Post by Ismail AbdulAzeez on Mar 23, 2017 12:40:29 GMT 1
…Investors still favour high-end properties despite lull
Nigerian developers, having lost hope in government and its failed policies, or any foreseeable government’s actions that can rejuvenate the real estate sector of the economy, have continued to place their confidence in the property market on Nigerian population of about 170 million people and a housing deficit running into 20 million housing units.
Segun Adesanwo, an architect/developer, says he hopes that one day, either the private sector or the government, or both, will wake up and decide to provide housing for Nigerians.
The property market is still smarting from the impact of the national economic recession of the last two years. Both prices and demand have continued to witness considerable drop which analysts estimate to be in the country of 40-49 percent.
Adesanwo lamented in an interview with The Thy Communication Editor that the near-hopeless situation in the Nigerian property market is not so much from the crash in the stock market and the banking sector alone, as it is from unfavorable government’s policies.
‘’God has given Nigerians all that we need – the population, man power, vibrant economy (which unfortunately we mismanaged), and a thriving market: anything anybody produces in this country will sell because there is the population which drives the market. What is hampering our housing development is unfavourable policies by the government’’ he stated.
Archt. Adesanwo was also worried that the middle class has been eroded by the lingering economic recession. In Nigeria, particularly in Lagos State, where the state government charges all sorts of fees not paid anywhere in the world. In other parts of the world, you have housing association, you have council housing and others, which provide choices to tenant as to where he/she wants to rent a house. But here in Nigeria, even government houses are far more expensive.