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REAL estate wealth creation depends on effective execution and productive development rather than land speculation, Dr Innocent Okoro, a Fellow of the Nigerian Institution of Valuers (FNIVS), has said.
Okoro, a past office bearer and captain of Ikoyi Club 1938, said this in his keynote address at the Real Estate Expo Symposium marking the club’s 88th anniversary in Lagos on Friday.
He said Nigeria had significant real estate opportunities driven by urbanisation, population growth, housing demand and infrastructure development.
“Opportunity does not create wealth, execution creates wealth.
“The future of real estate will belong to those who build and create value, not to those who simply buy land and wait,” he said.
Okoro who is the Founding Partner of M.I. Okoro & Associates, said infrastructure remained a major determinant of property values.
He urged investors to monitor roads, rail, power, water and other infrastructure projects when making investment decisions.
“Follow the infrastructure pipeline. That is where the next value corridor will be,” he said.
He said technology was transforming the sector through artificial intelligence, digital mapping, drones, data analytics and smart-building systems.
He, however, warned that technology was also being used to facilitate property fraud through fake listings and doctored title documents.
He called for stronger professional judgment, integrity, due diligence and reliable property data to protect investors and attract more capital.
On housing, Okoro advocated stronger collaboration among government, employers, financial institutions and developers to expand access to affordable home ownership.
He also urged greater use of local building materials and efficient construction methods to reduce costs.
Okoro called for increased participation by pension funds, insurance companies, banks and private equity in property financing.
He advised individual investors to prioritise infrastructure corridors, verify property titles and consider Real Estate Investment Trusts and pooled investment funds.
The real estate expert also urged developers to embrace sustainability, particularly flood resilience, energy efficiency, drainage, water conservation and proper waste management.
“Investment provides the capital. Innovation multiplies what that capital can do. And execution turns both into lasting wealth,” he said.
He urged participants to commit to actions that would move the sector from speculation to productive value creation.
“When we gather to celebrate Ikoyi Club 1938 at 100, let us be able to look back and say that we did not just buy land. We built,” Okoro said. (NAN)
M.P
Tags: Real estate value chain Realtor