At the 50th anniversary celebration of the International Real Estate Federation (FIABCI) in Nigeria, professionals were encouraged to rethink their business models to enhance the accessibility and affordability of real estate in the country. Dr. Biodun Adedipe, Founder and Chief Consultant of B. Adedipe Associates Limited, emphasized the need to design real estate offerings that cater to the financial capabilities of different generations of Nigerians. He noted that 39% of Nigerians have multiple income streams, with younger generations such as Gen Z and millennials increasingly diversifying their earnings.

During the event, themed “Repositioning Real Estate into Future: Ethics, Affordability, and Sustainability,” Adedipe highlighted that affordability is one of the key elements in democratizing real estate, alongside availability and accessibility. He urged real estate professionals to create products that match the financial characteristics of each demographic, helping ensure that all Nigerians have access to affordable housing options.

In terms of sustainability, Adedipe called on real estate practitioners to build eco-friendly assets and focus on environmental and social governance. He stressed that real estate plays a critical role in driving economic growth, creating jobs, and providing wealth creation opportunities for investors.

The event’s chairman, Dr. Tunde Lemo, underscored the importance of addressing Nigeria’s severe housing shortage, which is estimated to be between 20 to 22 million units. He noted that providing affordable housing is crucial given the country’s rapid population growth and projected demographic changes by 2050. Lemo also pointed out the challenges posed by urbanization, such as slum development, and called for increased investment in eco-friendly buildings that minimize pollution.

FIABCI Nigeria’s President, Mr. Gladstone Opara, reflected on the organization’s history, its role in shaping the real estate industry, and its contributions, including offering pro bono advice to the government and private businesses. He also mentioned the Nigeria property scorecard, a collaborative initiative with the Centre for International Private Enterprise, which provides insights into property investment trends across the country.

The event also featured remarks from FIABCI International President-elect, Ramon Riera Torroba, who praised the association’s lasting legacy and its role in fostering innovation, collaboration, and excellence in the real estate industry.