Housing Deficit: Nigerian rental market needs to be restructured — Expert

An expert within the property space in the United Kingdom, Tina Walters, has stated that the Nigerian rental market needs restructuring.

Walters, who is the director of Purifico Property Services, made this known to the Tribune Online on Thursday in Lagos.

Tina said such facilities are needed to be able to provide more affordable housing options and easier access for tenants.

She noted that it can be done with the support of the government’s influence, adding that the impact of the COVID-19 pandemic has led to mass concessions, renegotiations, and restructuring activity in the real estate market globally.

According to her, the government should encourage landlords to offer flexible leasing arrangements through the use of essential property management services, which will ensure that there is structure and regulation.

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“The Nigerian rental market needs to be restructured to provide more affordable housing options and easier access for tenants.

“This can be done with the support of government influence.

“The impact of the COVID-19 pandemic has led to mass concession, renegotiation, and restructuring activity in the real estate market globally.

“The government should encourage landlords to offer flexible leasing arrangements through the use of essential property management services, which will ensure that there is structure and regulation.” She said.

Meanwhile, Walters stated that Purifico Property Services recently concluded a three-country tour to Nigeria, Kenya, and Ghana, with the primary objective of exploring potential investment opportunities in Nigeria, a country with immense growth potential and a thriving real estate market.

Walters explained that she embarked on the tour to gain firsthand insights into the real estate markets of these African nations and to ascertain the viability of investment prospects.

According to her, she was impressed by the country’s vibrant economy, robust infrastructure development, and the increasing demand for quality real estate solutions.

Walters acknowledged Nigeria’s potential as a key investment destination in Africa and expressed her confidence in the future opportunities that the country offers.

Source: tribuneonline