Thursday, July 18, 2024
Homelocal gossipGalloping Inflation Affecting Real Estate Development — REDAN, Oshimili North Chairman

Galloping Inflation Affecting Real Estate Development — REDAN, Oshimili North Chairman

By: Ike Philip Abiagom

Engr. Emmanuel Oshia,
Chairman , Real Estate Developers Association of Nigeria(REDAN), Oshimili North Chapter

[dropcap]T[/dropcap]he new Chairman of Real Estate Developers Association of Nigeria, Oshimili North Chapter, Engr. Emma Oshia, Chairman of Emmalix Trade and Investment Ltd, said rising inflation is one of the chief bane of the country’s real estate sector and is becoming a worrying trend.

Engr. Oshia, made this known in an interview with Newsmen on Monday in Ibusa, where he called for the understanding of everyone. He appealed to all the government agencies responsible for regulating the economy to work extra hard for the benefit of the common man, adding that shelter was one major factor that could not be done without all over the world.

According to him, the cost of real estate development had skyrocketed, following the symptoms of the nation’s ailing economy.

He said, “Presently, all the factors that drive an increase in commodity prices in Nigeria, galloping inflation, volatile foreign exchange rate and cost of transporting goods from one point to another have all contributed to challenges confronting the real estate sector.

“Exchange rate in the country is not left behind as it is dwindling and increasing daily. This is a huge source of worry because this is a country where over 60 per cent of building materials are imported.”
Oshia noted that a recent survey on the prices of building materials showed how inflation had badly affected building materials.
He added, “The price of granite, sharp sand, aluminum roofing sheet, tiles, iron rods, hardwood timber, among others, keeps skyrocketing, leaving us to grapple and making the cost of real estate construction skyrocket.”

Oshia said, “In every economy, the real estate sector plays a pivotal role in the overall economic growth and development. This is why we, the Real Estate Developers Association of Nigeria(REDAN),Oshimili North Chapter, are urging the government to find ways of lessening the impact of inflation on the citizens and operators of the real estate sector.
“We find it very important to sensitise the general public and would-be buyers of real estate products of this unprecedented inflation affecting the real estate market and the economy in general as this may affect the cost of delivering housing projects, including off-plan sales.”

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