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Real estate data is flawed, unwise to put on blockchain, says Okosun

Mr. Frank Okosun is the Senior Partner and Chief Executive Officer, Knight Frank Nigeria. He spoke with CHINEDUM UWAEGBULAM on how to ensure enforceable property rights and effective registration systems, challenges of standards in built environment and CBN’s intervention fund in the real estate sector.

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Matnazeer1

Nigeria


  • 26th, July 2021 (1 month ago)
  • $ 10.89336252
  • 7
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The Federal Government has taken fiscal measures to douse tension created by COVID-19 pandemic. What has been the effect of the CBN’s intervention fund on the real estate sector?

While the real estate sector did not necessarily benefit directly from the COVID-19 stimulus packages, there may have been indirect impacts on the sector. For example, the stimulus may have reached workers that help in constructing homes or people that work within buildings to keep them clean or safe. It could also have reached businesses and business owners, who either rent or recently bought property, thereby supporting them financially to be able to transact in real estate.

 

However, in my opinion, no real direct impact of the stimulus packages has been recorded on the real estate sector. The insecurity problems have caused a steady rise in the cost of building materials and logistics, primarily transportation of goods and workers. Intervention is seriously needed in these areas.

 

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