Experts in the Housing Industry have called for Pragmatic Solutions to tackle the Myriads of Challenges facing the Industry in Nigeria.
This is owing to the fact that hopes for affordable housing are waning in the face of the current Economic Downturn.
Contributing on the Housing Development Advocacy Network Platform, the Managing Director Modern Shelter Systems & Services, Abdulmalik Mahdi, decried the impact of the Challenges, stating that only actionable solutions can solve the housing crisis in the Country.
“There are so many big challenges facing affordable housing in Nigeria.
There is the slow turnaround of mortgage transactions, from the indication of interest by a prospective buyer to disbursement. The chain is so long and discouraging to all stakeholders especially the developer who has to wait months or years for payment effectively wiping out any margin and discouraging future investment in the subsector” he said.
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Speaking on the Industry structures and Bottlenecks, he further added ” Cooperatives especially at MDAs are essentially blocking access to their members or hiding information from them to enable them make decisions or putting their interests before those of the members for gratification”.
“Government bodies working at cross purposes and in some cases refusing to collaborate to solve issues that will make it easier for clients to access these homes”.
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Mahdi also decried the lack of awareness on the part of the target market, low purchasing power, lack of infrastructure, Security in areas where affordable housing is located and distance making it impossible live there and commute to work because of lack of public transport.