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LAGOS. — As Nigeria gradually exists recession, stakeholders are set to examine the short-term indicators and long-term structural changes that will reinstate investor confidence in the nation’s real estate industry. According to the organisers of the Real Estate Unite, this and many more issues that affect the industry will form the basis for discussion at this year’s edition of the summit and exhibition, scheduled for October 23 and 24 with the theme, “Africa’s Real Estate: What’s new?”

The Chief Executive Officer, 3Invest Limited, organisers of the event, Mrs Ruth Obih-Obuah, said the African real estate market was beginning to show signs of recovery and stability, adding that in a fast-moving world, the real estate industry needed to adapt itself taking into account geo-political, economic, societal and technological challenges.

She said the recent economic downturn had caused the real estate sector in Africa to fall below the projected 2,6 percent regional growth.

She added, “The economic indicators show that Nigeria is gradually coming out of recession. However, balancing short-term indicators with long-term structural change will reinstate investor confidence, which is paramount to the success and continued growth and recovery process of the sector, as driven by government reforms and policies.

“Other West African states are showing continued growth and democratic progress. Ghana’s Gross Domestic Product stood at 6.6 per cent by the first quarter of 2017, according to the IMF. Senegal, Gambia and Ivory Coast are also showing stable economies.”

The Director, Research and Strategy, sub-Saharan Africa, JLL, Tom Mundy, said that the Nigerian economy finally seemed to be coming out of recession and that the impact on real estate markets, particularly in the retail space, had been clear with many of the country’s larger shopping malls suffering from persistently high vacancy rates as footfall came under pressure. — The Punch.