Experts in the real estate sector have lamented the effect of the COVID-19 pandemic and poor economy on the delivery of low-income housing
They argued that it would be impracticable for developers to embark on low-income housing, where there is uncertainty in the exchange rate and where galloping prices in the building material market persist.According to them, developers are constructing homes, but there is low purchasing power among the people to buy the houses available in the property market.
She said: “We have a high cost of building materials, and no money to buy these products. Affordability of houses is the main problem at present in the built sector. There are other factors we must look into, the new technology, such as the solar system, and its adoption is another litmus test. The security of the housing estates and maintenance of the technology should be taken into consideration.”Contributing, a housing expert with OPIC, Mr.
Ojo said: “Taking a look at the prices of cement, roofing, and others, they have gone up. Before now, what one can build with N1 million, you will be spending N3 million due to an increase in the prices of goods and services in the sector. Our currency has lost its value and most of the building materials are imported. Those produced locally are equally affected by this development.”“We have youth unemployment and those that are supposed to drive the affordable houses are not involved.
“Government should provide buildable land, security, road network, electricity, as well as make it compulsory for real estate developers to devote at least a certain percentage to the houses in new districts of Abuja to low-income earners and the vulnerable in the society.”Also speaking, the Chairperson, Real Estate Developers Association of Nigeria Women wing, Hajiya Binta Ibrahim, said while affordable housing is a challenge in the country, there was a need for a change of mindset.
Nigeria Latest News, Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
COVID-19: Akwa Ibom govt explains why there is surge in StateThe Akwa Ibom State government has explained that the nonchalant attitude of indigenes and the influx of people from neighbouring states that do not have
Read more »
BBNaija: Why I’m obsessed about Angel - DenrelePopular Nigerian celebrity, Denrele Edun has disclosed he is obsessed with Big Brother Naija, BBNaija housemate, Angel. Denrele made the revelation on his
Read more »
Man United vs Everton: Why Varane, Sancho were absent -Solskjaer - Punch NewspapersThe most widely read newspaper in Nigeria
Read more »
Anambra 2021: Why my mother is backing me for gov’ship – Etiaba’s sonThe candidate of the Action Alliance (AA) in the November 6 Anambra State governorship election, Chief Ben Etiaba, has said that his mother and first female governor in Nigeria, Dame Virginia Ngozi Etiaba, was not his ‘godfather’ or ‘godmother’
Read more »
Why your kids need boredom this holiday | The Guardian Nigeria News - Nigeria and World News“This may sound strange, but your child needs some boredom. It is a very important aspect of a child’s development and it should not be avoided completely.
Read more »
Banditry: Why My 10-year-old Son Joined Vigilante Group – LeaderA 10-year- old boy’s photograph recently went viral in the media for being a member of a vigilante group in Safana local government area of Katsina State.
Read more »