The Refined Investor Series which held on November 27 at the Civic Centre is still being talked about widely in the industry.
Refined Investor Series is a real estate thought leadership event targeted at economic influencers, industry leaders, real estate developers, astute investors, and real estate/property enthusiasts. The theme of the event was “Building The Future: Where Do Skyscrapers Come From? Aimed at exploring the past, present and future of Nigeria’s skylines, and HOW, WHO, and WHAT should shape it to attract the right local and global investors.
Our speakers at the event: Mr Jim Ovia, Mrs. Nnenna Obiejesi of Nestoil Towers, Mr. Pierre Edde of Eko Atlantic, Mrs. Yinka Ogunsulire of Orange Island, our very own Mrs. Udo Okonjo from Fine & Country West Africa, Mr. Idowu Thompson of First Bank Private Wealth, Professor Fabian Ajogwu S.A.N. and a host of other industry leaders and economic influencers gave compelling presentations on the Real Estate industry and the path to building an exciting future in Nigeria.
From L-R Pierre Edde, Development Director of South Energyx Nigeria; Udo Okonjo, Vice Chair Fine and Country West Africa; Nnenna Obiejesi, Executive Director, Nestoil Limited; Jim Ovia, Chairman Zenith Group & Quantum Luxury Properties; Yinka Ogunsulire, Managing Director, Orange Island; Frank Aigbogun, Publisher Businessday Newspaper at the recently concluded Refined Investor Series hosted by Fine and Country in collaboration with the Institute for Real Estate Excellence.
Some of the notable facts from the event include the following below;
1. Real estate sector is the 6th largest sector in the Nigerian economy with Lagos state covering 37% of real estate activity in Nigeria (according to the National Bureau of Statistics). The sector contributed 7.57% to the GDP in the third quarter of 2015
2. It was gathered that approximately 61.58% of real estate establishments in Nigeria are owned by individuals, sole proprietors who are personally liable for the full cost of the properties and have absolute control.
Udo Okonjo, Vice Chair Fine and Country West Africa and Nnenna Obiejesi, Executive Director, Nestoil Limited.
3. Nigeria attracted $3.96 billion (about N780.12 billion) in real estate development in 2014, which represents 11 percent of the total sum of $36.4 billion expended on infrastructure construction projects in the country.
Jim Ovia, Chairman Quantum Luxury Properties and Zenith Group with Nnenna Obiejesi, Executive Director, Nestoil Limited and Yinka Ogunsulire, MD Orange Island.
4. The best solution for African cities (many of which are creaking under the weight of growing populations and rapid urbanisation rates), is to channel the growth into new satellite sites as they are properly located, developed, planned, serviced and managed. New urbanism is the most significant trend in African real estate today. New urbanism is the concept of creating new urban communities within our existing cities to cater for the growing population and the “emerging class” such as the Orange Island in Lagos.
Catherine Bickerstheth, Director Strategic Educational Advisory Services; Onari Duke; Yinka Ogunsulire, Managing Director, Orange Island;
5. Real estate is a flexible, tangible and stable investment that can be adapted to suit most financial situations.
6. The Nigerian Real Estate sector is valued at N6.5 trillion, and estimated to grow at an average of 10% annually for next few years.
George Chidiac, The One Eko Atlantic; Pierre Edde, Eko Atlantic; Onyema Okonjo, Giant Beverages
