Sector’s experts reiterate call for long-term real estate financing

Housing experts have urged the federal government to boost the development of the real estate sector through improved long- term financing.

They also noted that a paradigm shift in the current housing deficiency could only be witnessed if effective housing development and mortgage financing was put in place.

Speaking at the maiden Bstan Home economic summit on real estate in Abuja, the Chief Executive Officer of Bstan Homes, Becky Damilola-Oke, an engineer, noted that finance is central to the effective housing delivery in the country.

She however lamented that the story of estate development, especially housing provision in the country has been so disappointing, noting that government strategy of allocating huge budget to the housing sector has been very ineffective given the massive housing deficiency in the country.

Damilola-Oke said the Nigerian economy was yet to reap from the potentials inherent in its real estate sector saying over 95per cent of houses in existence were constructed with private funds.

She commended the government and co-operate organizations for putting in place policies to assist their staffs own homes adding that it is more beneficial for employees to build their own staff estates rather than pay them housing allowance.

Another expert, Mr. John Ibebujo called on the National Assembly to facilitate the quick amendment of the Land Use Act to ease access to affordable houses by Nigerians.

Speaking on the theme of the summit ‘investment opportunities in the real estate industry in Nigeria’ lamented that the increasing number of houses by estate developers at the city centers has not ease access to houses by many Nigerians.

According to them access to house is a fundamental human right, stressing that the amendment of the land use act would help alter the procedures of getting licences which takes 450 days to process.

Ibebujo stressed the need to strengthen mortgage financing in the country such that there would be a credit database of every Nigerians that talks about the creditability of each person to access loans to own houses.

He also called on stakeholders the sector to develop value chain approach to reduce the cost of building houses, so that estate developers would be able to provide affordable houses for people.