By Femi Ajasa

Olubisi Shaola is a seasoned real estate developer and property lawyer located in Lagos, boasting more than ten years of experience in the field.

Known for his expertise and provision of affordable luxury residences to multiple households, Olubisi has built a reputation for his proficiency in legal affairs and real estate ventures. His endeavors showcase a dedication to crafting outstanding living environments amid the complexities of the legal terrain within the Lagos real estate sector.

The founder of Finn Grey Projects, a real estate development firm speaks on real estate development in Nigeria among other issues.

Can you tell us about your background and experience in the real estate industry?

Certainly. I am a seasoned real estate developer and property lawyer based in Lagos, with over a decade of experience in the field. My focus has been on providing affordable luxury residences to households across Nigeria. My expertise lies in navigating the legal intricacies within the Lagos real estate sector while ensuring exceptional living environments for our clients.

Why do you think there are few lawyers who venture into property development?

Well, property development presents unique challenges that can be daunting for professionals accustomed to structured frameworks, like lawyers and doctors. Unlike our professions, property development demands a deep understanding of the business, from market forces to financial management. It requires a level of grit and adaptability to thrive in this terrain, which may deter some from exploring this field.
What do you consider the primary challenge for aspiring real estate developers?

Orientation is key. There’s a misconception that real estate promises quick wealth, but the reality is far from it. Managing expectations and understanding the complexities of the industry are crucial. Many fall prey to false impressions propagated by so-called experts, which can lead to disillusionment. It’s essential to cultivate the right mindset and embrace the challenges inherent in real estate development.
How long do you think it takes for new real estate developers to start making money?

The timeline for profitability varies based on individual circumstances. Factors such as access to funds, energy levels, and risk appetite play a significant role. While some may see returns relatively quickly, others may face unexpected challenges that delay profitability. It’s important for newcomers to remain resilient and patient, understanding that success in real estate development takes time and perseverance.

What advice would you give to someone interested in real estate development but lacks funds?

Access to funds is crucial, but it doesn’t have to be personal funds. Many successful developers, including myself, came from humble backgrounds. Opportunities arise when you’re open to partnerships and creative financing solutions. Whether it’s leveraging existing resources or collaborating with others, tenacity and resourcefulness are key to overcoming financial obstacles in real estate development.

Where do you envision the Nigerian real estate sector in 10 years?

With Nigeria’s growing population, the real estate sector holds immense potential for growth. However, its trajectory depends on conducive government policies and a productive populace. I believe the government’s role is to create an enabling environment for investors while fostering policies that enhance productivity. A thriving real estate sector benefits not only investors but also the entire value chain, from construction workers to architects.

What is your perspective on Nigerian businessmen divesting their investments outside the country?

Doing business in Nigeria can be challenging, given infrastructural issues and political uncertainty. While diversifying investments abroad can mitigate risks, maintaining a presence in Nigeria is essential. Personally, I believe in balancing investments to avoid overexposure to any single market. Exploring opportunities abroad, such as the US real estate market, can complement our ventures in Nigeria and enhance overall portfolio stability.

Do you ever miss practicing law, and do you see yourself returning to it?

As a lawyer, I remain involved in legal matters, albeit to a lesser extent. While I no longer oversee our law firm as I once did, I still cater to high-profile clients’ legal needs. The legal background continues to inform my work in real estate development, but my focus remains on crafting exceptional living environments for our clients.