Amid shortfall in housing supply, experts have advocated a new model to drive policy for first-time homeowners. Housing Nigeria NewHousingModel
Amid shortfall in housing supply, experts have advocated a new model to drive policy for first-time homeowners.
The experts further called for wider industry collaboration between public and private sectors such as the Family Homes Fund, Nigerian Mortgage Refinancing Corporation and the Real Estate Development Association of Nigeria .Leading the discussion, the Executive Chairman, Innovative Risk and Investment Solutions Limited, Charles Inyangete, said, to successfully address Nigeria’s housing problem requires innovative solutions in design, construction technology and financing.
Inyangete said the cost of housing can be reduced between 20- 50 per cent by unlocking land at the right location and on favourable terms, reducing construction costs through value engineering, industrial approaches, and new technology. He also urged the use of sustainable materials to increase operations that ensure maintenance efficiency and reduction in costs for buyers.
The most critical and most elusive among these success factors he said, is housing finance. “Housing finance, which is broadly categorised into construction, and off-takers’ finance, has to be pre-planned and managed for effectiveness and efficiency.”
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