Real estate is secret to wealth creation in recession

 

 Nigerians seeking wealth need not look too far. This is because the real estate industry provides the secret to wealth creation for those that can key into it. Besides, the sector is the most viable to get the country out of its present recession, if the right things are done. These were the views of real estate consultants at a home ownership empowerment programme organised by Pertinence Nigeria Limited- a firm of real estate managers. Renowned realtor, Mr. Olumide Emmanuel, in an exclusive chat with The Nation, explained that for an individual to get to his desired financial destination, the right vehicle must be chosen. "The real estate is the secret to wealth creation. We want people to understand that getting to the desired financial destination requires choosing the right vehicle; and one of the best vehicles you can choose is real estate and that's what we are pushing down today: the power of real estate," he said. Emmanuel advised Nigerians on the need for a change in their mindset to overcome the challenges of recession. According to him, there is a need to understand the concept of recession and how it affects the individual. This, he explained, is because in spite of the recession, people still earn same salary and income, just that the value is lower. "The value of what your money can give you in the market is reducing because of the vehicle you choose. You choose the vehicle of salary, somebody else chooses the vehicle of real estate. Now, at times like these, realtors and landlords increase their rent, meaning tenants suffer more and then they enjoy more. So it's all a function of understanding that what the economy of your geographical location is; it does not have to affect you if you have the financial intelligence and you know how to navigate your way," he explained. In similar vein, the Founder of Pertinence Nigeria Limited, Mr. Olorunseyi Sunday, agreed that real estate is the solution to Nigeria's recession problems, saying that recession is a thing of the mind that could be overcome through a change in the mindset. Sunday, who spoke at the launch of his firm's "International Business Mega Summit," said: "Everything in life is about mentality, it is your mindset. For us, our mindset cannot accommodate recession even though they say there is recession. An entrepreneur should thrive in all seasons. He does not see a dry season. What you look at is how can I take advantage of that season? And that's what we are doing now." Co-Founder and Managing Director of the organisation, Mr. Wisdom Ezekiel, also pointed out the opportunity his organisation sees in recession. "We see recession as an opportunity. A lot of people see recession as a drawback but we see it as an opportunity because most countries in the world that have become developed today thrived during recession. Recession helps people to start thinking outside the box and that is what it is helping us to do in Nigeria," he said. He said recession is actually an advantage if properly managed by all. He explained that when there is recession, people want to invest in something that is tangible- in asset not liability. This, he said, is why real estate will continue to thrive and provide a bailout for the country's economy at this period. Ezekiel noted that the launch of the firm's international presence is a way of contributing to the Gross Domestic Product (GDP) of the country. He, therefore, called for government's partnership in the real estate industry in order to spur its growth and contribution to the economic development. To stimulate the market and encourage people to invest even at this time, the firm gave out free plots of land, an all-expense paid trip to Dubai and a two bedroom apartment to loyal customers. "We are giving because when you give in times of recession, when people have plenty, they will remember you and they would want to come to you; because when they had nothing, you were out there supporting them. So that is the strategy. when seasons like this come, innovation will be what will make you different," he said.  

Posted via Festechvibes panels.