Poor regulatory environment bane of Nigeria’s real estate ecosystem

Poor regulatory environment bane of Nigeria’s real estate ecosystem

Real-Estate

Nigeria’s real estate ecosystem can do better with proper regulatory framework and achieve its utmost potential like other advanced economies, Olatubosun Fatoki has said.

Fatoki should know better as a realtor with vast experience in the built and construction industry.

Speaking in an interview with The Nation from his base at the United Arab Emirate, recently, Fatoki who sits atop as the Founder/CEO at Crest Range Properties LLC, said unlike what operates in Nigeria, obtaining approval and permits for property in the UAE is less than 24 hours if all the rights documentation are available.

“There are two different ways of getting properties. It’s either you are buying cash or you are getting bank finance, you are getting the mortgage. The process of getting the mortgage finalised sometimes takes about a month or within a day depending on the availability of the different documentation. The day the property is being transferred between the buyer and the seller, it’s mostly done at the government-assigned office.”

Widely acclaimed as a visionary entrepreneur and the first Nigerian to establish a real estate company in Abu Dhabi, Fatoki who acknowledged that a bit has changed in the nation’s real estate ecosystem was however revealed that there is room for greater improvement if the country wants to join other comity of nations with better enhanced, structured operating environment. – culled from the (Nation)