Halkalı Halı Yıkama Beylikdüzü Halı Yıkama Bahçeşehir Halı Yıkama seocu

Why You Must Subscribe to Housing TV Africa on YouTube

Currently buzzing on the internet is Housing TV Africa – a dedicated channel for information, promotions and all relevant updates about the housing sector hosted on YouTube.

With professionally curated contents, Housing TV owned by Fesadeb Media Group is an offspring of Housing Development Program on AIT and TVC.

The channel is speedily gaining traction with housing professionals, property buyers and sellers, real estate developers, mortgage banks, corporate executives, researchers, policy makers and all stakeholders in the housing, construction and finance sectors.

Below are more reasons why you should subscribe today and stay in touch with the rapidly changing sector.

• Housing TV Africa provides uninterrupted housing sector updates and gives organisation, products and services opportunity to be more visible to those who desire their services.
• The channel boasts of interesting productions and compelling contents.
• It is great for those who are too busy to sit and watch Housing Development Programs on TV.
• You can just listen on the go.


• It has a variety of contents on several topics and sub topics in the housing sector.
• Because it is not a traditional media platform, it is highly engaging and there never a dull moment.
• Its presenters are well versed in the sector and are reliable sources.

What Nigeria Govt. Should Know About Impact of Housing Sector Development

The housing sector is the bedrock of the economy of most developed nations, an important tool for stimulating growth. Housing construction indices are some of the most common measures used by analysts to gauge economic trends in OECD countries. In more advanced countries like the United States of America, Britain and Canada, the sector contributes between 30 percent and 70 percent of their Gross Domestic Product (GDP). Investment in housing accounts for 15 percent to 35 percent of aggregate investment worldwide and the sector employs approximately 10 percent of labour force worldwide.

The sector of the Nigerian economy that has a very bright future is real estate. Despite the economic downturn, the sector has been growing in leaps and bounds, with high rise buildings, shopping malls, hotels springing up everywhere from Lagos to Abuja, to Port Harcourt, to name just a few.

According to a 2014 forecast by the International Monetary Fund (IMF), strong developments in the construction, real estate, and technology sectors in developing countries such as Nigeria has supported the world economy through tough financial periods in recent years. It also predicts that these developing nations will account for about 70 percent of world growth over the next decade.

Nigeria is touted at the moment as one of the developing countries with great potentials in real estate, and one of the competitive players in the global real estate market that is fast becoming increasingly attractive to investors.

Recently, the National Bureau of Statistics put real estate contribution to Nigeria’s GDP at 7.5 per cent, a figure that left many stakeholders surprised at what they described as a very poor rating by the body.

To really appreciate the importance of real estate to the country’s GDP, they called on the federal government to integrate the construction and building sector into the formal sector in order to capture their contributions accurately.

However, though real estate is still a small contributor to the country’s GDP, its importance cannot be over-emphasised. Perhaps the best way to really understand the importance of the real estate sector to Nigeria’s economy is to compare it to other emerging and developed countries of the world. Another way to do this would be to compare its growth to the country’s economic growth.

Let’s start with the latter. The Nigerian economy grew by 2.35 percent year-on-year in the second quarter of 2015, down from 3.96 percent expansion reported in the previous quarter.

This has been attributed to the decline in oil production and prices, and recently, the Federal Government admitted that the country’s economy was “technically in recession” having gone on two quarters of negative growth.

That admission, though coated in technicality, corroborates the recent forecast by the International Monetary Fund (IMF) who predicts that Nigeria’s economy was likely to contract by a further 1.8 per cent this year. In other words, the country which had earlier overtaken South Africa as the fastest growing economy in Africa is now heading towards recession.

Ironically, while the country’s economy suffers from stunted growth, the real estate sector has been on the upswing, growing faster than the average GDP at a rate of about 8.7 per cent, according to the accounting and auditing firm, PricewaterhouseCoopers (PwC), as well as stakeholders like the Centre for Affordable Housing Finance, with a projection to grow by 10 per cent in the near future.

In its May 2015 report titled, ‘Real Estate: Building the Future of Africa,’ PwC further predicted that Nigeria’s real estate investment will rise by about 49 per cent, from $9.16 billion last year to $13.65 billion this year. It attributes this to a growing middle class driving demand for residential property development, and indirectly, retail, industrial and commercial real estate development.

However, experts believe that the sector could do better with the right incentive. According to them, despite its growth, the real estate sector still remains a small contributor in the country’s GDP, especially when compared to other emerging and developed countries like South Africa, Brazil, China, and the US.

This could be attributed to several problems plaguing the sector. One of them as highlighted by the PwC report is access to finance. “There are existing problems with access to finance; with a lack of long-term debt financing and an underdeveloped mortgage market, with mortgage loans representing less than 1 per cent of the nation’s GDP.” Another, the report says, is the cumbersome and time-consuming process for land acquisition and ownership documentation which makes land acquisition difficult, even though land is very cheap in Lagos, compared to other emerging cities across the world.

Lack of infrastructure still remains a major concern for the sector as the non-availability of basic services such as water and energy has forced developers to provide these amenities themselves, thereby raising their total development costs by up to 30 per cent, the report further lamented.

All these have led to a severe shortage in the sector, with the yearly supply nowhere near what is needed. The country, like the rest of Africa, remains severely undersupplied, especially when it comes to high-quality commercial space.

Retailer expansion also continues to be hindered by a lack of high-quality retail accommodation. Jones Lang LaSalle estimates that the stock of ‘Grade A’ shopping malls across.

The economy of developed countries like USA, UK, France, Germany, Japan and many more relies heavily on the real estate sector. This is why crashes in real estate markets often result to global economic meltdowns. It proves how important the sector is in the development of an economy.

Africa (excluding South Africa) is less than 1.5 million square metres – that’s barely equivalent to the stock of Hungary, a country of just 10 million people against one billion in Africa.

In Nigeria, a country of over 180 million people, the housing shortage can be seen in low, middle income residential and office spaces. And as the country’s population increases, we will see further strains on an already challenged industry. At the moment, Nigeria is believed to have a housing deficit of 17 million. According to experts, affordable housing and accommodation must be the major driver if the nation’s real estate sector is to deliver at the rate and scale needed to contribute significantly to the nation’s economy.

To plug the housing gap, the World Bank in its 2014 study stated that N59. 5 trillion would be needed at N3.5 million per unit. What this means is that despite the harsh economic conditions, the real estate sector still represents a huge opportunity for positively impacting the economy to promote growth and inclusion.

This is because housing is not only a basic necessity that affects the welfare of the citizenry, but also a critical sector of an economy. Therefore a viable and sustainable housing finance plan is essential.

To achieve this, experts insist, the industry requires the availability of affordable long-term funds to be provided by the capital market. According to them, funding from the capital market reduces the cost of mortgage loans, cost of funds and allows for longer repayment tenor.

In addition, there should also be a general review of the house types, as well as their sizes and quality, with more efficient designs. Also needed is high quality infrastructure such as the ones provided in the Eko Atlantic City.

Modeled after the skyscraper District of Manhattan Island in New York City, it is expected that the new city will be home 450,000 residents, with commuter volume expected to exceed 300,000 people daily. Self-sufficient and sustainable, it includes state-of-the-art urban design, its own power, clean water, advanced telecommunications, spacious roads and over 200,000 trees.

The uniqueness of the initiative for the region is that the residential units will be constructed as vertical high-rise apartment towers due to limited space for the traditional single family detached units. There are already over 500 units of apartments of various room sizes ranging from one bedroom to four bedroom apartments already under construction. The first residential tower is completely sold out and the first set of units will be delivered over the next couple of months.

With such ambitious projects, stakeholders remain optimistic that the real estate sector can contribute immensely in resolving the current economic problems faced by the country also be a major source of employment for the country’s fast growing population.

Nigeria’s Former Minister of Power, Works and Housing, Babatunde Raji Fashola agrees, describing the real estate industry as a strategic sub-sector in the construction industry that has remained an important contributor to the Gross Domestic Product with vast potentials for energizing and catalyzing growth of the overall national economy.

This is therefore a clarion call on the federal and state governments, the national and state assemblies to rise up with the political will that will encourage investment in the real estate sector of Africa’s most populous country – Nigeria.

 

Housing Development Advocacy Group Salutes Senate Chairman on Housing, Sam Egwu, Seeks for Collaboration on Outstanding Housing Bills

Housing Development Advocacy Group of Nigeria has commended the appointment of Sam Egwu as Chairman Senate Committee on Housing, and have expressed their willingness to work with the chairman on the passage and review of several outstanding bills bordering on the sector in the National Assembly.

The newly appointed Chairman of Senate Committee on Housing, Distinguished Senator Sam Egwu has been described by stakeholders in the housing sector as a worthy choice whose experience can bring about the needed change in the sector and inspire confidence.

Many believe that his credible performance as former governor and his immense support for the Ebonyi State Property Development Corporation can offer reasons to believe in a new dawn where affordable housing will be a major priority of the government, especially the national assembly.

Speaking with Housing News,Festus Adebayo of Housing development advocacy network said that as chairman of committee on housing, Senator Sam Egwu is definitely in a familiar terrain.

‘’In my conversation with him, I can confirm that he is the right person that can bring housing stakeholders together in order to produce the kind of change we have always yearned for in the sector. He has performed very well in this sector in the past and is coming on board with very useful experience. And we have always clamoured for the appointment of those fit for the job,’’ he said.

Adebayo said that he is confident that Senator Egwu will promptly look into outstanding bills that will facilitate real estate investment in Nigeria.

‘’Housing Development Advocacy Network is committed to working with him especially in the area of legislation. We are ready to work with him to fast track the passage of foreclosure bill into law to legally resolve default issues in the sector. Also the review of land use act of 1978, Federal Government Housing Loans Board bill (FGHLB), the National Housing Fund (NHF) Scheme Act 1992, Mortgage Banks Act 1989 (subsumed in BOFIA), Federal Mortgage Bank of Nigeria (FMBN) Act 1993, The Trustee Investment Act 1962, The Nigeria Social Insurance Trust Fund (NSITF) Act 1993, The Insurance Act 2002, The Investment and Security Act 1999, The Federal Housing Authority (FHA) Act 1990, Securitization Bill amongst many others,’’ he said.

With a housing deficit in the region of 17 million and above, stakeholders believe that a decisive policy action is long overdue, and with Sam Egwu on board in the senate, the expectations remain high, but at least many believe he can be trusted to deliver.

Also, through oversight functions, Senator Sam Egwu is expected to help facilitate and make it easy for local and international investors to bring a new spark into the sector where financial investments can meet the mounting real estate and affordable housing needs in Nigeria.

By Ojonugwa Felix Ugboja

National Association of Realtors: ” Real Estate will continue to see growth, amid a strong economy”

National Association of Realtor’s chief economist Lawrence Yun’s remarks came during a talk at the Realtors Conference & Expo in Boston last week, where he added that in his opinion another recession seems unlikely in the short term due to the country’s sound economic fundamentals.

Yun also forecast around six million new and existing home sales by the end of this year, and slightly more in the next couple of years. The economist also believes home prices will continue to grow at a modest rate, around 4.7 percent in 2018, 3.1 percent in 2019 and 2.7 percent in 2020.

Key Takeaways

  • Yun forecast around six million new and existing home sales by the end of this year
  • New homes are being added to the market at a rate of around 1.2 million per year, but that’s below the historical average
  • Yun said there’s little chance of a recession happening as inflation remains under control, and so any interest rate increases by the Federal Reserve will likely be moderate.

However, Yun said these positive trends would only occur if homebuilders are able to keep up with demand by adding new inventory to the market. New homes are being added to the market at a rate of around 1.2 million per year, but that’s below the historical average and well off the 1.9 million homes that were built in 2004.

There are no signs of a housing bubble at least, Yun added. He said that even though home prices have been outpacing income for several years now, the overall economy in the U.S. is still fundamentally sound, that mortgage quality is high, and that due to the persisting inventory shortages in many markets, there is no danger of the overbuilding that preceded the Great Recession.

Some risks do exist though. Yun said the threat of a full-scale trade war between the U.S. would hamper economic growth, and lead to higher interest rates for long-term debt instruments. If that happened, it’s likely a recession would occur, Yun said.

One piece of good news is that Realtors themselves can help do their bit by reminding their clients that the economy is still healthy and that all signs point towards positive home price increases. Yun said there’s little chance of a recession happening as inflation remains under control, and so any interest rate increases by the Federal Reserve will likely be moderate.

In other words, it’s a good time to buy a home, Yun said.

“All indications are prices will keep moving higher, and buyers who wait risk missing out on wealth gains,” he said.

Source: Realty Biz News

housing developer

Making career as real estate developer

Real estate business is becoming more lucrative than most other activities people engage in. In the recent past, may be, because people do not bother how they sleep and where they live, there was not much attention given to real estate. Today, the impact of technology has made it possible for people to learn how people of other climes live and sleep. Today also, it is no longer to learn how people sleep and where they live, it has gone further to include helping people to fashion how they sleep and where they live. It has become so popular that people now eke a living in that and continues in that way to innovate a competitive ways that suit different people with different societal status. People can now, opt to develop a property for another for a cost and continues to change the pattern as the client requests.

Many a time the popular question for those who wants to make career as a developer is, ‘how do I get started as a developer, as real estate agent and so on? It is usually followed by a string of other questions which amount to; Could you just draw me a map that will guide me through every detailed step to becoming a developer? Many people may choose to undergo a training in project development while others will like to undergo an apprenticeship just to learn the art and begin operation.

Others who have enough money usually open an office and employ professionals who may not have enough money to register and establish an office to run for them. Still, others choose to enter into partnership with the professionals to run the business. People who are interested in this line of work come from a wide range of starting points.  A lot of them already have a fair amount of skill in one aspect or another of the built environment.  They have been a contractor, broker, planner, activist, architect, or property manager.  They know enough about how things work to recognize that they have a lot to learn outside of the field that originally led them to development.

Some experts have categorized these groupings variously to include but not limited to site selection, urban design, site planning and civil engineering. The price paid for securing land is the single most critical variable in beginning stages of a real estate project. Therefore, understanding what the site can and cannot do and how a building sits on the site to create value are paramount considerations. These four skills help a developer compare many sites against each other, fit in with the neighborhood, and deal with soil, water and utility conditions. There is what is referred to entitlement that refers to what the owner of the land is entitled to do with it, which is typically governed by the local municipality’s zoning code. A developer must evaluate what can be done with a site under the existing rules of setbacks, parking requirements, building size and height – or measure the risk associated with changing its classification or getting a variance. Equally as important as the written word is knowing the people who administer the processes involved in obtaining approvals.

There is the real estate deal structure, pro formas and finance that takes care of the  money and contracts, the heart of any real estate project. In a typical arrangement, the project has an operating partner, the person in charge of the whole process, and a capital partner, the person supplying seed money for a percent return on their investment. Together, they will seek additional financing from a bank or other entity in the form of a loan. A pro forma is a spreadsheet that tracks how the development makes money in rent or sales and how that income is distributed to its partners and the bank. We still have those whose specifications are to do the building designs.

These people are known as the architecture, electrical, mechanical and structural engineering, etc. This is the know-how that makes a building perform well and be dignified. A deep understanding of building codes can help the small developer optimize the size and functionality of individual units while avoiding costly construction methodologies or mechanical systems. Context appropriate exterior detailing and quality material selection can both gain favor with the neighbors and help the building stand the test of time.

The Construction and construction management is another segment in the lot. There are two key groups who make the construction or renovation of a building happen: skilled tradesmen and project managers. Leveraging the knowledge and work effort of the electricians, plumbers, welders, carpenters, roofers and installers is either a general contractor or construction manager. Regardless of the size and type of project, small developers need to carefully manage the process and risks involved in construction with thorough planning and contingency reserves. The marketing, sales, leasing and property management are other groups one can major in. Once you have a building, it must be sold or frequently leased and maintained.  Real estate agents and brokers handle many of the steps to attracting tenants or buyers and prepare the appropriate paperwork to ensure qualified applicants. If the developer is retaining ownership of the property, someone must answer the calls to unplug toilets and plan for big replacements like water heaters and roofs. That’s the realm of a property manager.

 

Project and business management is also a critical aspect and also very cardinal in the built environment sector. There are many details to keep track of and people to communicate with to make a real estate project move forward. Also, someone needs a good handle on business finance to guide the cash flow throughout the lifecycle of a project. The small developer needs to make intentional decisions about where along the development process they will make money and structure their tax and business arrangements to maximize those positions. Very few people master all of those skills. If you start with small projects, you can gain an overview, and understanding when they are needed at the various stages of a project.

You get a sense of the basics for each skill set.  If you don’t have the skill which the project requires, you can’t go without.  So you should borrow or rent the needed skill.  Look for people who are genuinely interested in your project and who are actually happy to teach you about their specialty.  A developer does not have to know everything, but they should have a good idea who to call or team up with before it is too late.ome, too. Optimistically, this will mean better protection for buyers and less asinine regulation on real estate professionals. The real revolution has just started and we will see explosive growth. Like in so many industries, change for real estate professionals is not always bad. These changes will produce more transactions because the process will become easier, and those who embrace these changes will win. Most importantly, the consumer will win because they will have more transparency and control.

Source: sunnewsonline.com

Why improving housing leads to fewer hospital admissions

Britain has a housing crisis, not just in terms of a shortage of homes and sky-high prices, but in terms of the poor state of existing homes. Four in 10 British homes don’t meet the basic criteria to secure occupants’ wellbeing, according to a recent survey.

Researchers have looked into individual measures to improve housing and their effects on the people living in them. In New Zealand, for example – which has a similar climate to the UK – reduced asthma wheeze and fewer visits to the doctor were reported by people who had insulation improvements to their homes. In another New Zealand study, low-income tenants whose homes had fall-reduction modifications, led to reduced falls as intended.

In the UK, though specific initiatives like these have been assessed, no one has looked at the effect that whole home improvement can have on health, until now. Our latest research is the first to investigate how improvement of a whole home can benefit health – specifically using hospital admissions as a measure.

We linked monthly hospital admission data – from an anonymised databank – to information provided by the council on the month each home received improvements. Using this, we then compared the number of hospital admissions for tenants who lived in houses that had improvements with those whose homes that had not yet been improved (almost all were improved by 2016). What we found was a substantial decrease in the number of hospital admissions for those living in improved homes meeting the quality standard.

We first looked at the health of tenants aged 60 years and over. For this group, there was a decrease of up to 39 per cent in emergency admissions for cardiovascular and respiratory illnesses, as well as fall and burn injuries. We also found that there were reductions in hospital admissions (25 to 39 per cent) for tenants in this age group living in homes that had new electrical systems, new windows and doors, added wall insulation, and had their garden paths made safe.

Also, there were smaller reductions (2 to 9 per cent) in hospital admissions that were associated with installing new heating systems, loft insulation, kitchens and bathrooms.

We found similar results when we looked at the health of tenants of all ages with large reductions of 19 to 34 per cent for new electrical systems, new windows and doors, and improved garden paths, smaller reductions for improved heating systems and bathrooms (1 to 8 per cent), but very small increases for new kitchens and added loft insulation (1 to 2 per cent).

Previous studies have shown that damp homes have more allergens, and other causes of respiratory ill health. We found that improvements to electrical systems – including fitting extractor fans in kitchens and bathrooms – contributed to the largest reduction (57 per cent) in respiratory-related admissions. This leads us to believe the removal of damp from homes using extractor fans was probably an important mechanism behind many of the reduced admissions. And that damp removal improvements are important as part of a whole home intervention. Currently, they are regarded to be of secondary importance and related to comfort not health.

We mainly looked into costly hospital admissions for this study, but in the long term their reduction is likely to be only the tip of the iceberg in terms of saving NHS money and resources. There may also be an impact on GPs, outpatients and social care in the community.

But it is not just people in social homes who could benefit from health improvements if their homes are upgraded, so we also recommend that private rented homes are subject to these standards.

It may be that the best way to do this is to transfer budgets from healthcare to housing, because these kinds of improvements can be seen as a form of preventative medicine. As part of the Wellbeing for Future Generations (Wales) Act 2015, this should be happening in Wales, and there is nothing to stop it being considered nationwide too.

Source: Sarah Rodgers.

National Workshop On Housing Cooperatives Organized By NISH & FHF In Pictures

NISH Affordable Housing Limited and Family Homes Funds have convened the first edition of their quarterly workshop on cooperative housing in Nigeria.

The event which took place today at the Shehu Musa Yaradua Centre in Abuja was well attended by representatives of a number of cooperatives in housing from across the country.

According to the MD/CEO of NISH, S K Yemi Adelakun;

“the objectives are to organise, empower, and acquaint cooperative leaders with Innovative Cooperative Housing Principles and sensitise them on how to aggregate members’ equity contributions through savings scheme towards effective and sustainable delivery of affordable housing to Cooperators. The workshop is also designed to strengthen the governance capacity, transparency and accountability of housing Cooperatives through information and communications technology,’’ he said.

Below are picture coverage of the event:

 

Why National Real Estate Data is A Giant Step in Solving Nigeria’s Housing Crisis

Nigeria has a worrisome crisis of housing deficit, but even worse is the absence of reliable data on this problem. Many believe that it will be difficult to effectively address this problem without the aid of an updatable and reliable data.

There should be dependable information on the number of houses needed for each part of the country and their unique and adaptable specifications. For better management, information on house types, unoccupied houses, deficient areas etc. should be available and used for planning and execution. The importance of data, especially in today’s world can never be overstated. According to the President of Africa Development Bank, Akinwumi Adesina, those who own data, owns the world.

READ ALSO: UNDER EMPLOYMENT, NOT UNEMPLOYMENT IS INDIA’S BIG PROBLEM

Against this backdrop, Real Estate Developers’ Association of Nigeria (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 Value chain have established the National Real Estate Data Collation and Management Programme (NRE-DCMP).

The programme is to ensure comprehensive collation and management of data for planning, pre-construction, construction and post construction in the sector.

According to the President and Chairman of Council for REDAN, Ugochukwu Chime, the sectoral information would help in policy formulation for the development of the industry and unleash the potentials in the sector for employment generation, inclusive socio-economic growth, and shelter provision in the country. He stressed the need for effective collaborative efforts among stakeholders to ensure that risks and rewards in the built industry could be redistributed with the aim of enhancing organisational efficiency.

According to Chime, the misrepresentation of housing data in the country which has not really helped the sector before now doesn’t sit well with him.

“I have been in different fora where ministers representing different various ministries in Nigeria outside this country were giving different data about the same issue, which is embarrassing.

“We need data for planning; we need to know where we need those houses, so we organised it in such a way that the CBN agreed to work with us to tackle housing sector crisis.

“The data emerged from developers profile and capacity, demand and affordability profile of the market within a given locality and household condition survey.

“We went a step further to ensure that all the parties who are involved in the planning of various aspects have data for it,’’ he said.

Safe to say that introduction of the National Real Estate Data is a landmark achievement with significant expectations in Nigeria’s housing sector. With this, it will be possible to collate property price index nationwide to solve housing problems in the country.

According to 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. One can only imagine the significance of such accessible pool of data.

Housing

Another impressive fact is that the data had input on land administration and the 37 land administration entities in Nigeria including the improvement that could be brought to bear on them. The collated data included issues of mortgage law and foreclosure law as well as how to standardise operations of various institutions to ensure a developer received a standardized allocation letter.

The collated data according to Chime would also dwell on how to standardise the deed of legal mortgage and deed of assignments in various registries to ensure its financial acceptance.

READ ALSO: NIGERIA NEEDS GROWTH TO DEFUSE POVERTY TIME BOMB

“On affordability we want to know the numbers and the people in the 774 LGAs who need the houses and their affordability reach so that we will stop the issues of having duplexes everywhere or building houses people cannot buy.

“So we can now do targeted construction that can only happen when we have the data on affordability and business data to know the people who are developing the houses.

“We also have housing condition which is the baseline to ascertain the condition of existing houses in the 774 local government or the 37 entities we have in 36 states and FCT.

Housing

“These components are what we have gone on to do by organising the NREDCMP,” he said.

According to him, the association has been able to ensure the various stakeholders have understanding of how all the data they want to work upon were collated, gathered and analysed.

READ ALSO: NIGERIA FACING DAUNTING ECONOMIC CHALLENGES

This has been commended as a giant leap for Nigeria and in addressing the country’s age-long housing crisis.

The president of housing development advocacy network, and convener of Abuja Housing Show Barrister Festus Adebayo has applauded the giant step taken by all stakeholders who are involved in providing for Nigeria for the first time a reliable data that can help us solve the country’s housing problem.

By Felix Ojonugbwa

Separate Housing Ministry from power,expert urges president Buhari

An expert in the housing sector and President, Housing Development Advocacy Network‎, Barr. Festus Adebayo, has lamented that the decision of President Muhammadu Buhari to merge‎ the Ministry of Housing ‎with that of Power and Works has stifled growth in the sector, while also contributing to housing deficit in the country.

To this end, ‎he called on the president to as a matter of urgency separate the ministry of Housing from that of Power so that there would be high level of concentration in the sector, as the federal government plans to deliver affordable houses to low income earners.

Adebayo made the call Saturday in Abuja while addressing a press briefing with select journalists, where he also urged ‎ Buhari to use the Housing sector to drive the economy, as he commences his second term in office.

He stated: “President Muhammadu Buhari must as a matter of urgency separate the Ministry of Housing from the Ministries of Power. It is like the merger is not working because the power situation is not improving‎.

“The need to separate the ministry of Housing from Power cannot be over-emphasised so that there can be high level of concentration.”

Adebayo said that the Family Housing Funds (FHF) was the best intervention policy of the Buhari administration, adding that the intervention was aimed at addressing housing problem of low income earners.

He stressed the scheme which was at the take off stage had already delivered 700 housing units in Masaka, Nasarawa state.

Adebayo stressed: “The take off of Family Homes Fund is just now.

“But within the six months, FHF has successfully financed a project in Masaka, Nasarawa state. They call it luvu one, luvu two and each of them has 350 units. Meaning 700 houses have already been delivered.

The highest cost of the house is N4.5 million, meaning the one bedroom is within the range of N2 million, 2bedroom N2.5 million, 3bedroom 3.5 million. You only pay 50 per cent and the other 50 per cent will be acquired through mortgage.”

“Apart from the one in Masaka, Family Homes Fund is already building in Kano, Lagos, Kaduna, Delta, Ogun and about 13 states. It is established to have presence in all six geo-political zones plus Abuja. The only good thing I have seen in Buhari’s government is Family Homes Fund,” he said.

Adebayo explained further that while the FHF was not on ground to do what Federal Mortgage Bank of Nigeria (FMBN)‎ was doing or what any government establishments was doing, he noted that what the estate developers could not do was what the FHF had come to do‎.

“The difference between the National Housing programmes where the Minister has been building houses ‎in all the states of the federation and family homes fund is affordability. It is not around to duplicate‎ what FMBN is doing but to complement it.  The area that FMBN cannot reach, then, the Family Homes Fund comes in,” Adebayo said.

He stressed the need for political will in order to tackle housing deficit in the country, noting that the political will would bring strong implementation that would arrest the issue of housing deficit.

According to him, “Political will is what made the government to say don’t give loan of agriculture on double-digit interest rate, an order from CBN to all commercial banks. So, if the government of Nigeria has the political will, the CBN will come up with a policy that will direct banks to give a certain percentage of loan for housing and it must not go beyond one digit interest rate.”

Source: News Agency Of Nigeria

States’ economies sees improvement as Fund’s intervention targets 500,000 home and 1.5m jobs

The intervention by the Family Home Fund (FHF) in the Nigerian housing sector to deliver affordable housing to low-income earners in the country will significantly improve the GDP and economy of the states where the intervention is already yielding fruits, people familiar with the Fund have said.

EchoStone is a property development firm that deploys an innovative technology which allows rapid and scalable construction of houses. It is currently building 2,000 housing units beginning with 250 units of two-bedroom detached bungalows in Idale Badagry, Lagos. FHF is to build 20,000 housing units in Lagos.

So far, about six state governments including the FCT have donated land for the development of various numbers of housing units, including Ebonyi State which has donated land for developing 1,200 homes.

Kaduna State has also donated land for its millennium city which promises about 650 homes; the ancient city of Kano has 757 homes; Asaba, Delta State, about 620 homes; Ogun State, about 1, 074 homes; FCT, about 580 homes, while Akwa Ibom has donated land and signed MoU with the fund for the construction of 5,000 low-income houses.

There is an expectation that through a combination of these housing development activities, 1.5 million jobs will be created for both skilled and unskilled labour that will be working at the construction sites.

Analysts say the creation of 1.5 million jobs will have significant impact on the economies of the states, more so with the multiplier effect of job creation.

“When you give job to one person, you shall have impacted the lives of about four or five more persons,” noted Johnson Chukwuma, a civil engineer.

He explained that, one way or another, part of the income earned by these workers goes to the state government by way of paying taxes or other levies, stressing that a state with healthy citizens is, by implication, a wealthy state.

FHF, which is arguably the largest affordable housing-focused fund in sub-Saharan Africa, was in Lagos recently and, according to Femi Adewole, its managing director, its mission to Lagos was to explore a potential partnership for a large-scale affordable housing scheme with a specific focus on Lagosians on low income.

“Alongside good quality homes, the programme will be looking to create jobs for Lagosians. Other aspects of the scheme include a commitment that we are not just to build housing units; we also need to look into the environment and climate change issues which now stare us in the face,” Adewole said.

He assured of the fund’s commitment to the provision of affordable housing, disclosing that they had invested over N20 billion in housing projects to support Nigerians who are earning below N100,000.

“We are also providing financing for developers who will build homes ranging between N2.5 million to N5 million,” he said.

Besides providing funding for the product suppliers, the Fund also aids the demand side by assisting house buyers, giving them a deferred loan for up to 40 percent cost of the houses.
The Fund supports local content in the house-building process and Adewole disclosed that their long-term objective was to ensure that up to 80 percent of manufactured inputs were locally produced.

 

Source: Chuka Uroko

japon seks - ajans seks - esmer seks - public agent seks - seks hikayeleri - sohbet numaraları
mersin escort | mersin escort
Translate »
DIY Home Decor |

Escort

|

Eskort Mersin

|

Eskort Ankara

|

Eskort Bayanlar

|

eskişehir olgun

|
escort99.com
escort sakarya escort edirne escort kayseri escort konya escort ısparta escort bornova
Kıbrıs gece kulüpleri