Real estate experts in Nigeria are highlighting the economic potential of housing as an investment and urging the government to drive the economy through the real estate sector. They emphasize the role of housing in job creation, income distribution, and poverty alleviation. The World Bank suggests that housing can be a macroeconomic development tool, boosting productivity and utilizing resources. With Nigeria's growing population, there is an increased demand for land, which has become a vital tool for generating revenue.
To maximize revenue and promote economic growth, the experts call for a review of land charges, enhanced access to land, and the enforcement of property taxation. They stress the importance of political will in implementing these measures. By harnessing the potential of the real estate sector, Nigeria can drive economic growth and create a more inclusive and prosperous society.
Reforming Nigeria's real estate market is crucial to unlock its full economic potential. The sector currently faces challenges such as unclear land titles, high costs, bureaucracy, and lack of transparency. However, experts suggest that Nigeria can learn from the successful real estate model in Dubai to drive reform and elevate standards in the Nigerian market.
Dubai's real estate model can serve as a blueprint for Nigeria's reform efforts. Dubai has implemented an exceptional real estate legal system that includes freehold ownership for foreigners, a real estate regulatory agency, escrow accounts, strata law, a real estate registry, and specialized dispute resolution services. These components have contributed to Dubai's thriving real estate market and can be adapted to suit Nigeria's needs.
Experts recommend adopting key elements of the Dubai model in Nigeria. This includes establishing a federal real estate regulator, setting up an infrastructure development fund, incentivizing free trade and business zones, implementing a real estate regulatory bill, promoting public-private partnerships, and creating a housing development fund. These reforms can enhance transparency, increase participation, and encourage financial flows into Nigeria's real estate market.
By implementing these reforms, Nigeria can create a more investor-friendly environment, attract foreign investment, and drive economic growth in the real estate sector. The reforms can also elevate standards, increase participation, and encourage financial flows into Nigeria's real estate market, ultimately contributing to the country's overall economic development.
In Ireland, housing experts estimate that the country needs between 35,000 and 53,000 houses per year to meet the demand. The Economic and Social Research Institute (ESRI) has forecasted the need for up to 53,000 new houses annually. This presents an opportunity for the government to address the housing demand in the country. The report recommendations provide wiggle room for the government to take action and meet the housing needs of the population [2930ac1a].
The government of Ireland is well-positioned to meet the housing demands. The Business Post offers a breakdown of housing demand forecasts and analysis of demand metrics. Dublin Chamber has recorded its fifth loss in six years. The Web Summit co-founder accuses the firm of facilitating a 'flagrant smear'. The EU accuses Facebook's parent company of breaking new rules.
Housing reports and analysis provide valuable insights into the housing demand in Ireland. The government has the potential to address this demand and take necessary actions to meet the housing needs of the population. By implementing effective policies and strategies, the government can contribute to the overall development and well-being of the country [2930ac1a].