The African real estate sector is grappling with the influx of illicit funds, a challenge that has prompted the African Real Estate Society (AFRES) to spearhead efforts to curb this illicit activity. This concern was highlighted by Adekunle Awolaja, the President of the Nigerian Chapter of AFRES, during a press briefing announcing the organization’s 24th annual conference. Awolaja warned against “criminal elements” exploiting the sector for money laundering, emphasizing the need for proactive measures to prevent Africa’s real estate market from becoming a haven for illicit activities. He stressed the importance of maintaining the sector’s integrity and ensuring its development benefits all stakeholders, not just those seeking to launder money. The upcoming conference, themed “Shaping the Future of the African Real Estate Market: Exploring Opportunities,” aims to address this issue head-on. A key highlight will be a keynote address by Ola Olukoyede, the Executive Chairman of the Economic and Financial Crimes Commission, focusing on the flow of illicit funds in property development within Sub-Saharan Africa.
The AFRES conference, scheduled to take place in Nigeria from September 9-12, will bring together stakeholders from 23 African countries to explore the vast potential of the African real estate market. Awolaja underscored the conference’s objective of transforming the narrative surrounding African real estate, showcasing legitimate investment opportunities to both global and regional investors. The event will serve as a platform for policymakers, developers, financiers, academics, and practitioners to converge and discuss key issues impacting the sector. The conference will delve into various aspects of the real estate industry, examining how demographics, urbanization, and infrastructure spending can unlock growth and create a sustainable and prosperous future for the African real estate market.
The conference agenda encompasses a range of critical topics, including sustainable development, finance, property technology, and the application of artificial intelligence in the real estate sector. Panel sessions featuring policymakers, educators, and practitioners will provide valuable insights and foster dialogue on these key issues. Furthermore, the conference will delve into the crucial role of estate surveying in promoting ethical practices and ensuring transparency within the sector. This multi-faceted approach signifies AFRES’ commitment to addressing the complex challenges facing the African real estate market and fostering a climate of integrity and sustainability.
Beyond addressing illicit financial flows, the conference will also focus on promoting infrastructure development as a catalyst for economic transformation across Africa. Adediran Adetunji, the conference chair, emphasized the pivotal role of infrastructure investment in reshaping a country’s economic trajectory. He noted that robust infrastructure not only attracts foreign direct investment (FDI) but also facilitates trade, improves connectivity, and creates a conducive environment for businesses to thrive. The conference aims to underscore the critical link between infrastructure development and economic growth, encouraging governments to prioritize infrastructure projects as a means of achieving sustainable development.
The AFRES conference is projected to have a significant economic impact, both locally and regionally. Adetunji highlighted the potential for increased local spending through tourism, transportation, and souvenir sales during the week-long event. Moreover, he anticipated that the networking opportunities provided by the conference could lead to new projects, contracts, and deal flow in the months following the event. This emphasizes the conference’s role not only as a platform for knowledge sharing and discussion but also as a catalyst for economic activity and investment.
The conference is also expected to significantly boost foreign direct investment (FDI) into the region. Adetunji projected over $5 million in FDI generated as a direct result of the conference, underscoring its potential to attract global capital to the African real estate market. He emphasized that the conference would provide a platform for showcasing investment opportunities in Nigeria and other African countries to a global audience. This influx of FDI is crucial for driving growth and development within the African real estate sector, demonstrating the conference’s potential to serve as a significant economic catalyst. By facilitating connections between international investors and African stakeholders, the AFRES conference aims to unlock the immense potential of the African real estate market and pave the way for sustainable economic growth.
