Nigeria may have been losing an average of $6 trillion inflow yearly as a result of dearth of data and professionals not equipped with current and globally competitive real estate skills for negotiation and relevant data gathering.
This was the position of the Principal, World Citizen Consulting, Chicago, Bill Endsley, on the sideline of the FIABCI International Real Estate Consultant (FIREC) programme held in Lagos.
He spoke to a cross section of experts including Estate Surveyors & Valuers, property financiers, developers and facility managers.
He said huge real estate investment running into billions of dollars daily may have eluded Nigeria for so long as a result of insufficient information on the market, such as interest rate, negotiation skill, policy inconsistencies of government and the ever changing monetary and fiscal policies. He said the average American investor desires to have the necessary information before putting in his money on any investment though they desire high return on investment they are deterred according to him by insufficient information that can attract them to the country.
He said: “What investors want is what is called ‘Clean Window,’ people will prefer to invest where they can see clearly and can prize the risk before investing. There must be market analysis of what the market want and how long it will take to reap on investment, most times this information is not available in Nigeria.”
Director of Operations and Finance, Micheal Consults, Thomas Cardman, in his contribution said investors look out for analysis and the quality of the story behind the numbers in making decisions in real estate investment. According to him they will also look at the return on investment characteristics and cost approach to decide for a particular property.
Earlier, FIABCI president, Nigerian chapter, Adeniji Adele said the workshop is in line with their pursuit towards ensuring that Real Estate Professionals are fully equipped to up their ante in the nation’s built Industry, and compete with their contemporaries globally.