Despite the Federal and State government policies to curb the spread and effect of Covid-19 on Nigerians, it is pathetic to reveal some alarming aftermath effect of the pandemic on every sectors in the country especially in Real Estate market.
The effects of Covid-19 was elucidated by the MD/CEO of Suru Worldwide ventures Nigeria’ LTD, Mr Edward Akinlade in a media chat held on 29th Sept 2020, the spread of Coronavirus (COVID-19) has obviously grounded economic activities on a global scale and the real estate sub sector was not spared.
Although Mr Edward Akinlade’s opinion differ as to how to get the industry back on track, the general consensus is that some adjustments and interventions are urgently needed by both private and public sector industry giants in order to stem the tide of housing deficits in the near future. These and more were the issues discussed recently at an interactive session between the real estate professional, Mr Edward and some selected journalists in Lagos.
According to Mr Edward, the huge financial losses recorded by the various sectors of the economy has forced investors to shift attention to investing more in the construction of housing units for low income earners units as against luxurious units, he also mentioned the exchange rate, hike of fuel price, inflation that is affecting general standard of living. In other climes, especially in America and Europe, their citizens were directly funded by their government to serve as a cushion against the effects of the pandemic.” He also used the forum to draw attention to what he described as the unlawful and illegal antics of Asset Management corporation of Nigeria (AMCON) over the company as it concerns a case that has protracted since 2010. He further stated that the illegality of this agency has not only taken away the jobs of innocent and hard working people since September, 2013, it also sets a bad and worrisome precedence,”. The big question is ‘ Nigeria will be 60 on 1st October 2020, what’s your stand or position as an individual?.
Read more at: https://www.vanguardngr.com/2020/09/effect-of-covid-19-on-real-estate-luxury-market/