The Chief Executive Officer, Perfection Real Estate Group, Niyi Adeleye, has expressed concern over the hike in building material prices.

Adeleye stated this at the unveiling of the group’s 248 housing units in Lagos, on Saturday.

According to the Perfection Real Estate Group CEO, the increase in the cost of building materials would affect those buying houses.

“It is a really big challenge. It is not even about the Perfection Group now. It is actually the subscribers that will feel it the most. Some of the houses that are built for N19m now were built for N7.5m around 2020.

“The prices of building materials also contributed to it a great deal. It is the people that buy that we actually feel for. We cannot change the situation. You have to factor the cost of materials into the cost,” he said.

Adeleye noted that the mission of the group was to make possible participation in the real estate sector for all its investors.

“Of course, we actually run on three platforms, wealth, trade and empowerment. This makes it possible for anybody to own a home. This is capital intensive. But no matter who you are, whether you are just an income earner, a worker or you don’t even have a job, you can actually work with Perfection Real Estate.

“So, we want to deliver Perfection Real Estate in every nook and cranny of Nigeria. Perfection Real Estate is a platform that makes opportunity and possibility available for those who would like to invest in land, those who would like to invest in housing, and those who would like to be part of the infrastructure and building projects.”

Speaking on the cost of the apartments, the president of the group disclosed that a fully completed and furnished one-bedroom apartment costs N25m under the own-to-rent scheme.

“The two-bedroom apartment is N19.1m, three bedrooms are around N22m, and the beauty of it is that we have actually made things easy for everyone to be part of Perfection Real Estate. We have what we call a wealth platform and empowerment platform,” he added.