'AMCON WILL REVITALISE REAL ESTATE SECTOR IN 2011'

A Real Estate Consultant, Dr Meckson Okoro,has said that the Asset Management Corporation of Nigeria (AMCON) would revitalise the real estate sector in 2011.

Okoro, principal partner, M. I. Okoro & Associates, a firm of estate surveyors and valuers, spoke in an interview with the News Agency of Nigeria (NAN) in Lagos.

According to him, as AMCON absorbed the toxic loans of banks, it would also complete abandoned real estate projects that were funded by banks, prior to the introduction of the banking reforms.

'AMCON will add value to the existing and potential real estate developments by managing professionally those ailing assets of banks, especially their abandoned real estate projects.'

Okoro said that some of the abandoned estate sites had been overgrown with weeds and became hideouts for criminals, adding that they should be completed to provide houses for Nigerians.

He said that not much improvement would be recorded in the sector in the first quarter of 2011 being an election year.

Okoro said that positive expectations for the sector would be visible by the second and third quarters of 2011.

He expressed the hope that there would be general stability and growth in the economy to enable people to have enough money to buy houses in 2011.