Lagos seeks more investments in real estate, promises enabling environment

The Lagos State Real Estate Regulatory Authority (LASRERA) has promised investors that it will continue to create an enabling environment that will attract local and foreign investments.

It added that by doing so, investors would be able to tap into numerous opportunities in the state’s Real Estate market.

The Special Adviser to the Governor on Housing, Mrs. Toke Benson-Awoyinka stated this on Tuesday at the PRINVEST 2023 Conference, organised by BusinessDay Media Limited with the theme, ‘Ready or not to invest – Navigating the new prospects in Real Estate.

While noting that real estate remained one major area of investment attracting local and foreign investors to Lagos and Nigeria as a whole, the Special Adviser observed that real estate investment, if given adequate attention and concentration by the government at all levels, had the potential of contributing more to the Gross Domestic Product of the country.

Benso-Awoyinka called for proper implementation of investment policy in the real estate sector, urging Nigerian key players in the industry to embrace the international best practices standards in the sector.

She averred that Lagos State, being home to over 22 million people, was currently experiencing a deficit in the housing sector due to its huge population as a result of daily urban migration/

She said the development had made it compelling for the state government to enter into partnership with the private sector to address the housing deficit.

The Special Adviser said further, “As real estate practitioners, you must be aware that investment opportunities are often linked with digital networking that connects real estate practitioners at local, federal and international levels.

“It is important to stress that real estate prospects require creative effort and discipline to meet standard and network operating procedures on the property management system.

She added that the establishment of LASRERA was aimed at strengthening competitive investments and monitoring the real estate market for the interest of investors and the general public.

She encouraged investors, home and abroad, to access accredited real estate individuals and organisations for investment purposes through lasrera.lagosstate.gov.ng.

“Stakeholders and investors can register and verify authorised individuals and organisations in the sector on the website,” she added.