Lagos State Governor, Mr. Babajide Olusola Sanwo-Olu has said the changes witnessed in the state, from technological advancements to shifting market dynamics and an increasing emphasis on sustainability, are fundamentally reshaping the future of the built environment.
Speaking as Special Guest of Honour at the Real Estate Discussions and Awards (REDA) 2024 organized by Thinkmint Nigeria, the governor said these changes provide both challenges and opportunities.
“These changes present both challenges and opportunities, and I have no doubt that the REDA forum generates an avenue for valuable insights into how we can collectively move forward,” he said.
Represented by his Special Adviser, Housing, Barr Barakat Odunuga-Bakare, the governor said his administration recognized the importance of green building practices and flood defenses as part of Lagos’ long term strategy to address environmental challenges and climate risks. Emphasing the need for environmental sustainability in real estate development, he noted that it has been the guiding principle of the state in developing especially the coastal areas such as Eko Atlantic City and other ocean and river view estates within the state.
Highlighting the symbiotic relationship between aviation and real estate, Chairman/MD Ibom Air/Akwa – Ibom Investment Corporation, Imo-Abasi Jacob emphasized how improved air connectivity can stimulate economic growth, attract investment, and increase property values in targeted regions. He said the kind of economy aimed at Akwa-Ibom state is to drive traffic into the state and open gateways for roads. He also emphasized the importance of government policies and regulations in creating a conducive environment for real estate investment. He highlighted the need for land reforms, infrastructure development,and affordable housing initiatives to drive growth in the sector.
Earlier in his opening remarks, MD/CEO of the Lagos State Development and Property Corporation (LSDPC), Joseph Ayodeji, expressed the need for critical thinking and collaboration among real estate Stakeholders.
He also canvassed the need to navigate the changes seen in the global real estate marketplace, with a focus on ways to adapt the trends using innovative solutions and methods in areas of construction and real estate technology.
In his keynote, President FIABCI-NIGERIA, Akin Opatola spoke on “Real Estate as a Service, From Product and Space To System and Service” emerging trends in the real estate industry. He said the noticable technological advancements are sustainable development, and the growing demand for mixed-use developments. He stressed the importance of adapting to these changes and seizing the opportunities they present. “Change happens, anticipate change, monitor the change, adapt to the change, and enjoy the change” he said.
Also speaking at the event, Mayor Dele Oshinowo (Executive Chairman Agboyi-Ketu LCDA, Lagos) focused on the importance of government and private sector partnerships in addressing housing challenges. He emphasized the benefits of collaboration, such as increased efficiency, shared risks, and access to resources.
“Government and private sector housing partnerships signal a new era in urban development and housing solutions. By combining public sector goals of social equity and affordable housing with the private sector’s expertise in innovation and efficiency, these partnerships offer a promising path toward solving housing challenges globally. As long as there is proper alignment of goals, effective policy support, and shared responsibility, these collaborations have the potential to reshape housing markets and improve the quality of life for millions of people,” he said.
Managing partner of Thinkmint Nigeria, Mrs. Imelda Usoro Olaoye highlighted the increasing role of technology in the real estate industry. She discussed how digital tools and media can be used for property management, marketing, and customer engagement, improving efficiency and enhancing the overall customer experience.
The event’s theme: “Navigating Change in Real Estate for a New Era,” resonated deeply with attendees, as the industry continues to evolve rapidly in response to technological advancements, shifting market dynamics, and increasing urbanization.
The Nation
