3 challenges of the real estate sector [VIDEO]

The real estate sector in Nigeria has a lot of a challenges that are preventing it from reaching it's full potential.

However, the following are the worst challenges.

Funds- Like every other sector, Nigeria's real sector faces funding challenges. A lot of places, like banks, that should help simply do not. This limits the interest in this particular sector. Thankfully, real investors are slowly, but surely, taking an interest.

READ: Foreign investors show growing interest in real estate

READ: Readers think the real estate industry is worth investing in

Corruption- The real estate sector is filled with a lot of corrupt practices like inflation of rents, over priced lands, lack of delivery, insincerity, bribery and more. All of these stunt the growth of our real estate industry.

READ: Executive pinpoints delivery as a major problem of real estate in Nigeria

Mortgage- In Nigerian, there is simply no concept of mortgage unlike other countries. The few mortgage facilities are filled with so much mismanagement and corruption, they are irrelevant. However, things are begining to look with the Nigerian Mortgage Refinance Company(NMRC) recently disbursing N1 billion to Imperial Homes Mortgage Bank Limited (formerly GTHomes Limited).

READ: Subsidiary of Chicason Group proffers solution to housing needs in Nigeria

Other challenges include poor land use regulations, sub-standard constructions, over dependency on imported finishes, corrupt agencies, overpriced lands nd more

Watch Sijibomi Ogundele, the CEO of Sujimoto Group, discuss his luxury real estate brand and the real estate sector in Nigeria in the video below.