A player in the real estate and Chief Executive Officer, Oxford Group, Mr Teniola Adesanya has said that the coronavirus pandemic is only slowing down the real estate business in the country.
He explained that the impact of the pandemic does not affect the income accrued to the real estate.
Teniola stated this while discussing the effect of the coronavirus pandemic on the real estate business in the country in an interview with Nigerian Tribune on Monday in Lagos.
“I won’t say that the Coronavirus pandemic did not disrupt the sector. It only slowed business down but did not stop business.
“I can tell you a N50 million home in Lekki still remains a N50 million home whether there is COVID-19 or not.
“Landlords charge rent in the month of April whether you are locked down or not. So, COVID-19 is just there to affect people, but it does not affect the income of the real estate,” Adesanya said.
Meanwhile, Mr Adesanya lamented that the sector is being challenged by a lack of infrastructural development and bureaucracies attached to land documentation in the country.
He, therefore, said that housing deficit would be solved when land documentation in the country is simplified.
“The major challenge affecting the housing industry is simple: infrastructural development is key and the government has actually not done much when it comes to infrastructural development.
“There are a lot of bureaucracies surrounding land documentation in Nigeria.
“For you to get a land document, it is usually very tough.
“If we could pass a law making land documentation as easy as opening an e-mail, I think we will solve the housing deficit in less than seconds,” he said.
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