PROPERTY TRANSACTION GUIDE

Expert predicts stunted real estate industry in 2012
By AGENCY REPORTER

Punch, 23rd January, 2012

A former President, Nigerian Institute of Town Planners, Alhaji Waheed Kadiri, has said that the real estate industry may not record significant progress this year due to the current state of the economy.

Kadiri told the News Agency of Nigeria in Lagos on Thursday that work on old construction projects might be suspended in order to negotiate upward review of their initial costs.

He said until the issue of fuel subsidy was properly sorted out, much should not be expected from the real estate industry in 2012.

The former NITP boss said, "Let us be realistic; there is no indication that there could be a change for the better in the real estate industry because the economy is getting more squeezed.

"So, I cannot see any improvement. If they remove the fuel subsidy, we are done for. If they do not remove it, we will be jittery as to when they will remove it finally. We do not have a clear policy on that now, so I cannot really see any improvement."

Kadiri said the institute would package a report on the state of urban and regional planning in the country, which would show what a businessman or government would lose if he or she did not plan and what he or she would gain if he or she planned.

He said that with good town planning, Nigerians would spend less on healthcare, accidents and flooding.

"If our government can see things from the angle that planning may not bring in the money as other government departments do, but that it will help others to spend less, that is the point we want to make," he said.

Kadiri said the institute would focus more on planning for the poor in 2012 as the country was becoming more concerned about their plight.

He said that pro-poor planning could be achieved by giving the poor more access to land, employment and facilities which would help to ease their burden.