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Stakeholders propose Canadian property policy

Stakeholders propose Canadian property policy
Photo by vu anh- Ask Nigeria

The policy bans foreigners from buying residential properties as investments.

As Nigeria’s real estate market is steadily and rapidly expanding, recording exponential growth, the foregoing has propelled stakeholders in the sector to seek more developmental services, infrastructure and regulations. The Realtors have proposed that the Canadian government’s recently implemented policy that imposed a ban on foreigners from buying residential properties as investments would positively impact the Nigerian real estate market. Recall that firms and stakeholders in the real estate sector have earlier made a move gradually leveraging cutting-edge technologies in order to reform the industry.

Speaking on the development, the President of the Real Estate Developers Association of Nigeria, Dr. Aliyu Wamakko, has stated that the Nigerian real estate market does not depend on the Canadian market, noting that the sector does depend on local investment. Kolade Adepoju, the Chief Executive Officer of Riel Homes, a real estate firm in Lekki, Lagos state, has described the policy as a positive development for the country’s real sector. He noted that Nigeria’s real estate industry, as a sustainable and lucrative industry, necessitates more investment to boost the economy.

The policy is not a restriction as a shutdown entirely.

Riel Homes CEO argues that investing in Nigeria’s real estate market is a good revenue source. Thus he further urges Nigerians to make concerted efforts and contributions to developing the country’s real estate industry. Likewise, the Chief Executive Officer of Hilltrust Limited, Damilola Ajomale, believes that the proposed Canadian governments property policy is not a restriction as a shutdown entirely, saying that it will benefit the country’s real estate industry. Ajomale further cited that the focus should be on the sector with so much available in the country. For instance, he said Nigeria can effectively take advantage of expert architects in Dubai who lack space practice by bringing them to the country.

According to him, Nigeria needs to focus on outsourcing expatriates, mainly to train and educate Nigerians in the sector. This will gives the country an edge and create more exposure to modern building structures, skilled and enlightened workers, and a more developed market. On his part, Chief Executive Officer Pelican Valley Nig Ltd, Dr. Babatunde Adeyemo, who also remarked on the development, asserted that the new Canadian real estate policy would have positive and negative impacts on the local industry.

Nigeria’s housing deficit was about 20m housing units in 2021.

Elaborating on the positive effect, Adeyemo explains that the policy would encourage Nigerians in the diaspora to invest at home while contributing to the country’s economic growth and would also eradicate capital flight. He described the policy’s adverse effect as the issue of trust, adding that most Nigerians are not trustworthy, and they would be looking for people of integrity to invest with. According to a report, the housing deficit in Nigeria is estimated to be about 20 million housing units as of October 2021.

Despite the detrimental effect of the COVID-19 epidemic on the economy of Nigeria, the property market has performed and continues to play an important role. Players in the sector are making solid efforts to bridge the housing gap. Nigeria has all the necessary components for successful real estate investments, including a burgeoning middle class, fast urbanization, and a youthful demographic compared to more developed nations. Even with this, getting a loan has remained a significant hurdle for real estate investors and would-be homeowners.

Key components of the ban are yet to be determined.

In addition, the new regulation imposes a prohibition for non-Canadian businesses and non-Canadian nationals from purchasing a home in Canada between January 1, 2023, and December 31, 2024. The prohibition does not apply to any contractual commitments that existed or were accepted before January 1, 2023. Although certain crucial aspects of the prohibition have still to be defined and will be subject to further rules anticipated later this year. However, the ban, as it is now planned, may affect Canada’s position as a multicultural and inclusive environment.


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Admin
1
20 days ago

Stakeholders propose Canadian property policy – The policy bans foreigners from buying residential properties as investments. – Express your point of view.

Member
8
20 days ago

The recent policy change by the Canadian government prohibiting foreigners from investing in residential real estate may benefit the Nigerian real estate industry.

Member
8
20 days ago

The Nigerian real estate industry, according to Dr. Aliyu Wamakko, President of the Real Estate Developers Association of Nigeria, is independent of the Canadian market and is dependent on local investment. However, we should expand the nation’s real estate market.

Member
9
20 days ago

The policy bans foreigners from buying residential properties as investments. If it is what they want, they own their country

Member
8
20 days ago

The aforementioned has prompted stakeholders in Nigeria’s real estate sector to seek additional developmental services, infrastructure, and laws as the market continues to expand gradually and fast, recording exponential growth.

Member
9
20 days ago

Every country has its own law that they deem beneficial to their citizenry uf by banning foreigners from buying properties suits them then so be it our own country should do something that would benefit our real estate and make it world class.

Member
8
20 days ago

It is possible that recent regulatory changes made by the government of Canada that ban foreign investors from purchasing residential real estate would be beneficial to the real estate business in Nigeria.

Member
8
20 days ago

However, if carried out in its current form, the prohibition has the potential to undermine Canada’s reputation as a multicultural and welcoming society.

Member
8
20 days ago

It is important to keep in mind that companies and other players in the real estate business have already taken steps toward gradually using cutting-edge technologies in an effort to reform the industry.

Member
8
20 days ago

The propose Canadian property policy by stakeholders for Nigerian will and might not be effective on our real Estate sector though it what trying. It will definitely have positive and negative part.

Member
8
19 days ago

This kind of policy that ban foreigner to buy residence properties as investment will benefit us we should do and make rule on what will help the country growth especially estate industry

Member
8
19 days ago

Implementing such a policy like Canada will demand a lot. I don’t think we are on the level to do such a thing yet. The stakeholders should rather work on how the sector will boom more.

Member
8
19 days ago

The regulation forbids non-citizens from purchasing residential real estate in the country as an investment. If that is what they desire, it is because they are the owners of their country.

Member
8
19 days ago

Possibly, the real estate market in Nigeria will gain from the Canadian government’s new policy that forbids foreign investment in residential real estate.

Member
8
19 days ago

Remember that real estate corporations and others have begun adopting cutting-edge technologies to overhaul the industry.

Member
8
19 days ago

Though trying, stakeholders’ Canadian property policy for Nigerian real estate may not work. It has pros and cons.

Member
8
19 days ago

The introduction of proposed Stakeholders Canadian properties policy may not work in Nigeria because our system here in Nigeria is quite different from theirs besides we are still a developing nation.

Abusi
Member
8
19 days ago

The policy is just meant to protect the Canadians from inflation of housing cost. It is very okay, so far it’s for the benefit of their citizens. It will make foreigners not to commercialize their housing units.

Member
8
19 days ago

The Canadian property policy that has been proposed for Nigeria by several parties might not be effective in our real estate market, despite the fact that this is what the government is aiming to achieve.

Member
8
19 days ago

We should do and set rules on what will help the country flourish, especially the real estate market, and one such policy would be to prohibit foreigners from purchasing residence properties as investments.

Member
8
19 days ago

The recent policy change by the Canadian government prohibiting foreigners from investing in residential real estate may benefit the Nigerian real estate industry.

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