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Experts Advocate Cross-Border Collaboration and Affordable Mortgages for African Real Estate Growth
A call to remove barriers hindering cross-border transactions and promote collaboration among real estate professionals in Africa has been emphasized by experts. The urgency to implement accessible and affordable mortgage rates across the continent was also highlighted, along with the removal of critical impediments to the free movement of trade and real estate services.
Speaking at the Pan-African Real Estate Webinar series 2024 on ‘Cross Border Collaboration in Promoting Real Estate Practice across Africa,’ organized by the Nigerian Institution of Estate Surveyors and Valuers (NIESV) Lagos branch, experts also advocated for the utilization of Artificial Intelligence (AI) to ensure sustainable real estate development.
Mr. Chudi Ubosi, a fellow of the Nigerian Institution of Estate Surveyors and Valuers, stressed the need for an enabling environment for affordable mortgages, citing the issue of high mortgage rates as a common challenge in Africa. He called for collaboration and advocacy by professionals alongside government intervention to make housing accessible, drawing parallels with advanced nations.
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Mrs. Vicky Sampah, Managing Director/CEO of Abri Group of Companies, highlighted the unaffordability of mortgage loans in Ghana for the informal sector. She advocated the adoption of Property Technology (Proptech) and AI to enhance property listings by real estate agents and provide proper descriptions of available homes. Sampah emphasized the need for ethical considerations in deploying these tools in real estate activities.
Mr. Vincent Agaba, Chairman of the Governing Council of the Real Estate Institute of East Africa, Uganda, stressed the importance of cooperation and building trust among professionals to grow the real estate service and facilitate harmonious legislation.
Jonathan Kohler, Managing Director of Lansdowne Property Group, South Africa, pointed out challenges in the political landscape, discouraging property investors from traveling to conduct business. He called for easy access to visas, relationship-building, and trust among professionals to enhance the real estate industry.
NIESV President, Mr. Johnbull Amayaevbo, expressed concerns about the reluctance of most African countries to sign the African Continental Free Trade Area (AfCFTA) services agreement, designed to enable the free movement of professional services. He commended the Lagos branch for organizing the forum and the panelists for contributing to the enhancement of the real estate industry in Africa.
Chairman of NIESV Lagos branch, Mr. Gbenga Ismail, emphasized that the forum aimed to enhance cross-border relationships among real estate professionals and foster the growth of practice across the continent.
