Investment in Real Estate as a catalyst for

Transcript:Investment in Real Estate as a catalyst for:
Investment in Real Estate as a catalyst for Sustainable Economic Development in Nigeria Presented at The Nigerian Institution of Estate Surveyors and Valuers 51st Annual Conference By: ESV. KEVIN C. OFILI FNIVS,ASA,MCArb VENUE: International Conference Centre (ICC), Abuja June, 2021 Introduction Over the years, man has identified his physiological needs as essentials for survival. These needs includes but are not limited to food, shelter, clothing and so on. It is upon this physiological needs of man that others stand. These needs are safety, social, esteem and self actualization (Abraham Maslow, 1943). To achieve and sustain these physiological needs of man, government (States and Federal) work each day towards attaining a just society. In order to guarantee these basic needs of its citizenry, governments as part of their primary function treat access to these essentials as basic human rights. These includes: Right to life Right to liberty Right to possess property One wonders what could be the whole essence of any government if she cannot assure her citizens shelter and the right to own it. Real Estate OVERVIEW Real estate is a form of real property. It differs from personal property, which are things not permanently attached to the land, such as vehicles, boats, jewelry, furniture, and farm equipment. Real estate is the land along with any permanent (whether natural or artificial) improvements attached to the land. Natural attachments are part of the land and include trees, water, valuable mineral deposits, and oil whilst artificial improvements include dams, buildings, bridges, sidewalks, and fences. In Nigeria like in most part of the world, real Estate has been proven to be one of the most profitable and safest form of investment opportunities with relatively low volatility of returns. It involves the purchase, ownership, management, rental and/or sale of real estate for profit. Real estate investment in Nigeria attracts both local and foreign investors. While good performance in real sector is largely driven by middle-class and all government activities that aid development of robust middle class ultimately stimulate growth of active real estate investment . Real Estate & Nigeria Economy Economic development is a broad term that generally refers to the sustained, concerted effort of policy makers and community to improve standard of living and economic health in a specific area. For Nigeria, our population has continued to grow rapidly and this has resulted to tremendous increase in demand for real estate. However, the