The Real Estate Information Centre (REIC) is an online web-based primary data resource centre that will act as a repository for all relevant real estate and construction sector market information in Nigeria. Currently, market data is scarce, or if available, exist in fragments, in the custody of separate entities (organizations and trade associations) across Nigeria.
REIC will provide its subscribers with relevant information including comprehensive real estate market data, reports and trends that will account for market performance and condition, detail costs and valuation trends, risk assessment, alternative building technology, zoning of building and construction permits, mortgage industry information and other indices such as housing index, housing rental rates, preferred housing type, land use types for various areas, construction labour pricing, land pricing, property sale and purchase, etc. In order to subscribe to this platform, interested stakeholders will pay minimal subscription charges on either a monthly, quarterly, biannual, annual or pay-as-you-go basis to maintain access or benefit from services available via the web platform.
Under the proposed business model, Pison Housing Company will partner in the delivery of this project. Initially, Pison will lead the partnership by playing strategic and technical advisory role in the set-up, initial data collection and general administration and management of the project within and beyond the development period.
As part of its real estate and construction research services, Pison will be responsible for coordinating market research activities for the platform and will make available on the platform previous publications on real estate and construction market research and feasibility studies e.g. State of Lagos Housing Market, Scoping Study on Housing Finance in Nigeria, etc.
Furthermore, the partnership will involve Pison seeking collaboration with other relevant industry stakeholders. These stakeholders include Association of Tradesmen/women and Artisans (such as Bricklayers, Block-moulders, Carpenters, Welders, Electricians, Painters, etc), Government & Industry Regulators (Central Bank of Nigeria, Federal Mortgage Bank of Nigeria etc), Professional associations [Nigerian Institute of Architects (NIA), Nigerian Institute of Builders (NIOB), Nigerian Institute of Quantity Surveyors (NIQS), Nigerian Institute of Estate Surveyors and Valuers (NIESV), Nigerian Society of Engineers (NSE), Council for the Regulation of Engineering in Nigeria (COREN), Federation of Building and Civil Engineering Contractors in Nigeria (FOBACEN), etc].
Fundamentally, each stakeholder will provide information from a particular segment of the market which impacts the industry in order to enlighten operators from other segment of the market. All of this information will be mined, analyzed and written in a more readable format and accessible on the REIC portal.