Lagos State Real Estate Regulatory Authority (LASRERA) has promised investors that it will continue to create an enabling environment that will attract local and foreign investments such that the investors will be able to tap numerous opportunities in the State’s Real Estate market.
The Special Adviser to the Governor on Housing, Mrs. Toke Benson-Awoyinka stated this at the PRINVEST 2023 Conference, organised by BusinessDay Media Limited with the theme: ”READY OR NOT TO INVEST – NAVIGATING THE NEW PROSPECTS IN REAL ESTATE”.
While noting that real estate remains one major area of investment that is attracting local and foreign investors to Lagos and Nigeria as a whole, the Special Adviser observed that real estate investment, if given adequate attention and concentration by the government at all levels, has the potential of contributing more to the Gross Domestic Product (GDP) of the country.
Benso-Awoyinka, who called for proper implementation of investment policy in the real estate sector, also urged Nigerian key players in the industry to embrace the international best practices standards in the sector.
She averred that Lagos State, being home to over 22 million people, is currently experiencing a deficit in the housing sector due to its huge population as a result of daily urban migration, saying that the development has made it compelling for the State Government to enter into partnership with the private sector to address the housing deficit in the State.
The Special Adviser maintained that to navigate new prospects in real estate, investors in the sector need to adopt and follow laid down policies and plans by the government aimed at boosting local and foreign investments in the industry.
She said: “As Real Estate Practitioners in the sector, you must be aware that investment opportunities are often linked with digital networking that connects real estate practitioners at local, federal and international levels.
“It is important to stress that real estate prospects require creative effort and discipline to meet standard and network operating procedures on the property management system”, she added.
According to her, the establishment of LASRERA was aimed at strengthening competitive investments and monitoring the real estate market for the interest of investors and the general public.
She disclosed that the Agency among other functions, is expected to register and issue operation Permit to genuine and certified real estate practitioners, being global best practices embraced to checkmate and curb fraudulent cases arising from complaints from members of the public on how unsuspecting residents are often defrauded of their hard-earned resources.
She encouraged investors, home and abroad, to access accredited Real Estate Individuals/Organisations for investment purposes through lasrera.lagosstate.gov.ng, stressing that stakeholders and investors can register and verify authorised individuals/organisations in the sector on the above website.