How banks, govt can make affordable housing possible —Akintayo

The Chief Executive Officer, Gtext Homes, Dr. Stephen Akintayo, has explained how Nigerian banks and government can make affordable housing possible.

Akintayo made this known at the Global Property Brokers Conference 2021 held  in Lagos. The CEO said that effective regulatory policies on the part of government and read provision of loan facility by commercial banks would enhance affordable housing production in the country.

He corrected the impression that affordable housing is not the job of a developer but that of commercial banks as it is practicable in advanced countries like United Kingdom, United States of America etc

“The banks and government have a lot to do and they should do it and I don’t know why they are not doing it.

“When people talk about affordable housing, they think it is the job of a developer. It is the job of commercial banks. They have the business. I should just go to my bank and say I want to buy this house. In my account, there exits 10 per cent of the money.

“And the bank should be able to say great, take the 90 percent and the bank would be financing it.

“Do you go to the mortgage bank in the United States or United Kingdom? No, but it is the commercial banks.” he said.

Meanwhile, the real estate guru said that Nigeria can expand its real estate sector considering its huge population, which is equal to money, adding that  brokers have the responsibility to serve as a link between the businesses here in Nigeria and Nigerians in diaspora.

“The Labour is there and the market is there because you have that population and you can tap into Nigerians in diaspora. But, somebody has to do the link. That is where the brokers come in,” Akintayo stated.

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