How can we address the national housing deficit in Nigeria?
I get this queston a lot. In 1991, we had a housing deficit of about 7million. We currently have a housing deficit of over 22million housing units and counting, that’s a mind – boggling figure. The numbers have risen exponentially over the years. This matter has to be addressed swiftly. The last time I checked, Nigeria’s housing production is at 100,000 units annually. This is for a country of over 200million people with an annual growth rate of 3.5%. If the right measures are not put in place, it will take us a lifetime to solve the housing problem in Nigeria. We need to be producing over a million housing units annually to stand a chance of saving Nigeria from such an enormous number in housing deficit.
To help mitigate these numbers, strong collaborations from both the government and private sector is imperative. Having the government setup policies & partnership to help facilitate and encourage the right individuals and institutions to take up pivotal roles in the industry to help mitigate this number in the near future. We need to establish and implement viable mortgage systems that will enable middle- income and low-income earners acquire houses. Providing tax incentives, or grants to credible estate developers will go a long way. Making funds available at single digit interest rate will help mitigate the cost of housing units and in turn make it easier for mid and low-income earners to acquire properties.
Why do you think people should invest in Real Estate?
Real Estate is one of the major human necessities “Food, Clothing, & Shelter”. We cannot do without it; we are currently conducting this interview in a building. Secondly, I am yet to find a wealthy man who doesn’t have a sizeable investment in Real Estate. It is one of, if not the safest and surest form of investment, and a good vehicle to creating generational wealth. Also, it’s a good hedge against inflation. There are enormous benefits to investing in real estate, the list goes on and on.
As a Real Estate developer, what are the challenges you have encountered in Nigeria?
The challenges are enormous, from funding, to fraud, exponential rise of building materials, to credible human resource, government policies; the list goes on, but I welcome them. The greater the challenge, the bigger the reward. I am not one to focus on the problem, I see it as a waste of my mental strength; I will rather focus on solving the problem. I am a solution-oriented person.
Real Estate in Nigeria seems to be an all-comers affair, with several cases of massive fraud, how can this be mitigated?
True, very true. This is where I will advise the general public; before the purchase of any property, you must conduct your due diligence professionally and extensively. Abuja has lesser numbers when compared to other parts of the country as the appropriate bodies, AGIS and all have done a good job in digitizing and imbibing the right policies and structure to help mitigate fraud, although there is always room for improvement.
Since your coming into the industry, there might be some specific issues you are not pleased with, would you like to address some of them?
That will definitely be the issue of substandard constructions taking place in the industry. This has a ripple effect on the image of the industry at large. At ChaviD Properties Integrity and Quality are two core factors we will never ever compromise on, I habitually tell my team members, integrity will take you to the top and sustain you there.
Can we meet you, sir?
My name is Nwadavid Charles. I am the Founder and CEO of ChaviD Properties, which is currently dubbed as the fastest growing real estate development firm in Abuja. I am regarded as the man with the Billionaire’s Mind, I am a long-term thinker, one who pays meticulous attention to details. I hail from Enugu state, born and raised in Lagos state, Nigeria. My father is a computer scientist, who also happens to be extremely good in sales and a loving mother who is a pastor and businesswoman. I am the first of six kids; yeah, I know that’s quite a number, my parents gave us their all, for which we are eternally grateful to them. I am married to the most gorgeous woman in the world in and out, I fondly call her my answered prayer, because she literally is my answered prayer, we have the most adorable son together, he is a great mind in the making.
How Did you get into Real Estate?
I started out as a rental agent in the real estate sector over a decade ago. This played a pivotal role in footing my bills back in school. Then I graduated into a major player in the sales of houses, I gradually transmuted into an astute Estate Developer. I totally support the axiom that says, if you jump up you will come down, if you grow up you stay up. I have painstakingly gone through the real estate process to arrive where I am today. I have been able to amass tremendous knowledge in the real estate sector and beyond, from the administrative aspect, to sales and marketing, the technical know-how, team building, people and leadership skills, the list goes on. I am also an avid learner. I believe so much in personal development, I see life as a learning journey, the moment you stop learning, ignorance sets in.
As one of the dominant players in the industry, we have a primary aim of building 80,000 Units by 2040, with 30,000 Units in Nigeria, whilst spreading 50,000 Units across every major city of the world. To transmute this humungous goal into its physical equivalent, we have been able to attract the right team of players and partners to make this a reality. ChaviD Properties, is disrupting the status quo of the Real Estate World, leaving no room for mediocrity or myopic thinkers.