Cost of building materials too high, housing deficit worsening — Real Estate developers

Managing Director, Fendini Homes, Mr Adelaja Adeoye has bemoaned that the nation’s housing deficit continues to be worsened by the consistently increasing cost of building materials coupled with the failure of government to subsidise housing and develop required infrastructure.

Adeoye, a real estate developer, expressed this worry while speaking with journalists at the Rayfield Gardens City Estate, Christopher Adebayo Alao Akala Government Reserved Area (GRA), Ibadan, the Oyo State capital, on Tuesday.

Noting the huge funding needed for real estate development due to inflation and the high cost of building materials, presently, Adeoye said the intervention of the government had become expedient so as not to deprive low-income earners of access to quality and eco-friendly housing.

Adeoye sought tax reforms that can drive down the cost of building materials just as he urged the government to build infrastructure that will aid people’s access to homes and properties.

Furthermore, he urged the federal government to intervene by injecting more funds into mortgage banks and institute deliberate partnerships with state governments to ease access to mortgage loans as well as develop thousands of housing units across the country.

He assured that with the government playing its own role, by creating the enabling environment for quality and affordable housing, real estate developers like Fendini Homes, are ready to also provide housing for low-income earners.

Adeoye said: “We all know the level of inflation and cost of building materials. The Nigerian economy is currently floating but we hope that with the Bola Tinubu administration, it will be resolved.

“Government has to look at the cost of building materials. It is one thing to buy land, it is another to build the house to a particular standard. You need funding to buy materials and it is expensive.

“We need the government to look into it through tax reforms that can drive down the cost of building materials.

“The federal government can come in to develop infrastructure, inject funds into mortgage banks and make it deliberate partnership with state governments. They can say they want to develop 10,000 housing units.

“The federal mortgage bank will subsidise or spread the mortgage loans for longer years.
“Government can also subsidise some of this housing for people to be able to live positively and be able to pay back.

“Government can support by building infrastructure because access to where you live is very critical for home buyers and residents.

“So, when they invest in infrastructure, we, Fendini Homes, will complement the effort of the federal government by building low-income housing for people to afford. We can partner with Federal Mortgage Bank that can give mortgage loans to civil servants and other people.”

Speaking in the same vein, the director, Corporate Communications and Marketing, at Fendini Homes, Mr Temitope Adeoye identified the challenges of ownership of land as contributing to the housing deficit.

Temitope called for a review of legislation regarding land ownership and transfer.
He said some Nigerians were dissuaded to build houses because of the problems associated with acquiring land itself, let alone the huge cost of building materials.

Temitope also noted that real estate developers must today build bearing in mind climate change.
This, he said, Fendini Homes, bears in mind, hence its resolve to build eco-friendly, smart, pollution-minimised, automated and technology-driven houses.

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