The President of the Real Estate Development Association of Nigeria (REDAN), Prince Akinloye Adeoye, along with his executive team, visited the Chairman and Group Managing Director of Adron Homes and Properties, Aare Adetola Emmanuel King, at the company’s headquarters in Omole Phase 1, Lagos.
During the visit, Prince Akinloye Adeoye, accompanied by Dr. Kunle Adeyemi, Vice President, REDAN (South/West), and Mr. Jide Ogunleye, REDAN Secretary, applauded Adron Homes for its efforts in providing affordable housing. He praised the company for bridging the gap between the masses and affordable urban development and for transforming many individuals from tenants to landlords. He highlighted Adron Homes’ transparency, commitment, and reliability as setting a positive example for other real estate brokers in Nigeria.
Prince Akinloye emphasized the significant contribution of the real estate sector to Nigeria’s GDP. Citing statistics from the Nigeria Bureau of Statistics, he noted that the sector contributed N11.2 trillion, representing a 5.20% share of the GDP in Q1 of 2024. While the sector showed nominal growth, its real GDP growth was lower at 0.84%. He stressed the need for the government to uphold development standards, enhance industry regulations, and eliminate unethical practices, underscoring that real estate is a lucrative business with a vital role in Nigeria’s economy.
“The construction sector contributed 4.0% to the GDP, with a nominal growth of 10.24%, despite a real growth rate decline of -2.14% year-on-year,” Prince Akinloye added. He attributed this growth to increased government policies, investments, and the growing demand for shelter driven by population growth and contributions from the Nigerian diaspora.
Aare Adetola Emmanuel King, the host, commended the efforts of the REDAN President and his team for their proactive measures in ensuring industry regulation and ethical standards. He affirmed Adron Homes’ commitment to partnering with REDAN and setting an example for integrity and purpose in the real estate sector. The visit, he said, would further strengthen Adron Homes’ dedication to developing affordable homes and collaborating with the government.
Aare Adetola urged REDAN’s leadership to enact policies that enhance funding and investment through Foreign Direct Investment and support from the government in reducing building material costs. He highlighted the impact of high material prices on the industry, noting that many real estate companies are struggling or cutting corners due to costs.
“When materials are affordable, real estate will thrive, attracting buyers and off-takers,” Aare Adetola stated. “Government intervention in reducing tariffs on building materials will help cushion the effects and revive the industry. Adron Homes is committed to collaboration for national development.”
The visit underscored the critical role of collaboration between industry leaders and the government in advancing Nigeria’s real estate sector and ensuring affordable housing for all.
By Lekan Olofinsusi
