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Unveiling the Real Estate Landscape in Nigeria: Challenges, Potentials, and Solutions – An Interview With Femi Rogers

Boom RadioNG | March 6, 2024

Unveiling the Real Estate Landscape in Nigeria, Challenges, Potentials, and Solutions

 

In a recent episode of the BoomBar show on Boom Radio NG, real estate developer, investor, and builder Femi Rogers delved into the intricacies of the Nigerian real estate industry. With a focus on investment properties that generate consistent cash flow, Rogers highlighted the challenges and opportunities within the sector.

Rogers emphasized the need for a stable investment environment, particularly in light of the volatility of the Naira. Many investors, wary of currency fluctuations, are turning to opportunities in the United States, where Rogers himself is currently involved in multiple projects.

Mr Femi Rogers at the Boombar

Mr Femi Rogers at the Boombar

Reflecting on the state of the Nigerian real estate market, Rogers pointed out the low rate of property ownership, with only about 17% of Nigerians owning property. Despite the vast potential for growth, purchasing power remains a significant obstacle for many aspiring homeowners.

One of the key issues plaguing the Nigerian real estate market, according to Rogers, is the lack of standardized pricing mechanisms. Without proper valuation methods, properties are often overpriced, leading to market inefficiencies and buyer skepticism.

Mr Femi Rogers at the Boombar

Mr Femi Rogers speaking at the Boombar

Furthermore, Rogers discussed the prevalence of land grabbing and the importance of establishing clear property titles. He highlighted the recent launch of the Lagos State Geographic Information System (eGIS) portal as a step in the right direction, offering improved access to land documentation and reducing processing times.

In terms of building standards, Rogers underscored the need for stricter enforcement of regulations to ensure the safety and quality of structures. He emphasized the role of professionals such as engineers and architects in upholding construction standards and advocated for the implementation of a whistleblower system to report violations.

Mr Femi Rogers a licensed TREC Realtor, member of GHBA and HAR, and a seasoned real estate developer

Despite the challenges, Rogers remained optimistic about the future of the Nigerian real estate market. He encouraged aspiring investors to seek education and training in real estate fundamentals and emphasized the abundance of resources available online.

In conclusion, Rogers expressed a willingness to continue the conversation and provide further insights into the real estate landscape in Nigeria. With the right policies and initiatives in place, he believes that Nigeria can unlock its full potential and become a thriving hub for real estate investment.

Sola Rogers, Mr femi Rogers and Dolupo Balogun at the Boombar

Sola Rogers, Mr femi Rogers and Dolupo Balogun at the Boombar

Stay tuned for more insightful discussions on real estate and other topics by subscribing to the Boom Radio NG YouTube channel and following us on all our social media platforms for the latest updates and episodes.

Written by Boom RadioNG

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