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Real Estate

The Journey Leading to Launch of Real Estate Data by REDAN

On the 7th of May 2019, the Real Estate Developers Association of Nigeria (REDAN) launched the National Real Estate Data Collation and Management Programme (NRE-DCMP), which is designed to help tackle housing problems in Nigeria, including that of deficit.

NRE-DCMP was initiated by REDAN, in collaboration with the Central Bank of Nigeria, the Federal Ministry of Power, Works and Housing, Federal Mortgage Bank of Nigeria, Nigeria Mortgage Refinance Company, The German Society for International Cooperation, National Bureau of Statistics, National Population Commission, Mortgage Banking Association of Nigeria, World Bank, Growth and Empowerment in States, Pison Housing Company, Building Materials Producers Association of Nigeria, Association of Housing Corporations of Nigeria and FESADEB Media to collate property price index nationwide to solve housing problems in the country.

According to the body’s President, Ugochukwu Chime, the data, collated from national land administrators on pre-construction, construction and post construction activities nationwide would be hoisted on the Nigeria Mortgage Refinance Company (NMRC)’s website for public usage.

According to a presentation by Dr Michael Mba, who spoke on behalf of the Technical Working Group, the journey began in October 2017 with the programme launch during a national conference to sensitize stakeholders and the public on the programme.

Regional workshops in the 6 geopolitical zones with developers and states land admin officials followed in February 2018. This led to the first data collation from developers and states land admin agencies.

Then from August to December 2018, they began a pilot off-takers and business surveys. The pilot survey was to collect information from housing off-takers in the 36 states and the FCT. The business survey was incorporated into the CBN QES.

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In 2019, advanced works began with stakeholder agencies to improve the data collation effort. The also began and completed a national housing conditions survey.

Off-takers Pilot Survey Outcome

A total of 19,398 off-takers have been captured into the portal, with Enugu state having the highest numbers with 812 off-takers.

The lowest number was from ondo with 292 off-takers.

Challenges of the Pilot Survey

One of the major challenges was the non-existence of a national housing programme to align with the data collation.

Lack of awareness on the benefits of providing the information by the off-takers was also another challenge.

Other Facts

Most of the respondent of the survey were full-time government employee. There were also other respondents from the private and public-private partnerships.

Almost 70% of the off-takers captured earn less than N100, 000 monthly.

The Business Survey Outcome

A total of 191 developers responded for Q2-Q3 2018 from 29 states with a response rate of about 51.6%.

There were no responses from Anambra, Borno, Cross River, Ebonyi, Kduna, Kebbi, Kogi, and Sokoto.

Challenges of the Business Survey

First was the lack of cooperation from real estate developers in most states to provide data.

Also most developers complain of inactivity due to lack of finance to execute projects.

Other Facts

Most of the houses sold were for the middle income group.

Outstanding Issues

Having launched the data on 7th of May, a data dissemination workshop for further interaction with stakeholders will follow immediately.

From April to June 20129, the mission will be to align with relevant collaborating agencies for a full scale nation-wide off-takers survey.

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Within the same period, REDAN will conduct a national housing conditions survey to establish the housing deficit figures.

Then from June to July 2019 will be the compilation of national residential property price index (RPPI) to track price movements.

By Ojonugwa Felix Ugboja

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