At a high-level stakeholders’ engagement, representatives of government ministries, REDAN, and professional unions in the healthcare sector discussed the implementation framework for this Public-Private Partnership (PPP) initiative, which aims to roll out the housing units within 24 months. The plan includes 1,000 units in the Federal Capital Territory (FCT) and 250 units in each state capital.

President of REDAN, Prince Akintoye Adeoye, highlighted the importance of the initiative, stating, “Shelter ranks just after food in the hierarchy of human needs. This initiative is not just about housing, it is a strategic intervention to retain talent in the health sector by giving our medical professionals access to safe, decent, and affordable homes.”

He reaffirmed REDAN’s commitment to supporting the government in delivering on this national priority.

National Coordinator of the programme, Dr. Abubakar Sadiq, revealed that the planned housing units will range from one-bedroom and two-bedroom apartments to three-bedroom flats and semi-detached duplexes, with initial rollouts in Abuja, Lagos, and Port Harcourt.

To ensure affordability, the Federal Mortgage Bank of Nigeria (FMBN) will provide a subsidized mortgage scheme at 6% per annum, alongside a rent-to-own option, both with repayment periods of up to 30 years, a significant improvement over the higher interest rates offered by commercial lenders.

Dr. Sadiq added that further stakeholder engagements will take place at hospital and institutional levels across the country. He stated that union leaders and healthcare professionals will soon begin the collation the necessary documentation to ensure early access and smooth participation in the scheme.

The Renewed Hope Medic Cities Initiative is part of the broader Renewed Hope Housing Programme championed by the Tinubu administration, aimed at providing inclusive, affordable, and sustainable housing for all sectors of society starting with those at the frontline of national service.

Ubong Usoro

The post FG, REDAN, Health Sector Partner to Deliver 10,000 Homes for Medical Professionals appeared first on Housing TV Africa.

This was made known in a statement released by the President of REDAN, Prince Akintoye Adeoye, in Abuja.

According to him, the conference will serve as a critical platform for dialogue, collaboration, and innovation in addressing the country’s housing challenges.

Themed “Affordable and Sustainable Housing: Bridging the Gap,” the 2025 AGM aims to spotlight pressing issues in Nigeria’s housing sector while exploring feasible solutions that prioritize both affordability and sustainability.

Rev. Surv. Ugochukwu Chime, the Chairman of COPEN Group and a respected voice in the built environment sector will deliver the keynote address and declare the conference open. His leadership is expected to bring depth and direction to the discussions and outcomes of the conference.

HE Ambassador Assam Assam SAN, former Nigeria ambassador to Russia is the second keynote speaker at the event

Many high-profile guests are expected at the event including all Presidents of professional bodies in the built environment and the Founder of Nigerian leading housing advocacy organization, HDAN, alongside other eminent personalities, policymakers, and professionals

REDAN’s AGM has consistently served as a rallying point for developers, financiers, government agencies, and other key actors to align strategies and promote policies that support affordable housing delivery.

As the nation continues to grapple with its housing deficit, this year’s gathering in Uyo is anticipated to generate actionable insights and strengthen partnerships toward a more inclusive and resilient housing sector.

The post REDAN to Host 5,000 Estate Developers at 16th Annual General Meeting in Uyo on Wednesday, April 23 appeared first on Housing TV Africa.

Despite rising inflation and economic policies that have restricted growth, experts forecast continued demand for affordable housing in the 2025 real estate market.

This demand is attributed to urbanisation and population growth in major cities.

Property values are expected to rise, albeit at a slower pace. Key developments shaping the market include innovative financing models such as the MOFI Real Estate Investment Fund (M-REIF), the Family Home Funds Mortgage Finance Scheme, and funding initiatives aimed at both demand and supply sides of Nigeria’s real estate sector.

In early 2024, the real estate market seemed stable, fostering optimism among investors. However, this optimism was short-lived as the economy experienced spiraling inflation. The Central Bank of Nigeria’s interest rate adjustments to curb inflation proved insufficient, with sticky prices complicating business predictions.

The volatile economy significantly impacted the real estate sector. Soaring inflation drove up rental costs and property values, while construction activities faced unprecedented cost challenges. Prices for building materials, particularly cement, steel, and tiles, surged due to naira devaluation and fuel price increases. These cost pressures constrained the introduction of new real estate products.

Inflation reached 33.88 percent in October 2024, up from 32.70 percent in September. Meanwhile, the naira depreciated further, trading at N1,670 per dollar in the parallel market. The building industry, reliant on imported materials, struggled with price fluctuations.

Experts predict Lagos, Abuja, and Port Harcourt will continue to see value growth, driven by economic activities and investments. Ogun and Oyo States are also expected to sustain growth due to their proximity to Lagos.

The Chairman of the Board of Trustees of the Nigeria Institution of Estate Surveyors & Valuers (NIESV), Prof. Austin Otegbulu, noted that the 2025 housing market will face high construction costs and fewer new houses entering the market. He called for measures to address inflation caused by naira devaluation and rising fuel prices, which have constrained businesses and increased the cost of living.

The Chief Executive Officer of Knight Frank Nigeria, Frank Okosun, said the real estate market has demonstrated resilience amid economic challenges. He highlighted that while inflation led to value adjustments, the residential sector remains attractive for investors. The office market is adapting to oversupply and hybrid work models, while industrial real estate thrives in specialized locations.

An estate surveyor and Chairman of Estate Links Limited, Gbenga Olaniyan, observed that 2024 was relatively stable for real estate compared to other sectors. He emphasized that high building material costs and economic uncertainty have stalled many projects. Developers have reneged on pre-agreed prices, and rent increases have reached unprecedented levels. He stressed that building material costs, foreign direct investment, and government policies will heavily influence 2025 trends.

Sam Eboigbe, a former NIESV official, stated that construction activities in 2025 could stabilize if the Federal Government addresses economic setbacks. Improved security and economic measures are critical for reviving local and foreign investment. He also emphasized the importance of tackling inflation to ensure affordability for consumers.

REDAN President Akintoye Adeoye highlighted the strong demand for affordable housing, despite economic hurdles like inflation, rising interest rates, and volatile exchange rates. He noted that many developers faced delayed payments and escalating material costs in 2024. Challenges such as demolitions and compulsory acquisitions in Lagos and Abuja have further discouraged investors.

He called for fairness and transparency in government policies, emphasizing the need for open dialogue with stakeholders before undertaking projects that disrupt livelihoods. Rising rents in urban areas have forced tenants to seek alternative housing options, including co-living spaces and suburban relocations.

Adeoye concluded that achieving economic stability is crucial for managing construction costs, regulating building material prices, and improving housing affordability in the coming year.

The post Experts Highlight Challenges and Opportunities in 2025 Housing Sector appeared first on Housing TV Africa.