The real estate industry is a sector that is extremely profitable if it is done right. A house is the most expensive item that a person buys over in his lifetime which is also a very productive investment with 1000% returns on interest.
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A new report released by the Ikeja branch of the Nigerian Society of Engineers (NSE) has revealed a shortfall in affordable and social housing provisions in Lagos State.
Nigeria’s low home-ownership level is directly linked to its housing deficit, which is variously put at 17 million, 20 million and 22 million units, depending on who one is speaking to.
The millennials, who are a significant group of users within age bracket of 25-35 years, will drive the new dynamics of housing needs either as renters or homebuyers
Zikirullahi said apart from the economic neglects suffered by the indigenes, their situation was worsened by the lack of robust representation in the core structures of governance.
Lagos housing delivery process goes digital
The Oyo State chapter of Nigerian Institute of Building (NIOB) has called on government to address high cost of building materials and quackery prevalent in construction industry.
Apparently, to ensure collaboration in the delivery of affordable housing for low-income earners, stakeholders have called for the setting up of state affordable housing commissions.
Gombe State Government has secured N5 billion loan from a local financier to build 1,000 housing units in the state. This is as it has lamented the loss of properties worth N542 million to the Biliri crisis few months ago.
Lagos State Real Estate Regulatory Authority, LASRERA says it is ready to curb fraudulent activities in the real estate sector with the right laws and regulations.