By Tunde Oso

To make the Renewed Hope Housing Programme of President Bola Tinubu a success, an estate surveyor and valuer, Idowu Surajudeen Adetunji, has urged the Federal Government to make regulatory processes flexible, while bureaucratic structure must not be allowed to obstruct the scheme so that the organized private sector can effectively key into the programme.

In a press release sent to Vanguard, Adetunji said, “The mortgage system must be strengthened. This is how we can turn real estate into the most influential industry in our economy and ultimately make it to consistently impact the economy.”

According to Adetunji, “Real estate is key to economic growth and recovery, but it is still being challenged by a number of factors: market inflation and high construction costs are some. Yet, the sector is not only a very important sector of any country’s economy; it is the economic engine of the world, which drives economic growth.

“When it comes to cities, towns and communities development, real estate is the core. The industry has built communities, created jobs, created incomes, increase families and national wealth.

“Renowned economists are of the opinions that countries with high levels of economic freedom have higher levels of GDP growth than those without, especially, when it comes with low levels of real estate development. Unfortunately, Nigeria is situated within this category.

“It is in this light that one has to commend the Renewed Hope Housing Programme initiated by the Federal Government.

“Coming more than four decades after the late Alhaji Shehu Shagari’s administration housing programme (1979-1983), the present administration’s initiative geared towards delivering 50000 housing units across the country will assist the various income levels, particularly the low-income earners to realize their dream of becoming home-owners.

“It should however, be emphasized that beyond assisting Nigerians to become home-owners, housing development is key to economic recovery and growth. That is why the government should provide the enabling environment to make sure that Nigeria remains a real estate investment attraction and commercial destination. No matter what, real estate is an important part of our society and culture and will always have a significant impact on our everyday lives.

“The real estate market in Nigeria is filled with lots of opportunities. Government should step up investment in critical real estate variables as it is done in other climes when there are challenges in the economy. What the government does is to invest massively in infrastructure, create jobs, and stimulate economic activities and development,” Adetunji concluded.