The Effect Of Rising Cost Of Building Materials On Real Estate Developments

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The Effect Of Rising Cost Of Building Materials On Real Estate Developments

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After weeks of the national lockdown earlier this year, construction firms and property developers that jump-started operations in most Nigerian cities were alarmed by a sharp spike in building materials.
The effect of the lockdown coupled with inflation and rise in building materials continued to cripple businesses in major cities and affecting construction workers. However, as the year has progressed, some of the construction firms and property developers in various parts of Nigeria are gradually getting back on their feet.
Despite the fact that the sector is regarded as a catalyst for growth and its performance serves as an indicator of the nation’s economy….it is still an upcoming industry;
Now Building materials contribute immensely to the quality and cost of housing, and an increase in the prices of building materials has multiplier effects on the industry
Mr. Dayo Olaiya is the Managing Director of Dayola Property Development Company Limited, popularly known as DPDC, and Mr. Ope Ibrahim, Operations Lead at IAP Building Solutions.

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