An Abuja-based real estate expert, Mr. Benjamin Onigbinde, has called for a consumer-requirement model in the built environment.
Onigbinde, who is the Chief Executive Officer (CEO) of Sigvent Property Trust Limited, told our reporter that the model if adopted would allow consumers to have a building of their choice built to their satisfaction.
He said a situation whereby housing design is imposed on the customers is not only making the estate more expensive and unaffordable but also leads to massive unfinished estate projects as well as high levels of dead capital in the industry.
“There should be a free market entry to the housing industry which is having an unfavorable effect on the market. Some states like Lagos are taking landmark steps in this direction through the Lagos State Real Estate Regulation agency. We look forward to such development at the national level.
“It is also essential that the market approach to housing development should shift to “Customization, the estate development should shift to consumer requirements, what does the buyer really want? A situation whereby housing design is imposed on the customers is not only making the estate more expensive and unaffordable but also leads to massive unfinished estate projects as well as a high level of dead capital in the industry.
“This year, it is expected to experience more influx of entrants which may change the way real estate business is moving, many more innovations will be introduced which will push traditional industry players to the background’’, he said.
