By Ikenna Asomba

Real estate experts have decried the dearth of data to make informed decision in the sector, even as they urged government and other stakeholders to focus more on the sector, considering the worrisome crash in oil price at the global market.

They expressed this worry at a press conference in Lagos last week to announce the activities of the 2015 Lagos edition of Real Estate Unite organised by 3Invest.

The Chief Executive Officer, 3Invest, Ruth Obih, who lamented that stakeholders in the industry usually foot-drag to divulge data of cost of real estate investments, therefore called for a more transparent and robust real estate industry.

CEO, 3Invest, Ruth Obih (2nd right) and others members addressing the press

While announcing activities heralding Africa’s property market summit, Obih said the Real Estate Unite which is billed to take place between September 29 and 30, at the Eko Hotel & Suites Convention Centre, Lagos, is the 4th edition in the series of the annual event, adding that it will afford a platform for global real estate leaders to discuss most pertinent opportunities and issues in Africa’s real estate sector.

Pointing out that this year’s edition is tagged, ‘#ConnectTheDOTS, Obih noted thus: “This year, we are reverting to the two-day format, which will feature sessions such as Leaders Meeting, a closed-door meeting between industry stakeholders, government officials, investors and 3Invest with an emphasis on interacting and building relationships as well as the African Women in Real Estate Meeting (AWIRE), a networking platform that fosters growth and economic prosperity for women in real estate.

“Also, we would have The DOTS Conversations, an engaging conversations by experts on Drivers, Opportunities, Transformation, and Sustainability (DOTS), which we believe are the four building blocks that contribute to the long-term viability of the sector.

Long term viability

“Drivers are harnessed to create opportunities, resulting in transformation that must be hinged on the principles of sustainability for it to be effective,” she explained.

She added that there will be exhibition that will run on both days of the event as well as Awards Dinner on the evening of Day 2.

On his part, an Advisory Board member of the 3invest, Kunle Omotola, said: “The need for this programme is imperative as the price of oil in the global market continues to crash. There is no doubt that the real estate industry opens a new opportunity for government at all levels to tap into towards sustaining the nation’s economy and that of their individual states.

“So, it is our firm belief that with this awareness programme, government and other key stakeholders will begin to look beyond oil,” Omotola said.