The Real Estate Information Centre (REIC) is a web-based primary data resource centre that will act as an online repository for all relevant real estate and construction market information in Nigeria. The primary objective of REIC is to become a one-stop gateway that will gather all market information together to generate a database that can be used for the management of sustainable developments within the real estate and construction sector. The REIC portal will adequately dimension the real estate and construction market, measuring market indicators (Supply, Demand etc) across various segments of the sector. Essentially, the information to be provided by REIC will apply to key stakeholders in the following ways;
- Government: Market information derived from REIC portal will enable strategic formulation and implementation of Government-sponsored macroeconomic policies tailored towards growth and development of the sector.
- Sector Players: Information on market activities derived from the REIC platform will enable stakeholders implement sound and workable strategies that will lead to higher success rates of market activities such as mortgage products, real estate property development, building and construction, etc.
- Investors: Regardless of the current global economic meltdown experienced in most nations of the world, there are quite a good number of resilient investors willing to venture into untapped markets such as Nigeria’s real estate and housing finance sector. To create access for such investors, adequate market information is vital.
- End-Users: Information on market activities derived from REIC portal will enable end-users make informed decisions on any real estate market-related activities e.g. housing and housing finance costs, mortgage products, office rentals, resort destinations, service offerings from hospitality sector, etc.
Essentially, REIC will create a platform as a virtual meeting point in an online gated community for the purpose of interaction amongst relevant stakeholders within the sector. In summary, REIC will help to gauge the entire market outlook and performance in order to assess, with certain degree of accuracy, the direction in which the real estate and construction market is headed.