EXPERTS in the Real Estate sector have begun a three-day workshop here aimed at strategizing to develop capacities of the public to understand changes in the markets and competently manage changes, which may affect them.
Under the African Real Estate Society (AfRES), the experts from 24 African countries as well as from Europe, America and Asia would deliberate to inform stakeholders on policy issues to focus on as they invest and penetrate the markets and in a way also measure their performance.
In his opening speech, Tanzania Mortgage Refinance Company Chief Executive Officer, Mr Oscar Mgaya said the meeting with a theme ‘New Frontiers for the African Real Estate Sector’ comes when urban poverty is rife in Africa and alarming and in turn influence performance and usher in several changes in their midst.
“Performance of real estate sector in the African continent is influenced by changes in demographics, interest rates, levels of economy, but more important government policies.
While demographics such as age, size and income levels of the population are critical, it is the extent to which our national policies address these demographic factors and levels of understanding relative to importance in the real estate sector, which matters a lot more,” said Mr Mgaya.
He noted that it was gratifying that AfRES has pursued a definite path that brings academicians from more than 26 universities mostly in Africa and practicing professionals from 24 countries to discuss, and devise ways forward to guard and protect real estate business, including housing.
“This is a commendable effort, which for those of us who become involved in developing affordable housing and finance is keenly following.
Urban poverty is rife in Africa and alarming. Over the years, strategies to clear slums from our urban areas have not born fruits.