Ayodele Olalere
Practitioners in the real estate sector were, on Tuesday, assured of workable regulations that will protect their businesses as well as consumers..
The assurance was given by Governor Babajide Sanwo-Olu at the 5th edition of the Lagos Real Estate Marketplace Conference and Exhibitions with the theme
‘Reimagining Lagos Landscape and Ensuring Sustainable Real Estate Development Practices.’
The governor told participants that while the real estate sector in Lagos requires regulations, the state is committed to providing regulations that will protect practitioners and consumers alike.
Sanwo-Olu noted that the sector requires competent professionals who are capable of driving innovations.
“As a government, we remain steadfast in our efforts to build a thriving real estate sector by prioritizing human capital development to ensure we have skilled professionals capable of driving innovation. We are equally committed to establishing sustainable regulations that protect practitioners and consumers alike, while fostering an integrated ecosystem that links housing development with transportation, technology, agriculture, health, and youth development,” he assured the participants.
He said the real estate sector is a backbone of the economy therefore practitioners and government ‘need to prepare ourselves and the next generation for evolving real estate demands.’
Sanwo-Olu further said that policies formulated by the government for the sector are in tandem with global trends and best practices adding that the conference was an opportunity for the government and stakeholders to ‘ co-create pathways for upskilling and reskilling the workforce while ensuring the sector’s accessibility and sustainability.’
He added that suggestions and recommendations by stakeholders at the 2023 conference have been implemented by the government and further assured participants that the government is an ally in driving a meaningful change and lay the foundation for a brighter future in the sector.
The Special Adviser to the Governor on Housing, Barakat Odunuga-Bakare said the state has strengthened its regulatory frameworks through enhanced ‘codes disaster-resilient urban planning and initiatives that promotes the use of sustainable building materials and technologies.’
She said collaboration between the public and private sectors is essential in building a vibrant real estate sector
The Commissioner for Housing, Moruf Akinderu-Fatai described Lagos as a city of ‘boundless energy’ but grappling with a housing deficit . He said regulations must take centre stage in guiding the real estate sector.
“Regulation sets standards and ensures fairness and inclusivity. With regulation we can foster investors’ confidence,” he said.