A Lagos-based property development, marketing and advisory firm, Messrs Veritasi Homes and Property Plc, has reiterated the need for an improved operating environment for private developers to enable them to bridge the housing gap in the country.
He lamented the lack of well-trained artisans, macroeconomic issues and dearth of infrastructure, which impact the cost of housing provision, and make it uneasy for most developers.
Speaking to journalists at the handover of keys to the subscribers of Camberwall Advantage 5, an estate located in Lagos, the Chief Executive Officer of the firm, Adetola Nola, said the harsh economic environment is limiting developers from operating in the real estate industry. He said despite economic uncertainties impacting businesses, the firm was able to deliver its project.
The estate is a residential development built by Veritasi Homes and located in Lekki Phase 1. The estate comprises four bedrooms, an all-en-suite with boys’ quarters, and a study room. Amenities include water supply, swimming pool, gym, club, playing area for children, elevators, parking bays, Spa and 24-hour power supply.
He noted that the inflation rate and devaluation of the naira affected project completion. Nola expressed worries that the artisanship in the country is poor, adding that the country is fast becoming the United States of America where artisans are imported.
These, he observed, make the costs of housing production high and tough for developers. “People lacked skills and how to use tools. Artisanship can’t produce large-scale or mass produce because of the lack of skill in most industries. We have to import materials and foreigners, who are being paid in foreign currency. It was challenging but we were able to macro-supervise to solve the challenges.”
Nola further said despite the issues, there are opportunities in the real estate industry, especially from the market’s supply side. “Nigeria is where housing sales and land/rents are the cheapest. But the citizens are lamenting because of the poor standard of living and the per capita income. Real estate contributes more to the Gross Domestic Product than it is reported. The volume of employment opportunities is high.
As a firm, we have about 200 direct staff in Lagos and Abuja and a lot of indirect staff. Across our entire project, we have over 2,000 people,” he argued.
He assured subscribers that the project offers massive investment opportunities based on the Return on Investment (RoI) and capital appreciation, as well as the quality of the housing units.
