The President of International Real Estate Federation Nigeria, Mr. Adeniji Adele has revealed that the housing crisis should be blamed on the lack of effective policies from the government.
In an interview, he revealed that the year 2019 was a mixture of ups and downs as the real estate sector did not witness a tremendous increase. This, he said was due to factors such as the decline in per capita income, issues of the exchange rate, inflation and taxation. Poverty rate which has gone up also had an effect.
Mr. Adele stressed that for the real estate industry to experience relative stability, a lot of steps and proactive actions have to be put in place if we are to see changes. He also added that the government has to be seen to implement a whole lot of solutions already proffered by various experts on this topic in the past.
Highlighting challenges around housing issues, he said the government should be blamed for the inadequacies and lack of proper and effective policies which had led to acute shortage of housing in the country.
The issues of political and social factors are among numerous challenges that have pushed Nigeria to where we are today because of infrastructure development such as roads, bridges, airports, water, sewer line and electricity are in deplorable condition, he further stated.
He said for housing policies to be effective, the government should provide an enabling environment, where private developers and institutional investors in real estate will feel secured and give confidence to the consumers that those risks have been taken away.
Above all, to take care of mass housing, Adele added that all tiers of government must address this issue by coming up with a model on social housing schemes at the local, state and federal levels.
Noting that, affordable housing policies should be the threshold. We should do away with politics and political sentiments but look at the negative impact of housing deficit on the economy in the last 20 years.
At Gramz Investment and Asset Limited, we help individuals and corporate organisations home and abroad explore the opportunities in the Real Estate sector by providing them with opportunities that will give them maximum return on their investment. In one statement, we can say we help them secure their future with viable and profitable real estate investments.