Get Guardian on GooglePROPERTY developer MGE Realty Limited has called for access to lower-cost, long-term financing to reduce construction costs and make homeownership more accessible to middle-income earners.
The company’s General Manager, Ayokunimi Adebajo, said high borrowing costs put additional pressure on development expenses, ultimately pushing up property prices and making homes less affordable.
Speaking at the handover of Esther’s Court, an 18-unit development of three-bedroom terrace homes in Sabon Lugbe, Abuja, delivered in partnership with Grandbricks Engineering Limited, Adebajo stressed the need for improved access to mortgage financing.
He said homeownership remained a substantial financial commitment for many households, noting that prospective buyers needed mortgages with lower interest rates, longer repayment periods and simpler application processes.
Adebajo also called for faster building approval processes and improved infrastructure provision to reduce development costs and create a more supportive environment for both homebuyers and developers.
He said the company had faced considerable uncertainty during construction, particularly in predicting fluctuations in building material prices, while striving to keep the project on schedule and maintain its targeted price range.
According to him, the experience had provided valuable lessons that would inform the company’s future developments. Adebajo disclosed that the company was preparing to announce another project in Abuja, adding that the response to Esther’s Court had strengthened its confidence in expanding its presence in the city.
Esther’s Court adds 18 homes to Abuja’s housing stock and contributes to economic activity through jobs across construction trades and related professions.
Adebajo said consistent project delivery was also crucial to sustaining investor confidence, particularly among Nigerians in the diaspora seeking property investments.
The development sold out early, which he attributed partly to buyers’ confidence in the company’s projects in Lagos.
He said developers needed to match prices and housing products to buyers’ purchasing power while controlling costs to remain commercially viable. The development features ensuite bedrooms, landscaped areas, on-site parking and internal access roads.
The project strengthens the company’s residential portfolio in Lagos and Abuja. Adebajo added, “For us, the real milestone is seeing our buyers receive their homes. We’re proud to mark this handover with the people who placed their trust in us.”
