In this part of the world, we are confronted with big Challenges in real estate business especially in Abuja where famous high-raised buildings have not seen the face of the sun; there are huge potentials that the real estate business in Abuja will be exceptional in the nearest future.
In Nigeria today, with over 170 million people, residential real estate will take its place in rendering shelter to the population and businesses before our economy would grow.
The following are challenges that is not yet out of the way
Before we confront a challenge, we will need to know exactly what it is. Should I say Power is the No.1 Challenges in real estate business causing stagnation especially in Nigeria. Our leaders will blame transmission of power. There are no skyscrapers, no motivation of entrepreneur spirit, among others. In the city of Abuja, only about two buildings are stretching 25 stories tall.
If we decide to build high-raised buildings, some of the important consideration is to power.
Insufficient power supply must be dealt with. This is an opportunity that will continue to increase in demand as long as the economy is concerned. Today the quest for steady power in a sufficient amount has driven the country revenue short. Business has to make expenditures before they pay tax. At the end most of the profits has been squandered by power supply alternatives leaving a very little amount left to be taxed on. Indirectly, it is an economical loss.
We have to involve creative-minded people and technology in sorting out a real solution. Technology can be initiated to solve our power problem; that I believe. This will enable high-raised residential buildings to abound including others like office building and mixed-used buildings. That is when the economy will really start driving into something that everybody wants to be a part of
The No.2 Challenge in real estate business in Abuja is getting financing. In my observations, bank financing is not easily accessed. Why? because, people who need financing are not financially literate. Or they don’t know that they can get financing. They don’t know how to handle debt and benefit from it. They don’t have the right mind set for credit facility. They don’t have a good team/advisory to get them educated and assist them through financing.
The solution is not only to get people enlightened, but to create the right mindset most especially business in people. This will help them to know how credit facilities from financial institutions can help them see through projects. Real estate investors should also read materials that will help them in the various aspect of their career.
The future of Abuja residential real estate is bright. If we can cut off these we are confronted with big Challenges in real estate business that I mentioned earlier, then the opportunity will be clear-cut and the sky will be a starting point for success. In a country where the population is growing, there is a lot coming for real estate business, lots of things will happen. Keep your eye and mind open.
Thank you for reading this article. Please,include you comment below