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Real estate investment key to overcoming economic crisis

Real estate investment key to overcoming economic crisis

Investing in real estate is crucial for overcoming economic crises, according to Casafina

The Chief Executive Officer of Casafina Development Company, Dr Seyi Olufemi, has advised investors to invest in prime property to weather the challenges of inflation and the devaluation of the naira.

He stated that on Friday, during a press briefing at the public presentation and launch of Greystone Residence in Maryland, Lagos.

Nigeria’s inflation stood at 33.95 per cent in May, according to recent data from the National Bureau of Statistics, while the naira has surged from 450/$ in May 2023 to over 1,450/$ in official markets.

However, Dr Olufemi suggested that to combat these two economic challenges, investors should focus on real estate, as it has proven to be one of the most reliable assets in the current economic climate.

He said, “We know that overall, the economy is a bit stressed. We also know that this stress will come to an end. Those who understand the values of prime real estate understand the values we are bringing to the table.

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“But more importantly, when things are down, inflation is very high and devaluation is affecting every form of asset; there are three assets that will withstand these headwinds.

“These are commodities, equities, and real estate. For the serving investors, this is time to go for prime property to edge against these headwinds.”

Meanwhile, he noted that the 64-unit apartment project at Greystone Residence would be completed within 24 months, while the 360-shop project at Chemical Plaza in Ojota would be completed in 18 months or less.

Olufemi stated that the presentation aimed to show that despite the challenging economic conditions, people could still make profitable investments in Lagos State with a supportive financial structure.

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He said, “We want to build one of the best residential real estate clusters on the mainland. This is our target. We are building a total of 64 units of different types of apartments. By the time we deliver this on time, this will be the best residential area within this environment.

“The timeline for the Greystone Residence Project is 24 months, with 64 apartments and about 360 shops at Chemical Plaza to be completed before 18 months. We started the Chemical Plaza project in April. We have 18 months, but we will most likely finish in 12 months. That is our target.”

Expressing appreciation for the 360-shop enclosed plaza, the President of Chemical Market Ojota, Chief John Okezie, remarked that when completed, the projects would add significant value to both the Ojota community and Lagos as a whole.

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He said, “We found out that they are time-bound in their service. When they say 10 months, it is 10 months. We had an in-house check about some of the projects they have done in the past. We have seen their jobs. We bought them when we realised how good they were.

“This is going to be the biggest plaza around here. And it is going to be an enclosed plaza that offers you good security. It is easy for people to adhere to the law that governs an enclosed plaza. This plaza, when completed, will add value and beauty to Ojota.”

Punch

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