According to United Nations statistics, the housing deficit in Nigeria is estimated at 22 million houses. This is an alarming number, of which experts expect an increase in the years to come given the consistent rise in population and the need for urbanization.

Further research reveals that the difference between the demand and supply of housing in Nigeria is relatively high, mainly due to prevailing economic conditions, high costs of building materials, and unfavourable government policies on land acquisition.

One of the major contributors to Nigeria’s housing deficit, as highlighted by the Vice President, Prof. Yemi Osinbajo, while speaking at the housing conference held in Abuja, is land ownership. The high cost of registering land and long registration procedures, coupled with inconsistent policies, pose challenges to the development of the land market.

Another issue faced in the development of housing in Nigeria is the complex, difficult, and expensive acquisition of planning systems by local authorities.

How then can we tackle these difficulties quickly, or at least manage their effects?

Mr. Chimezie Enyinnaya Hezekiah, who is a real estate expert and the Managing Director of GODSDELIGHT PROPERTIES in Port Harcourt, Rivers State, offers the following solutions:

 

Development of government policies that encourage private real estate development.

In Nigeria, the policies affecting the use and acquisition of land are major factors that discourage growing private real estate companies from actively competing with the big industry players for housing development; mainly due to denied access to adequate funding and unfavourable policies.

With the right policies and availability of low-interest funding options, more agencies would be encouraged to venture into property development for residential purposes.

 

Reduction in the cost and processes of land registration

If the process of land registration is made easy and the cost of registration is subsidized, many investors and agencies alike would embrace other options to develop their land once it is acquired.

The ripple effect of this is that these investors would be able to make affordable housing available and still make a profit.

 

Increased focus on affordability rather than exaggerated luxury by property owners, especially in urban areas

In urban cities in Nigeria such as Lagos, Port Harcourt, and Abuja, there are a lot of buildings that have been left unoccupied for years, yet, these cities are reported to have the majority of the homeless populace in the country.

This is mainly because the landlords make these properties too expensive for no other reason but location. Making these properties available at reasonable prices would go a long way towards dealing with the housing deficit in these cities.

 

Government partnerships with mortgage banks and private real estate development and management companies to provide affordable housing at selected locations.

Although providing houses is vital, building the right homes in the right areas is equally important. Over the years, government housing schemes have recorded little or no success, mainly because houses were either built in the wrong locations or with inadequate facilities, which include no access to roads, poor drainage systems, or lack of electricity.

With the government working with real estate development and management companies, this can be achieved effectively and in record time.

 

 

Improvement of land planning expertise and systems to foster ease and speed of acquisition,

To counter the dire effects that the housing deficit poses on Nigeria, all hands must be on deck to drive change, This is why, as a leading Real Estate Management company, GODSDELIGHT PROPERTIES provides actionable plans to ensure easy and authentic property ownership by individuals of all financial levels.

With the Easy-buy plan, prospective land and property owners can make up to 12 instalment payments for properties and get a free deed of conveyance, free survey plan, and up to 50% discount on properties acquired. The company also offers free consultations to all prospective clients to help them make informed decisions in the safest way possible.

Are you looking to buy a property in Port Harcourt? Call +234(0)9160000846 or +234(0)9160000846 now or visit https://www.godsdelightproperties.com to see available properties!