feel free to call 09056000005

Experts task corporations on rental housing for low-income earners

Experts have charged the managers of housing corporations and developers in the real estate sector to come up with realistic plans for the sustainability of rental housing in the country.

They spoke during the national workshop organized by the Association of Housing Corporations of Nigeria (AHCN) in Uyo. The Chief Executive Officer, Family Homes Funds Limited, Femi Adewole who led the call at the forum said the realities of the Nigerian housing market is that the sector was struggling with increasing pressure and demand for housing that are affordable due to increasing rate of urbanization.

In view of the reality, he said it was important that sustainable plans must be put in place for affordable rental housing demands for the low and middle-income earners. He said: “There is the need for a feasibility study – Is it right for us? Plan for change, strategy development and organizational change. Do a pilot for 500 units. Consult and sell the business model. Then, from lessons learned to scale up. The Family Homes Funds will provide technical support.”

Adewole noted that Nigerian cities are some of the fastest-growing in the world with over 80 percent of urban dwellers rent their homes from informal landlords and sometimes not out of choice.“There are less than 100,000 mortgage loans representing a small percentage of the population. Most of the new homes being built are unaffordable to people on low to medium income.”

He said the formal rental housing has potential for significant demand with future growth envisaged as urban areas grow and mobility increases, low competition due to the fact that most of the rental housing available for people on low/medium income is informal, poor quality, insecure and inequitable and strong potential for creating long term financially sustainable housing organizations.

Adewole alluded to the fact that Singapore’s public housing agency formed in the 1960s; houses about 85 percent of Singapore’s 4.5 million people while 78 percent of residents enter homeownership through rental. An ex-banker, Tony Okogwu in his contributions attributed the poor performance among housing agencies on lack of direction, vision, and mission to drive the organization and make it relevant in the emerging property market.

“In emerging markets, investors don’t just invest but focus on top estate projects, where they are able to identify profitability coupled with a relatively good rental return. To be relevant in emerging property market, organizations must develop a vision and a mission to give direction to their activities. Those with vision and mission that are not performing lacks a winning attitude.”

According to Okogwu, the housing industry is inundated by too many problems, some of which include, too many national housing policies, a huge rise in apartment rent, the influence of bank capital and vacant apartment that are not within the control of the low-income earners.He expressed dismay that more slums are being created all over the country even as the Nigerian government involvement in housing, is thinning out, poor living infrastructure is being built, lowering building material quality and poor standardized professional input in the housing sector.

He said the required change by housing agencies should, therefore, focus on, “How to enhance profitability and lower capital charges, how to depart from business as usual and come out with operational risk management and market risk management, rating of customers to determine activities, create new face for the organization with new mission and vision, acquaint staffers with the new vision through effective communication channel and effect changes in management structure to reflect new vision.”

“Any business that is not ready to move with the global wave of change that permeates governance and businesses is certainly not ready for progress and should prepare for imminent failure and total collapse, therefore change is the only answer for the sustenance of housing agencies”, he stated.

On the impact of technology in the industry, he stated that globally, many housing transactions are consummated online, realtors are making money online in the emerging housing market while blockchain technology is warming up to take over the housing market from the planning stage to construction, marketing, disposal and to the perfection of title documents.

Also speaking, the Executive Secretary, Association of Housing Corporations of Nigeria, Toye Eniola said despite the prevailing funding challenges faced by housing agencies, there are golden opportunities for funding options. These he said include, funds for development, the fund for rental, for land bank development and off-takers loans support. Eniola said, “Let’s take advantage of the following, Family Homes Fund opportunities, the Federal Mortgage Bank of Nigeria, labor and cooperative societies, relationship with government, off-takers database from a civil servant in the state, and bank and use your assets to create wealth.”

                                                 Source: Victor Gbonegun

Similar Topics

The third decade of the 21st century opened up to a world that has been forced into a sharp...

3 months ago Read More

There is palpable fear as the federal government has commenced the process of recovering about 149...

3 months ago Read More

This was disclosed by the Lagos Commissioner for Finance, Dr Rabiu Olowo, on Wednesday. According...

3 months ago Read More

 The National Economic Council (NEC) in a virtual meeting presided over by the Vice President,...

4 months ago Read More

As the downturn from coronavirus pandemic squeezes the economy, higher-end and luxury real estate...

5 months ago Read More

With a population of over 200 million, Nigeria’s major cities are groaning under housing...

5 months ago Read More

As some retail and e-commerce firms are increasing operations to meet customers’ necessities...

5 months ago Read More

The President, Architects Registration Council of Nigeria, Sir Oladipupo Ajayi, says...

8 months ago Read More

As the coronavirus continues to spread, there is fear and trepidation in the air among the real...

8 months ago Read More

The International Planning Associates (IPA) was commissioned in June 1977, by the Federal Capital...

8 months ago Read More

A human rights lawyer, Mr. Femi Falana, has pledged his support towards addressing the menace of...

8 months ago Read More

As Nigeria’s housing shortfall rumbles on, the impact of Real Estate Investment Trusts as...

8 months ago Read More

Haven Homes, a real estate developer, has partnered Seso Global, a property sales and marketing...

8 months ago Read More

Ex-Nigerian international (footballer), Joseph Yobo, says to reduce the country’s housing...

8 months ago Read More

As Nigeria’s housing shortfall rumbles on, the impact of Real Estate Investment Trusts as...

8 months ago Read More

The Federal Government has completed 2,500 housing units in 34 states, the Minister of Works and...

8 months ago Read More

The International Facility Management Association, Nigeria Chapter and Applied Engineering...

8 months ago Read More

The Chairman, Sparklight Property Development Company, Chief Olutoyin Adeyinka, has said the...

8 months ago Read More

The slow down in Nigeria’s real estate industry has been blamed on oversupply in the...

8 months ago Read More

The Majority of African countries are facing a housing crisis as a result of high population...

8 months ago Read More

Real estate investors in the Lekki area of Lagos State have decried the distortion of the master...

8 months ago Read More

The Women Association of Quantity Surveyors in Nigeria has called on the government and private...

9 months ago Read More

Worried by Nigeria’s huge housing deficit estimated at 17 million units and more than N59...

9 months ago Read More

Property developers have called on the federal and state governments to provide the required...

9 months ago Read More

The President of the Real Estate Developers Association of Nigeria (REDAN), Rev Ugochukwu Chime has...

9 months ago Read More

Nigeria’s first and biggest independent real estate network marketing firm, Adloyalty...

9 months ago Read More

The Ogun State Government says it will soon begin to revive some of its major old towns by giving...

9 months ago Read More

Stakeholders in the real estate industry have said Nigeria can solve its housing deficit challenge...

9 months ago Read More

The President of the Real Estate Developers Association of Nigeria (REDAN), Rev Ugochukwu Chime has...

9 months ago Read More

 Residents seek intervention over alleged land conversionHopes of subscribers in the...

9 months ago Read More

Dubai Government initiatives, including the formation of a new real estate committee to regulate...

9 months ago Read More

The Chief Executive Officer of Cielo City Estate, Mr. Damilola Ogunyemi, has said Nigeria’s...

9 months ago Read More

Stakeholders have commenced a process to address the problem of data collation that has been a...

9 months ago Read More

The National Assembly has written to the Nigeria Institute of Building, expressing its concern over...

9 months ago Read More

Nura DanMusa is a certified architect from the Eastern Mediterranean University (EMU) Cyprus, and...

9 months ago Read More

According to the provision of section 4 (1) (e) of the FCT Act, the FCDA is charged with the...

9 months ago Read More

Except for the Federal Government and private developers focus more on the production of homes for...

9 months ago Read More

REMI MAKINDE is a former president of the Nigerian Institute of Town Planners(NITP). He spoke to...

9 months ago Read More

The Presidency has said the sale of over 1,094 housing units completed by the Ministry of Works and...

9 months ago Read More

A past president of the Africa Union of Architects, Tokunbo Omisore, says with the increase in...

9 months ago Read More

Emerging Homeland Development Limited, developers of Silver Spring Residence, has said the Ibeju...

9 months ago Read More

  The Lagos State Governor, Mr. Babajide Sanwo-Olu, has said his administration...

9 months ago Read More

Lagos State Government has collaborated with Architects Registration Council (ARCON) by raising a...

9 months ago Read More

Kano state government has expressed readiness to key into the National Housing Scheme to...

9 months ago Read More

he Refined Investor Series 2020 promises to provide actionable insights for Real Estate Investors...

9 months ago Read More

Better days are ahead for property developers and investors as residential vacancy rate has...

9 months ago Read More

The complex is designed to reduce paperwork in most official dealings as all offices will be able...

10 months ago Read More

Worried by the alarming rate of Nigeria’s housing deficit, a property investment...

10 months ago Read More

Lagos State Commissioner for Physical Planning and Urban Development, Dr. Idris Salako (left)...

10 months ago Read More

The Minister of Works and Housing, Mr. Babatunde Fashola,  said the ministry would soon...

10 months ago Read More

President, International Real Estate Federation, FIBACI-Nigeria, Adeniji Adele (Left), FIBACI...

10 months ago Read More

Despite the critical role of shelter to human survival, availability of housing units for a...

10 months ago Read More

ELENA PANARITIS is the Founder and Chief Executive Officer of Thought Action and guest speaker at...

10 months ago Read More

The shelter is recognised as a basic human right, however, due to the high cost of building...

10 months ago Read More

FESADEB Communications Limited, a leading brand in the Nigerian housing and Public Relations...

10 months ago Read More

Worried about possible exclusion from completed Federal Government Housing schemes, contributors...

10 months ago Read More

Abandoned to fate by successive governments, the ancient city of Badagry has been bereft of any...

10 months ago Read More

Charters Cities Institute, a non-profit organization dedicated to building the ecosystem for new...

10 months ago Read More

Despite the lull in the property market, a new report says the country’s real estate...

10 months ago Read More

Eggheads in the nation’s real estate sector have predicted a marginal growth in the sector...

10 months ago Read More

The United Kingdom housing market may bounce back in 2020, now that there is less uncertainty...

10 months ago Read More

Northcourt Real Estate will host the Nigeria Real Estate Market Outlook Breakfast meeting and...

10 months ago Read More

With the accelerated development-taking place on the Lekki corridor, investors and developers...

10 months ago Read More

House sales in major cities in the United States are expected to nosedive in 2020, thereby...

10 months ago Read More

The Federal Government has been urged to keep off from direct construction of housing and...

10 months ago Read More

The Society for Professional Valuation, (SPV) has called on Nigeria’s anti-corruption...

10 months ago Read More

Experts in real estate business have called for concerted efforts aimed at attracting Nigerians in...

10 months ago Read More

Nigeria’s luxury real estate market has taken a beating lately due to several fundamentals,...

11 months ago Read More

Real Estate experts have canvassed the need for government to put in place policy that would compel...

11 months ago Read More

The Federal Mortgage Bank of Nigeria processed and disbursed a total of N75.5bn for 3,541 mortgages...

11 months ago Read More

The Chairman, Board of Trustee of the Society for Professional Valuation, Mr Sola Enitan,has said...

11 months ago Read More

Frank Okosun is the Senior Partner and Chief Executive Officer of Knight Frank Nigeria. In this...

11 months ago Read More

At a time when macroeconomic and political forces are aggravating the challenges of affordable...

11 months ago Read More

The hope of total recovery for Nigerian real estate in 2020 might not be in sight, as industry...

11 months ago Read More

Commercial banks’ credit to the real estate sector dropped by N122bn in the last one year,...

11 months ago Read More

Experts in the real estate industry have revealed that the next frontier that would redefine the...

11 months ago Read More

Experts have charged the managers of housing corporations and developers in the real estate sector...

11 months ago Read More

India is a country that houses more than 460 million internet users, making it the second-largest...

11 months ago Read More

The real estate industry’s potential to create jobs and boost economic growth has not been...

11 months ago Read More

As the momentum for housing delivery by private estate developers shifts away from the luxury...

a year ago Read More

Permanent Secretary, Ministry of Housing, Mr Wasiu Adedamola Akewusola (left); Special Adviser to...

a year ago Read More

The built environment has been fraught with challenges of collapse, quackery, substandard...

a year ago Read More

Despite the reprieve promised by the Lagos government to property owners, professional groups and...

a year ago Read More

Chairman, Royal Institution of Chartered Surveyors (RICS) Nigeria Group, Gbenga Ismail (left);...

a year ago Read More

real Estate experts have canvassed the need for government to put in place policy that would compel...

a year ago Read More

After three years of house price falls, Nigeria’s property market is now stabilizing, mainly...

a year ago Read More

Many Nigerians are obsessed with Houses which is a reasonable thing as shelter is one of most...

a year ago Read More

The business mogul said this at the 2019 Mo Ibrahim Forum. Dangote hinted that he avoids luxury...

a year ago Read More

Whether it’s shuttered, polished or even replica, concrete has become the favourite...

a year ago Read More

The most important thing that can boost access to homeownership and help Nigeria to bridge its...

a year ago Read More

n the real estate investing business, real estate investors need to be familiar with the term...

a year ago Read More

The Minister of Works and Housing, Mr. Babatunde Fashola, on Wednesday said the ministry would soon...

a year ago Read More

To boost home ownership, experts in the real estate sector have called for holistic implementation...

a year ago Read More

Small businesses and real estate investors are discovering that the new business landscape demands...

a year ago Read More

Three years after the authorities finalised plans to embark on the redevelopment of Adeniji Adele,...

a year ago Read More

To make Nigeria’s real estate sector more investable, and increase liquidity to drive greater...

a year ago Read More

Except there is a reorientation on locations, design and foundation methodology in flood prone...

a year ago Read More

The Lagos State Government has cautioned real estate developers in the state not to build without...

a year ago Read More

The Lagos and Ogun state governments are in talks to control water released from the Oyan Dam which...

a year ago Read More

A joint development commission that will foster a strong economic relationship between the Federal...

a year ago Read More

A joint development commission that will foster a strong economic relationship between the Federal...

a year ago Read More

Have you ever considered furnished apartments as a viable option during your search for an...

a year ago Read More

Despite a rebound in some sectors of the economy, the property market has remained slow in...

a year ago Read More

Landlords don’t just collect rent checks. Successful landlords must understand the law,...

a year ago Read More

Landlords don’t just collect rent checks. Successful landlords must understand the law,...

a year ago Read More

Ms. Leilana Fartha, UN Special Rapporteur on the Rights to Adequate Housing, on Monday advised the...

a year ago Read More

The Nigeria’s luxury real estate market has taken a beating lately due to several...

a year ago Read More

With the near completion of Dangote Refinery and projects like multi billion Alaro city , Sea port...

a year ago Read More

After three years of house price falls, Nigeria’s property market is now stabilizing, mainly...

a year ago Read More

CAPE metropolis – The modern global real estate and Transparency Index (GRETI) has shown an...

a year ago Read More

In the beginning look, this seems like a terrible plane crash! but it seems this web page became no...

a year ago Read More

Kylie Jenner these days grew to become 19 years vintage in a $50M condominium property, known as...

a year ago Read More

The annual West African property investment (WAPI) Summit, the area’s most distinguished and...

a year ago Read More

The Federal mortgage bank of Nigeria says it has invested over N197 billion to deliver over 26000...

a year ago Read More

The housing market is on fire! Jonathan Smoke, our leader economist, describes it as the...

a year ago Read More