A local and international research and fact finding firm, Pison Housing Company, says Nigeria ranks 125th in real estate business worldwide.

The president of the firm, Mr Roland Igbinoba, disclosed this on Wednesday in Lagos. Igbinoba said that the ranking was based on how easy local and foreign investors could invest in real estate business in any country.

He said that in the ranking Singapore came first, USA (4th), Thailand  (12th), Malaysia (23th), South Africa (34th), Mexico (51st), Rwanda (67th), Tunisia (69th) Ghana (92nd), Kenya (95th) and Egypt (106th).

According to him, the indices are derived from building plan approvals, Land Use, infrastructure, licensing fees and charges, taxation, multi agencies, location nd environment among others.

“The indices have continued to be investors’ dilemma in Nigeria. It takes time to obtain governor’s consent and to register a property.

“The indices also have continued to leave the funding of residential real estate to households incomes to the tune of 86 per cent and 10 per cent for public authorities.

“Mortgage institution funding in residential real estate is three per cent while banks and business organisations contribute just one per cent,” he said.

He said that these difficulties had changed the focus of investors to commercial developments which are in high demand.

He added that private residents had been converted to offices to meet the pressure of supplying the facility.

Igbinoba said that there was the need for the various governments to make life easier for those working hard to create opportunity for jobs through investment in real estate.

According to him, this can be achieved if the government ease the obstacles militating against investments in real estate business in the country (NAN).

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