Experts seek new housing model for first-time homeowners

Amid shortfall in housing supply, experts have advocated a new model to drive policy for first-time homeowners.

They observed that such a move would help to mitigate the housing deficit, especially in the low and medium-income range.

The experts further called for wider industry collaboration between public and private sectors such as the Family Homes Fund, Nigerian Mortgage Refinancing Corporation and the Real Estate Development Association of Nigeria (REDAN).

They spoke during a webinar hosted by NISH Affordable Housing Limited in Abuja.

Leading the discussion, the Executive Chairman, Innovative Risk and Investment Solutions (IRIS) Limited, Charles Inyangete, said, to successfully address Nigeria’s housing problem requires innovative solutions in design, construction technology and financing.

According to him, there is the need to maximise capital market potentials to facilitate affordable housing that will leverage on cutting-edge technology.

Inyangete said the cost of housing can be reduced between 20- 50 per cent by unlocking land at the right location and on favourable terms, reducing construction costs through value engineering, industrial approaches, and new technology. He also urged the use of sustainable materials to increase operations that ensure maintenance efficiency and reduction in costs for buyers.

The Managing Director, NISH Affordable Housing Limited, Yemi Adelakun said delivering affordable housing on a large-scale and at the speed planned by government is hinged on success factors like land, technology, and expert knowledge as well as skilled manpower, building materials, infrastructure and housing finance.

The most critical and most elusive among these success factors he said, is housing finance. “Housing finance, which is broadly categorised into construction, and off-takers’ finance, has to be pre-planned and managed for effectiveness and efficiency.”

Adelakun stated that the forum became necessary in order to recommend housing finance innovations that will engender effective, efficient and timely delivery of housing on a large-scale and at affordable prices.

On his part, the Group Managing Director, Shelter Afrique, Mr. Andrew Chimphondah said taking into account the exponential population growth rate in Africa cities, the ever-growing need for decent and affordable housing in the region, which stands at a current deficit of 56 million units, the development and implementation of all-inclusive, sustainable and effective affordable housing delivery strategies has become pertinent.

For Associate Principal, Miyamoto International Inc., Olivia Nielsen, developing housing at scale is complex due to the fact that affordable land is often far from cities. Nielsen said there was a need to toe the path of quality over quantity and invest in resilient housing for all.