“Real Estate Sector Contributed N11.2 Trillion to Nigeria’s GDP In Q1 2024” — REDAN Commends Adron Homes

The President of the Real Estate Development Association of Nigeria (REDAN), Prince Akinloye Adeoye, along with his Executive team, which consist of Dr Kunle Adeyemi, Vice President, REDAN(South/ West) and Mr Jide Ogunleye, REDAN Secretary 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 courtesy visit, the team headed by Prince Akinloye applauded Adron Homes and Properties for its efforts in providing affordable housing schemes and praised the company for consistently bridging the gap between the masses and affordable urban development. Prince Akinloye also commended Adron Homes for transforming many individuals from tenants to landlords, emphasizing the company’s transparency, commitment, and reliability which has set a positive example for other real estate brokers in Nigeria.

He highlighted the significant contribution of the real estate sector to Nigeria’s GDP, citing statistics from the Nigeria Bureau of Statistics for Q1 of 2024. He stressed the need for the government to uphold development standards, enhance industry regulations, and eliminate unethical practices in the real estate business. According to the Nigeria Bureau of Statistics, the real estate sector contributed N11.2 trillion, representing a 5.20% share of the GDP in Q1 of 2024. Although the sector showed nominal growth compared to the previous year, its real GDP growth was lower at 0.84%. He also disclosed that 11 trillion is more than enough to prove that real estate business in Nigeria is a lucrative business that has come to stay and also implored the government to remain committed to upholding tenets of development and enhancing regulation of the industry to meet global practices and also make quackery in the business a thing of the past.

“The construction sector contributed 4.0% to the GDP, with a nominal growth of 10.24%, though it experienced a real growth rate decline of -2.14% year-on-year. Experts attribute this growth to increased government policies and investments, growing population demands for shelter, and significant contributions from the Nigerian diaspora.”

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The Host, Aare Adetola Emmanuel King also commended the effort of the REDAN President and his team for their listening ears and also their constant proactive steps to ensure the industry is well regulated and all ethics of the industry is upheld. He also disclosed that Adron Homes will always be in partnership with the leadership of REDAN and will remain committed and continue to serve as an example to other real estate players on the issues of integrity and sincerity of purpose. He also disclosed that the visit will further rejig Adron’s commitment to more development of Homes and also continued partnership with the government to ensure affordable homes get more handy for all sundry.

Aare Adetola also implores the leadership of REDAN to enact more policies that will further put the business on a high pedestal which will enhance more funding, more investment through Foreign Direct Investment and also getting government support in the reduction of building materials and other household items which is currently serving as a bottleneck for the development of the business which has caused many Real estate companies to fold up, while some have started cutting corners due to high rates of materials.

“When materials are quite affordable, real estate will thrive. There would be buyers and off-takers. But with the current prices of cement, wood, nails, paints etc the prices of real estate are soaring high to the roof Government intervention and reducing tariffs on the importation of building materials will help cushion the effect and also put many back in business. Adron Homes and Properties is committed and we are here for collaboration for national development.”

Aare Adetola Emmanuel King, Chairman and Group Managing Director of Adron Homes, also commended the REDAN leadership for their proactive steps in regulating the industry and upholding ethical standards. He expressed Adron Homes’ commitment to partnering with REDAN and the government to provide affordable housing and promote national development.

The visit reaffirmed the partnership between REDAN and Adron Homes, fostering a collaborative environment for sustainable growth and development in the real estate sector.”