Tuesday, July 16, 2013

Lagos actions to guard investors in property market

Plans are underway by the Lagos State government to protect the interest of real-estate investors and everyone through sanitisation and regulation of the actual estate market, Kehinde Abayomi, director of estate in the state ministry of housing, has said.

Abayomi, who represented Bosun Jeje, the state commissioner for housing, at the opening ceremony of the ninth edition of the Luxury Living Africa Property Exhibition, said the move was necessary to help curb the excesses of dubious real-estate agents who defraud investors in the sector.

“Real-estate agents must register with the state before they could be licensed as the sanitisation process may also involve screening and training of accredited estate agents within the metropolis,” he said.

Organised by Campaign Hype, the exhibition created a platform for trade promotions, exploring of investment opportunities, networking and market development for all stakeholders in the actual estate sector.

The expo also afforded property developers opportunity to showcase their recent products to prospective customers. “The aim of the exhibition is to display innovative real-estate products as Nigerians now see real-estate as new hub for investment after the crash of the stock market,” said Ike Steve, head, organising team.

“The growth of Africa's real-estate industry within the last six years has been impressive, signalling that the entranceway for opportunity and innovation has opened right in Africa; the need for a platform where new real-estate products could be showcased is important,” he explained.

The event also provided a platform for stakeholders to go over and chart the way in which forward on what investors can benefit from the mini property boom on the continent at present.

A number of the exhibitors at the expo include Rainbow Town Development Limited, developer of Rainbow Town, Port Harcourt; Vava Furniture, Howard Roark Multi Dynamics Limited, developer of Lakeview Park; Beaufort Properties, developer of Beaufort Ridge, Accra, and Kano Emirate Council, developer of Ado Bayero Royal City, Kano, etc.

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