“On Sunday the 12th of July, Mr Adeyeye Ogunwusi MD/CEO (Mr. Ogunwusi) of Gran Imperio Group was invited to speak on the housing deficit in Nigeria. The event took place at the Best Western Hotel, Allen Avenue, Ikeja.
Mr. Ogunwusi, after giving a brief introduction of himself, began by stating that the demand for housing in Nigeria is much more than the supply, especially in Lagos where the population increases continuously. He mentioned Nigeria is only scratching the surface, reason being that there are few mortgage banks in Nigeria which operates on high interest rates, thereby attracting only the upper class citizens. Consequently, 90% of the houses in Nigeria are owned by landlords. He further stated that the government has a huge part to play in providing affordable housing at 1-digit interest rates, suggesting that the government needs to pass and enforce laws to eradicate the loop-holes in property development.
He spoke further, saying that real estate developers must not wait for the government to assume the sole responsibility of lifting the burden of the housing deficit; that developers should focus more on developing affordable housing. Using Gran Imperio as an example, he mentioned that the Company has developed affordable houses with options of 1, 2, 3 and 4 bedroom, ranging from N8m – N30m with very flexible payment plans which attracts more people within the middle class and upcoming middle class.”