Nigeria: Estate Firm Unveils 1m Homes Project

A real estate broker, Stratech Properties Limited, has launched a 1 million home project to reduce the housing in the country.

The Chief Executive Officer of Stratech, Moses Kolawole Obiesan, said the mass housing project will take a span of 10 years to achieve, bringing together the three major stakeholders in the housing sector.

In an event to mark its 12 years of existence, Obiesan, while stressing that Nigeria has a deficit of 22 million houses, stated that the blueprint was to substantially increase the number of home owners in Nigeria.

“We held a series of formal and informal brainstorming sessions with architects, town planners, bankers, financiers, property developers, housing sales agents, IT professionals, accountants, event companies, and even journalists. We tapped into the wisdom and knowledge of this diverse group before we formed up our concept of 1,000,000 homes.”

He added that the company has secured a N540 million mortgage loan from the Federal Mortgage Bank of Nigeria (FMBN) during the first year of the official launching of the product.

“The houses will be for low-income earners and cost between N5 to N50 million. Developers need to stop building houses that ordinary Nigerians can’t afford as this will not bridge the housing deficit in the country.”

The promoter of Abuja Housing Show, Festus Adebayo, decried the lack of estate and mortgage brokers in the country. He stated that their absence has left buyers to the whims of developers.

Source: All Africa

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