Nigerian real estate sector recorded the fastest growth yet since 2016 at -2.36 percent for the year ended December 2019, the fourth-quarter report by the National Bureau of Statistics (NBS) shows. The growth reported by the property sector this year was 4.5 points better than the -6.86 percent recorded in the comparable period of 2016, the year NBS started collating data for the industry.
The adjustment to the new balance between property buyers and sellers was one of the factors why the property industry outperformed its growth performance in the last three years, as compiled from an industry survey. For real estate entrepreneur/developer and Group Chief Executive Officer of Walztechs, Omobobola Olawale, the growth will continue at a faster rate given the rising population of Lagos and the available housing per the population which is still in a huge deficit.
He avers, “Lagos is an incredible city with inspiring people and wonderful places. The likes of Banana Island, Lagos Island, Ikeja, Gbagada, Ajah and others make it a unique city. Statistics say that there are over 20 million people living in Lagos today. 20 million people? How many households are available for these 20 million people? Let’s do some calculations : There is an average of about 2.5 persons to one household, with over 20 million people we should have about 8.4 million houses but unfortunately this is not the case.
“In Lagos today, there are about 4.75 million houses available. Look at that wide difference, the deficit for housing is too much and this is why the demand for good housing is increasing and the real estate business is growing richer. Statistics also projects that in the next few years, the Lagos population would double. How wonderful is that? I can say the best thing you can do to accumulate wealth is to work with the best Realtor with enough experience and the right knowledge on the best places to invest and establish a rich future. And also Nigeria government should consider investing in real estate as well to be able to provide a household for homeless Nigerians who we can simply see under the bridges and the motor parks.”
“Real estate is a form of investments and business as well. I see it as a generational wealth and the passive income and cash flow makes it a business. Investing in real estate does not require any particular entity, and some people even begin a real estate investment company simply in their own name as a sole proprietorship. Once you find financing and purchase your first property, you have the beginnings of a real estate investment company,” Omobobola Olawale
Omobobola Olawale started his real estate company, Walztechs in 2016 and has since undertaken well over 20 projects spread across the mega city of Lagos State and beyond.
While the industry has become the exclusive haven of the high and mighty Omobobola has an advantage of being an entrepreneur with a professional background.
He is a graduate of Computer Engineering Technology from the prestigious Rufus Giwa Polytechnic in Owo, Ondo State. He cemented his professionalism in the real estate sector by bagging a diploma in Architecture in 1992.
He is based in Lagos and so his Walztechs. He is a native of Okitipupa Local Government Area of Ondo State. He is the eldest of a family of 4.