Real estate specialists recommend methods to strengthen Africa’s real estate market. They argue that impediments to cross-border transactions and collaboration among real estate experts should be eliminated.
These experts emphasise the need to make mortgage rates accessible and reasonable across the continent. The Nigerian Institution of Estate Surveyors and Valuers (NIESV) organised a Pan-African Real Estate Webinar in Lagos in 2024, which included a demand for these improvements.
Chudi Ubosi, an NIESV fellow, recommended governments to establish a conducive climate for inexpensive mortgages, as high mortgage rates are a frequent concern in Africa. He emphasised the importance of professional and government partnership in making housing more accessible, as is the case in mature nations.
Vicky Sampah, Managing Director/CEO of the Abri Group of Companies, stated that mortgage loans in Ghana are sometimes expensive for those in the informal sector. She pushed for the use of Property Technology (Proptech) and Artificial Intelligence (AI) to improve property listings and descriptions while preserving jobs. Sampah emphasised the need for ethical considerations when using these instruments.
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Vincent Agaba, Chairman of the Governing Council of the Real Estate Institute of East Africa, emphasised the need of professional cooperation and trust in the growth of real estate services. He stated that while Proptech is widely used in South Africa, particularly in marketing and property management, individuals still prefer physical inspections and one-on-one property transactions.
Gbenga Ismail, Chairman of the NIESV Lagos branch, stated that the forum’s goal was to strengthen cross-border interactions among real estate professionals and encourage the expansion of real estate professions across the continent.
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