Government should be careful in making policies. The policies they want to create should not disrupt innovative solution in the society. They should provide policies that will positively affect the life of the people, provide infrastructure that will allow people to invest in real estate without any fear.
In a bid to bridge the housing deficit in Nigeria, real estate expert and MD/CEO, Country Hill, Adewale Oshinaike has advised the Federal Government to create effective policies that will allow foreign investors to invest in real estate.
According to Oshinaike, housing deficit in the country has continued to exacerbate yearly and has been a concern in the real estate sector that government should provide bailout funds to the sector to build houses to bridge the deficit.
“In the last four years, we have not had a major real estate investment in Nigeria because of instability in the economy. Government should provide bailout fund for local investors to build, sell and return the capital to the government after some particular years. That kind of fund can help to solve the housing deficit in the country”, he said.
Speaking on the proper mortgage system for affording luxury houses for Nigerians, Oshinaike highlighted why government needs to put in place such system so that the common man can afford it.
‘Affordable housing is possible in Nigeria. Government has done various allocation to Real Estate Companies to develop new areas and settlement, but at a cost that most of them still struggle to pay. Thus, only those who can afford those housing schemes get those allocations and sell to the end users at a premium which most cannot afford. Numerous projects are ongoing, but most civil servants might not be able to afford it if a proper mortgage system is not in place for them.
Government should be careful in making policies. The policies they want to create should not disrupt innovative solution in the society. They should provide policies that will positively affect the life of the people, provide infrastructure that will allow people to invest in real estate without any fear”, he said.
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The regulatory framework should not be too cumbersome to manage. One agency should be able to handle most of the issues on land and housing matters in Nigeria.
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