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Business, Economy, Housing Project

System review’ll address property market glut – Stakeholders

Real estate stakeholders say there is an urgent need for paradigm shift to resolve the challenges of affordability mismatch resulting in unsold and unoccupied developed houses, especially in major cities.

According to them, the paradigm shift should be a review of dynamics from market-driven pricing system to end user-driven pricing to ensure that houses are provided for those who need and can afford them.

The call for the review of systems was part of the resolutions reached at the 13th Abuja International Housing Show, and had been presented to the government and its several housing agencies for implementation, according to the organisers.

The documented resolutions, a copy of which was obtained by The PUNCH, also included a call for the creation of enabling policies around land title documentations, with government playing a larger role in assisting investors and supporting local building industries and materials.

Stakeholders also demanded a fast track of the passage of foreclosure bill into law to legally resolve default issues in the sector.

They called for the review of Land Use Act, the Federal Government Housing Loans Board bill, the Federal Mortgage Bank of Nigeria bill and the National Housing Fund bill.

They said there was a need for the Federal Government to advance the ongoing partnership between the Mortgage Banking Association of Nigeria and the Central Bank of Nigeria with regard to the underwriting standards which could increase housing and mortgage affordability for the masses.

Among other resolutions, they called for the adoption of high impact training that would support research and data generation by major stakeholders within the industry and building the right skill ecosystem through job-driven training programmes spearheaded by private sector industry participation for adoption of trainees.

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They also called for the institutionalisation of collaboration and partnerships between large-scale industry players to enhance mass housing provision and affordability.

They equally called for the creation of standard data base in African countries especially in Nigeria that could be universally accepted to collate data, identify data gaps, integrate, optimise and expand knowledge set to meet current demands.

Source: punchng

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