Real Estate Growth: 3invest, DFID UK, Guardian, EDC, Bella Naija, Others, partner on Real Estate Unite

Amid increasing calls to government and private groups to explore ways through which the untapped potentials of Nigeria’s Real Estate can drive her Gross Domestic Output (GDP) in tandem with other emerging economies; 3Invest Limited, a real estate media and advocacy firm; Growth and Empowerment in States, GEMS 2, a DFID funded programme on Construction and Real Estate; and other stakeholders in the industry have identified an all-inclusive platform as one of the windows to explore.

Speaking at a Media Launch of Real Estate Unite Conference and Awards, 2012; an event being put together as a platform to engage an all-inclusive strategy to tackle the nation’s Real Estate quagmire; Ruth Obih, Managing Director/ Chief Executive Officer of 3Invest Limited, organiser of the event, said the conference was conceived to differ from the traditional approach in the industry because it does not seek to treat matters in isolation.

She explained that the event is designed to bring together all sectors of Nigerian real estate to discuss the challenges, proffer solutions and seek ways to ensure that the recommendations are implemented.

“This approach is adopted because in our view, the real estate industry is an interdependent system where no particular section can function well without integrating with the other”, she said.

“We found that individual discussions and solutions as it has been the tradition over the years, have recorded marginal success and will still continue to be insufficient until concerted efforts, like the Real Estate Unite, are made to interlink the issues and forge a common front”.

Obih added that it clear that the challenges hindering the industry are defined and finite. She said the albatross is how to ensure that the solutions on the pages of conference papers are plunged into action.

Also speaking at the Launch, Chief Kola Akomolede, President, International Real Estate Federation, FIABCI, Nigeria, said his association endorsed the event because of it novel approach. Chief Akomolede who was visibly frustrated by the state of the industry said he agrees with Ruth Obih that the major challenge is implementation of solutions.

In his contribution, Afolabi Imoukhuede, Intervention Lead, DFID-GEMS 2, said his organisation agreed to partner with Real Estate Unite because its design and structure fit into the objectives of GEMS 2; which is basically to create wealth and provide employment through real estate construction. He added that any attempt, like the Real Estate Unite designed to help realize the potentials of Real Estate is welcome to his organisation.

Mr. Afolabi reeled out astonishing statistics in emerging economies in the BRICS categories. He said “China is probably the country to look out for, with its Real Estate contributing a whopping 24% to global GDP”. He added that his organisation is willing to collaborate with Real Estate Unite in the areas of expertise, round-tables with policy makers to ensure that resolutions from the event do not go the ways of others.

Present at the launch are other partners of Real Estate Unite; Mr. Emeka Okafor, Managing Director Connect Nigeria; Mr. Allan Alli, Chief Executive Officer, Property Xpress; Mr. Roland Igbinoba, President/CEO Pison Housing Company, Mr. Peter Bamkole, Director, Entrepreneurship Development Centre EDC, Lagos Business School.