A real estate firm, Casafina Development Company has called on investors to utilise real estate investments to combat rising inflation and naira fluctuation.
The nation’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 N450/$ in May 2023 to over N1,450/$ in official markets.
Chief Executive Officer, Casafina Development Company, Dr Seyi Olufemi, who spoke at the public presentation and launch of Greystone Residence in Lagos, said real estate is the key to weathering present economic headwinds.
He disclosed that real estate has proven to be one of the most reliable assets in the current economic climate. It was that understanding that informed the decision of the company to embark on the project, adding that despite the challenging economic conditions, people could still make profitable investments in the state.
He said: “We know that the economy is a bit stressed, it would come to an end. Those who understand the values of prime real estate understand the values we are bringing to the table. When the economy is down, inflation is high and devaluation affects every form of asset; three assets will withstand these headwinds. These are commodities, equities, and real estate. For the aspiring investors, this is the time to go for prime property to hedge against these headwinds.”
Olufemi disclosed that the project consists of 64-unit apartment that would be completed within 24 months, while the 360-shop project at Chemical Plaza in Ojota would be completed in 18 months.
President, Chemical Market Ojota, John Okezie, said when completed, the projects would add significant value to the Ojota community and Lagos as a whole. “This is going to be one of the biggest plazas. And it is going to be an enclosed plaza that offers good security,” he added.
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