Experts want banks, governments’ intervention to reduce housing deficit

Experts in the real estate sector have called for governments and commercial banks’ intervention to bridge the housing deficit in the country.

Speaking with The Guardian on the sideline of the Global Property Brokers Conference 2021 in Lagos, Chief Executive Officer, Gtext Global, Dr. Stephen Akintayo, said private developers always encounter obstacles in low-cost housing construction due to the high cost of land and documentation.

“The reason property owners are not selling land cheaper is that to obtain a certificate of occupancy is exorbitant, cement is not cheap. Asking a developer to build low-cost housing units is to encourage substandard housing,” he said

Akintayo, who is also the organiser of the conference said: “the conference brought together brokers from all over the world to upgrade their knowledge in the brokerage business. The turn out at the event shows that there is hope for Nigeria.”

On the importance of the conference, he said the event was meant to end insecurity in Nigeria and empower youths on how to start a business without capital.

The Managing Director, TromVille Investment Limited, Dr. Adeyemi Adeniyi, blamed the problem in the sector on the inconsistency in government policy. “There is no continuity in government policy. What we desire to see is continuity in policy, completion of housing schemes and adequate infrastructure.”

The Chief executive Officer, AIG Media Pro, Adeyinka Igbinoba, urged the government to cushion the problem in the real estate sector through the provision of infrastructure and reduction in the cost of property documentation, adding that such would attract local and foreign investors.