Cash: High Interest Rate Discourages Developers – THISDAYLIVE

The Chief Executive Officer, Wealth Island Properties Africa, Mr. Tade Cash in this interview with Kayode Tokede speaks on the impact of high interest rates environment on developers, among other property investment-related issues in Nigeria and across the World.From an anticipatory dimension, despite the fact that a couple of people are moving out of Nigeria, the population of the country still makes the country the biggest consumer market for a lot of product- housing inclusive.

Whereas, the industry provides a magnificent cushion against inflation, it for now still an attractive as a unilateral portfolio for a company that does not have other baskets of product that can assure investors of. Why has there been a gap in raising funds from government institutions to help the real estate market?

These are capital intensive ventures; from seeking government approvals and consents to allow of access those land to approving the works which basically is salvaging the difficult terrains through engineering solutions. Funds for these are usually invested with the hope that the solutions we are deploying will run through a course of time before the natural space is finally transformed.

While this is not totally forgoing the value it hold and I must say the value is very significant, it is our deliberate strategy in Wealth Island property to be focused on the fundamentals through the residential development. For us, all our developments are built to be adaptable for renewable energy sources. In one of our development in the Ibeju-Lekki in Lagos, we harnessed the wind energy to generate power, because of its nearness to the Atlantic Ocean, we have developments across the cities where solar energy and alternate power sources are installed.

I believe the, when we remember that at some point that Lagos will become the most populous city in the world by 2100- about 77 years to come, the urgency to regulate housing will become a matter of urgency.This is not alien in this country and it has been a huge impediment to the real estate sector. However, one of the ways to navigate these issues is buying things in bulk, and to do this you must be able to access funding.

The Mortgage structure in Nigeria is evolving and you can be rest assure that they are onboarding a lot of properties onto the programme, more than at any other time in the history of the country, but the growing population and the need to properly verify recipient, the issue of social trust and innumerable complications and identity management quagmire, we may not be able to say it is perfect yet.

Source: Loan Digest (loandigest.net)

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