The FIABCHI NIGERIA PRIX D’ EXCELLENCE DINNER AND AWARDS is an annual event held in Lagos Nigeria, every first quarter of the year. Now in their fourth year, the Awards and Dinner is an affirmation of FIABCI’s idea of providing our society with optimal solutions to its property needs. This year theme titled “Ease of doing real estate business – The Nigerian experience” was focused on looking at easy ways of doing business across all partnering nations.
Mr Ituah Imhanze, Partner at Kenna Partners, spoke extensively on the ease of doing real estate business. He said that, land, labour, capital and organisation remain the four crucial factors of production. Real Estate development is a unique collaborative process of balancing the characteristics of land with the complex demands of public policies and the particular surrounding environment, involving different personalities and interest groups, as well as limited resources. Simply put, it is the construction on land, and the establishment of a legal order to regulate all its aspects which would facilitate the erection and completion of the property.
He stated that the real estate development process involves deciding whether to invest in a piece of property, choosing the best use to put this property to, analyzing the potential income from the development of the property, learning the art of negotiation, determining the cost estimates for the maintenance of the property, developing strategies to protect the investors in the business partnership and ensuring compliance with the various relevant laws and regulatory agencies.
It was quite an interactive session and Mr Imhanze concluded by agreeing that the profitability of investments in real estate is undeniable. However, in order to ensure maximum profit in a real estate project it is crucial that the real estate project be properly negotiated, structured and executed. He stressed the fact that several issues can make or break a real estate development project and therefore the importance of professional advice from real estate experts and related professionals cannot be overemphasized. According to him, Real Estate remains what it is after all – REAL!