Nigerian mortgage, property sector set to tap into diaspora market
Key stakeholders in the real estate and housing finance sector of the Nigerian economy are set to hold a two-day conference/exhibition in London.Tagged “Home Ownership and Property Investment in Nigeria Made Easy” for Nigerians in the United Kingdom and the Europe, the event is scheduled to hold next month at the Crowne Plaza Hotel, Battersea, London. it is designed to show Nigerians the safe and credible steps towards owning their own homes or buying a property for investment income purposes in Nigeria.
The conference is meant to reverse the many sad stories of Nigerians in UK and the EU trying to buy properties back home that they can return to for vacations or for rental income and of having been swindled out of their hard-earned remittances, by either unscrupulous agents or worse still, family members and friends; and by so doing incentivize investment in the real sector in Nigeria.
It is being jointly hosted by major stakeholders in the sector including the Mortgage Banking Association of Nigeria (MBAN), Nigeria Mortgage Refinance Company Plc (NMRC), the Central Bank of Nigeria, the Federal Mortgage Bank of Nigeria (FMBN), the Real Estate Developers Association of Nigeria (REDAN), Urban Shelter Limited, Dunn Loren Merrifield, Amiable Financial Services UK, Diaspora Realty UK, among others.
The Executive Secretary, Mortgage Banking Association of Nigeria (MBAN), Kayode Omotoso, and lead conference host explained that the conference/exhibition will among other things “showcase the deployment of the uniform underwriting standards for diaspora mortgages recently approved by the Central Bank of Nigeria as new guidelines for long-term diaspora mortgages.
According to the Conference Coordinator, Dr. Chii Akporji, Founder/ Chief Executive Officer of Alphacities Africa, the conference will also “focus on addressing all issues and concerns along the housing value chain that potential buyers in the Diaspora often come across: from accessing land for off-plan development; issues of title and C of O duplication; associated legal and regulatory issues around home purchase and ownership.
Aside the organisers, several leading Nigerian developers as well as mortgage banks will be exhibiting at the event, in addition to senior level experts on the policy and regulatory issues pertaining to the housing market in Nigeria.