent over N11 trillion to keep the subsidy standing but said it was no longer sustainable.

“Tinubu’s administration also floated the Naira to close the disparity between disparity in the official and parallel markets.”

He stated that Denaro Properties is committed to rebranding the landscape of housing in Lagos mainland through innovation, noting that this has had a positive impact on families.

Ogunleye said two major issues erode the sector of expected growth in 2023, saying, “The real estate sector witnesses turbulence in the continuous fluctuations in the price of building materials, which renders budgeting useless.

“Also, the issue of insecurity, which doesn’t build confidence in investors investing in Nigeria, especially Nigerians in diaspora. So those are two major challenges that we face in the sector.” 

The company’s Admin/Legal Executive, Taiwo Akindele, said that 2023 was turbulent for all the players in the sector, including the surveyors, architects, and agents.

She said the rising cost of materials and inflation dented some of the targets set for this year but, “we’re optimistic that next year will be better and everything will be stable.”

Nigeria’s consumer prices rose 28.2 percent in November largely on the back of the continued Naira depreciation and higher fuel prices, highlighting the dire state of the economy ahead of Christmas.

The Consumer Price Index report released by the National Bureau of Statistics on Friday showed that inflation rose to a new 18-year high by an increase of 0.87 percent to 28.20 from 27.33 percent in the previous month.

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