Stakeholders have revealed that the decision of Canada to shut its door to foreign property investors would improve the Nigerian real estate market.
It should be recalled that on June 23, 2022, the Canadian government introduced a policy that bans foreigners from purchasing residential properties as investments effective from the new year.
While talking about the ban, the Chief Executive Officer of Riel Homes, Kolade Adepoju, said the policy was a positive development for Nigeria’s real estate sector.
He said: “Nigeria’s real estate industry is still one of the most lucrative industries in the World. So, it is high time we invested on our own, and pour our money into our economy. No matter how bad real estate is in Nigeria, it is a good investment. It may be a bad investment, but not in Nigeria. For instance, inflation doesn’t really eat deep into the real estate market in Nigeria.”
Adepoju stated that investing in Nigeria’s real estate market in Nigeria is a goldmine and added that Nigerians should work together to develop the country’s real estate industry.
Also, the Chief Executive Officer of Hilltrust Limited, Damilola Ajomale, said it was a good one for Nigeria’s real estate sector and added that he did not think the policy restriction was a complete shutdown.
He said: “At the end of the day, I do not see it as a necessary evil. Let us focus on the Nigerian real estate market instead. There is so much space. There are lots of architects in Dubai that are really good, but they do not have the space to practice effectively there. Bringing them down to Nigeria, creating exposure to better building structures.
“Hence, the market should focus on outsourcing expatriates, particularly to train people in the sector in the country, leaving us with a more developed market with skilled workers.”
However, the Chief Executive Officer of Pelican Valley Nigeria Limited, Dr Babatunde Adeyemo, said the newly implemented Canadian real estate policy would have positive and negative impacts on Nigeria’s real estate sector.
He said: “It is going to have a positive effect on the Nigerian real estate sector because this would encourage Nigerians in Canada to invest at home, and help the economy of the country. It is a win-win for the Nigerian real estate market as this new policy would curb capital flight.
“This would enable Nigerians to make profits and re-invest in the Nigerian economy. Most Nigerians in the diaspora attain a level of actualisation at age of 50 to 60. Having achieved what they want, they come to buy properties in Nigeria, which is a sort of capital flight.”
While talking further, he said the negative effect of the policy would be the issue of trust and added that most Nigerians are not trustworthy, and investors would be looking for people of integrity to invest with.
Furthermore, the President of Real Estate Developers Association of Nigeria, Dr Aliyu Wamakko, revealed that the Nigerian real estate market is not dependent on the Canadian market and added that what the sector depends on is local investment.
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