The Chief Executive Officer of Walztechs, Omobobola Olawale has highlighted the effects of the Coronavirus pandemic on the real estate sector in Nigeria, and also looking into challenges stifling the sector.
Speaking in a recent interview, he observed that real estate is among the big losers of the pandemic, citing that the sector is on its way to recovery.
According to him, “The real estate sector is among the significant losers of the current crisis. The impact of the pandemic on the real estate sector is unique in that it is not felt immediately by key stakeholders.
“The sector is a lagging indicator, which means that it can confirm long term trends but not predict them. The fragmentation of the sector means that different sub-sectors will feel the pinch of the virus differently than others. However, one common factor is that all sub-sectors will be negatively affected.”
He, however, expressed his optimism that things will pick up and the world’s economy will once again experience upward trajectory of good fortunes.
“You cannot divorce the Nigerian economy from oil, once the prices in the world market drop, every other sector is directly or indirectly affected. In a nutshell, the real estate will benefit or will be sustained by the fresh demand for the Nigerian crude oil, once the western world returns to work.”
Citing challenges bedeviling the sector, Olawale states, “ Poor policy, dearth of infrastructure, lack of access to government’s subsidised housing development, poor financial support as major challenges to affordable housing.”
“On its own, real estate offers cash flow, tax breaks, equity building, competitive risk-adjusted returns, and a hedge against inflation. Real estate can also enhance a portfolio by lowering volatility through diversification, whether you invest in physical properties,” he adds.
Olawale, who had his entrepreneurial spirit nurtured by his family established his real estate company, Walztechs in 2016.
Walztechs has successfully carried out over 20 projects in different States in Nigeria. Presently, they are working on a 42 Flats Project in Ondo State and 3 residential projects around Lekki , Lagos State.
Olawale is a graduate of Computer Engineering Technology from the prestigious Rufus Giwa Polytechnic in Owo, Ondo State. With a diploma in Architecture, Omobobola is poised to bring something different to the game.
“Being an architect gives you upper edge when it comes to the design of the total built environment from the macro level of town planning, urban design, and landscape architecture to the micro level of construction details and, sometimes, furniture. Being a builder gives me the knowledge on how to give my clients a standard service,” he says.
Walztechs is headquartered in Lekki area of Lagos State, Nigeria.
Omobobola Olawale is a native of Okitipupa Local Government Area of Ondo State. He is the eldest of a family of four.