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<\/p>\nAn housing<\/a> estate owned by Lagos Homs Government. PHOTO: LAGOS HOMS<\/p>\n<\/div>\n To address the real estate<\/a> market in a more focused way, experts have called for stratification of\u00a0the\u00a0sector\u00a0to ensure social\u00a0and affordable housing<\/a>.<\/p>\n They spoke\u00a0at the 2017 yearly Real Estate Unite\u00a0summit in Lagos, according to them,\u00a0there is still huge opportunities for the\u00a0real estate industry\u00a0if the right things are done.<\/p>\n The summit has as its\u00a0topic: \u201c Africa\u2019s Real Estate, What\u2019s New?\u201d Chairman and Chief Executive officer of\u00a0Mixta Africa, SA, Mr. Deji Alli, who expanded the topic,\u00a0stressed the need for Government to come out\u00a0with a\u00a0scheme\u00a0for the low end of the market by providing social housing, because\u00a0of\u00a0it advantages, which includes\u00a0 taxable income , which government is not receiving from such a large market.<\/p>\n According to him, home ownership is aspirational and should start from the base\u00a0because there is no viable\u00a0mall\u00a0 without the low income group.<\/p>\n He noted\u00a0that the\u00a0real sector with assets put on the region of $26 trillion has important\u00a0role of\u00a0 the real sector\u00a0 in asset economic stability.<\/p>\n According to him,\u00a0with the growing\u00a0urban population and potential need\u00a0for housing , which\u00a0 could create unimaginable crisis , there is a big opportunity for\u00a0 both government and private sector.<\/p>\n The\u00a0real sector, he said,\u00a0has the greatest multiplier effect in the economy\u00a0 because\u00a0 of its relationship between capital flow and economic stability .<\/p>\n He however regretted that government appears to be missing the point, while private sector\u00a0 seemed to be helpless with narrow focus.<\/p>\n To stimulate\u00a0 the sector , Alli said\u00a0 there is need for partnership between government and private sectors in order to come out with\u00a0 the right policy that will drive the sector because it has what it takes to transform African economy .<\/p>\n Referring to the success recorded in\u00a0 the\u00a0 pension scheme Alli said , government should come out\u00a0 with right policy\u00a0 especially in the social housing\u00a0 because of the need to take care of the low income sector , which is critical to overall economic growth.<\/p>\n He commended the Federal government for\u00a0 earmarking\u00a0 N100 billion for the family home fund under its Social Investment Programme but said the Private sector\u00a0 to engage\u00a0 need to engage\u00a0 the government\u00a0 in order\u00a0 take\u00a0 up the opportunity .<\/p>\n \u201cThere is need to introduce special incentive to make it a reality. 1. 5 million\u00a0 new homes\u00a0 for low income\u00a0 people within\u00a0 2 years and focus should be in the lower end\u00a0 of the market\u00a0 not on the higher end\u201d, he said.<\/p>\n Contributing, Dr Doyin Salami, of the\u00a0 Lagos business school , said real\u00a0 estate professionals\u00a0 must to come together and engage\u00a0 policy makers to make progress..<\/p>\n According to him despite the fact that real estate constitutes seven percent of the Nigerian economy , it has continue to shrink with negative growth. Guardian <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"
\nHe\u00a0 stressed the need for\u00a0 all stakeholders to deal with the demographic challenges , which, he said,\u00a0 has the\u00a0 potentials\u00a0 to create\u00a0 social in cohesion.<\/p>\n