Cofundie as a product caters to two personalities – property developers and investors. As a service, we are poised to help you sponsor the construction of affordable housing in return for a share of the profit after these homes are sold or rented out. This means locating the best properties to invest in.
We are also dedicated to exploring real estate and highlighting the most reputable developers within Africa. Every month we pick a developer and ask them questions about their journeys and strategies.
Our property developer for this month is Olaposi Lawore from Nigeria.
Olaposi is an astute architect and social entrepreneur with about 10 years of experience in project development, management, and transaction structuring. He is a graduate of the prestigious University of Lagos with a First-class degree in Architecture, a master’s with Distinction in Environmental Design, and certification in Entrepreneurial Management from the Enterprise Development Centre, Pan-Atlantic University.
Olaposi started his career with Spaceframes Architects, where he was involved in the design and execution of multiple residential developments and commercial projects for Standard Chartered Bank, Domino’s & Coldstone creamery, and other corporate clients in Lagos and Abuja. Olaposi later joined Previs Developments – a subsidiary of James Cubitt Group, as the pioneer staff and Head of the project’s unit, where he led the project team in the conceptualisation and development of multiple residential communities valued over N25billion.
In 2018, he received commendation from the Federal government of Nigeria on a community-based project focused on the use of alternative building materials in construction.
Posi currently sits as the Managing Director of Dynasty Real Estate (DRE), a Nigerian estate development firm most notable for delivering quality and premium homes from design to construction to providing flexible payment plans to their clients.
Founded on March 19, 2014, DRE is identifiable with great projects, setting new standards for renovations and fresh starts. Their service offerings include, but not limited to:
- Project development
- Turnkey Projects,
- Real Estate Consultancy-design, review, marketing, and construction
- Renovation services
- Project Management and Finance
- Facility Management Marketing
- Sale and Acquisition of Property Assets
DRE partners with corporations and individuals to develop top-notch properties for residential and commercial use. Their motivation is to optimize returns on all invested funds by guaranteeing substantial value along the development chain, whether purchasing, offloading, or holding investments.
But enough formalities, let’s meet Olaposi…
- Please introduce yourself.
- How would you describe the real estate industry vis-a-vis the state of the Nigerian economy?
From an economic perspective, I would say it has not been easy because the inflation and Naira devaluation has led to an increase in material pricing, which has invariably affected construction cost for real estate as a whole.
However, I would say the real estate market is striving because housing remains a primary necessity and requirement. Everyone desires to own a home, and that is where DRE comes in.
At DRE, we have innovative development projects that incorporate technology, energy efficiency and utilizes strategic financial models that make the home acquisition process easy and seamless. The goal is to create a functional and aesthetically pleasing property while offering flexible payment plans through some of our partners, such as Abbey Mortgage Bank.
- What is most fulfilling about real estate development?
The fulfilment doesn’t lie in the fact that I am an architect alone, but in the potential of real estate to bring ideas to life – making something out of nothing. It all starts from a piece of paper to strategy meetings, which quickly transforms into people living and deriving pleasure from those homes created through real estate. For me, that is simply amazing and breathtaking.
- The biggest roadblock to achieving your business goal(s)…
The biggest roadblock will be government policies. For home acquisition, a mortgage is not very easy to come by. Most middle-income earners face the entry barrier to become a house owner because of cost. The home acquisition phase is where the barrier lies. If the government can work on its policies and make the necessary decisions to make the whole process seamless and stress-free, that would be the ultimate hack.
- Fact: Africa currently suffers from a housing deficit of 56 million units, with Nigeria accounting for 17 million units. How is DRE addressing the housing deficit gap in Nigeria?
Dynasty’s combined professional experience spans over a decade in the real estate industry. Our unique understanding of this fast-paced market positions us to offer expert advice and services to individuals, corporate, commercial, and institutional entities. We have put together strategic methods to address the housing deficit in Nigeria in some ways:
First, we have different solutions that avail people the opportunity to acquire houses in smaller units in what we have called ‘Microhomes.’ This product will be launched into the market before the end of the year.
The second is via collaboration with other developers because, at the end of the day, these problems cannot be solved by one developer. Through collaboration, we have partnered with developers in Lagos and Abuja to deploy mass housing projects and other projects all around the country. It is not an easy task. Innovations and collaboration are the way to go.
Towards the end of 2020, we created a real estate deployment strategy to build affordable houses and mid-luxury category homes. One of such houses is called Dynasty Prime. These projects hover between a reasonable price point averagely between #18m-#20m to #40m-#50m. One of such properties is the Orchid road project.
Our mid-luxury projects located mainly at Ikoyi, Banana Island, and environs, is called Prestige at Hampton, available to the market in 2022.
- What is your projection for real estate in Nigeria in the new decade?
Real estate will thrive in Nigeria in the new decade. People are going to change their mindset towards what a home is. Comfort is relative to each person, but when you look at comfort from a simplistic perspective, you realise that comfort is not tied to a big house. When people learn this, they will buy compact smaller homes and ready-made houses rather than building from scratch.
Also, millennials would be much older, and their purchasing power would have increased drastically. Millennials have a different approach to life – to most of them, less is more. It is not necessarily about building big houses; it is about the functionality of the space. You will find out that most people are going to invest in more compact and functional spaces.
In the next decade, you are going to witness a high surge of technology integration into the real estate space. A number of these initiatives are currently being driven into the market. DRE has one or two technology-based initiatives that we are working on. Within the next decade, there will be a gradual shift in how real estate is handled in this part of the world.
For more information on DRE and its offerings, visit www.dre.ng or follow them on social media: Instagram: @dynastyreale, Twitter: @DynastyRealE, Facebook: Dynasty Real Estate, and LinkedIn: Dynasty Real Estate.
Thank you for reading.
For more information on Cofundie and its offerings, visit www.cofundie.com today!