By Akinnodi Francis, Ondo

Experts in the real estate industry have asserted that “real estate is the fastest vehicle to wealth creation,” stressing that disciplined and sustained effort unlocks property’s true wealth-building potential.

Speaking with Weekend Hope, they noted that Nigeria’s real estate market is poised for significant growth in 2025.

According to reports by the United Nations and the Federal Mortgage Bank of Nigeria, rapid urbanisation and a population climbing past 220 million, projected to exceed 400 million by 2050 have produced a housing shortfall of more than 25 million.

President of the Real Estate Developers Association of Nigeria (REDAN), Akintoye Adeoye, said, “We expect the real estate sector to improve in 2025.”

He emphasised the industry’s wealth-creation promise through strategic growth and skill development.

Also speaking, a developer, Henry Oyedele, noted that persistence matters more than large capital outlays.

According to Oyedele, “There is no doubt that real estate is one of the oldest investments globally. It has proven to be an investment that can be transferred from generation to generation so, it’s trans-generational.

“When people think of creating wealth and choosing the vehicle for such, one of the vehicles you always find in the portfolio of every wealthy person is real estate.

“They don’t joke with it because it is not just a tool for wealth creation or prosperity, it is a tool that can help you build posterity, such that after you have gone, generations after can benefit from it. So, it is always a smart decision for every investor to look in the direction of real estate.”

They urged government to develop policies that make it easy for investors to channel their funds into real estate, saying the construction sector would grow by a margin far above other sectors.

“This is because, when you are doing construction, right from where you start with your land acquisition, you begin to need people who are not employed to come into that value chain.

“After acquiring your land, we are talking about documentation. You need a surveyor to survey the land; you need a town planner to ensure that, if you are building a city, for example, it is properly planned. You need an architect to design for you, and a building engineer to build.

“You also need a quantity surveyor that will help you take cost estimates, and many other professionals across the value chain. At the end of the day, you need an estate surveyor and valuer that will help you value the property.

“There are so many opportunities along the value chain of real estate. It all starts with ensuring that the environment is good enough and encouraging for people who want to invest in real estate.”

The experts called on government to create a relatively stable business climate that will help people plan effectively and ensure that whatever projections they have can be worked on and used to achieve their business goals.