The Africa Housing Finance Year Book 2016 on Nigeria by the Centre for Affordable Housing in Africa, reports that the Real Estate subsector is now the 6th largest sector in the Nigerian economy, which is expected to grow from a value of US$11.4 billion in 2015 to US$16.5 billion in 2017.
The real estate sector is a complex chain which consists of industry players interconnecting at various levels. It involves the government (federal, state & local), the community, families, individual owners, real estate companies, professionals, financial institutions, manufacturers of building materials and equipment as well as the buyers of properties; the sector is everybody’s affair.
Surprisingly, despite its vital position in the society, many Nigerians lack adequate education on housing, real estate, property, safety, waste disposal, security and other vast issues associated with real estate. The common literatures on real estate are supplied by the real estate developers who are naturally focused on marketing their properties.
The broadcast industry has hitherto, failed the real estate sector. There are scanty serious real estate programmes on radio and television. The few radio and television programmes mainly concentrate on why and how to purchase properties only; this is a just a snippet of the gamut of issues in the sector.
Often times, issues on safety, sewage, waste disposal, security, mortgage, financing, trust and estates, insurance and other burning discussions are left out in the discourse on radio and television. The print media are doing a better job at highlighting the various facets in the real estate sector.
There is, therefore, the need to expand the discourse on housing and real estate in general. People need to understand the cyclical issues that exist in the sector. It is only an informed person that can make good purchasing decisions. Real estate stakeholders need a well rounded and robust programme on the sector which provides the unique platform for comprehensive conversations on real estate and ancillary service providers.
The major aim of Property Square radio show is to fill this critical gap. The content of the radio programme is all-encompassing, as it brings together an impressive array of professionals from different subsets of the sector to discuss issues that will ensure direct and positive impact on the general public thus assisting them to engage better with the stakeholders in the sector. Welcome on board!