Our objectives is to bring Nigerians Affordable Housing
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Note: Construction, Real estate and GDP Growth rates were derived courtesy of National Bureau of Statistics published data as part of its reports covering the period of Q1 2016 – Q2 2021.
Construction & Real Estate: Real Estate Sector grew by 3.85% in Q2 2021 from 1.77% in Q1 2020 and -21.99% in Q2 2020 while Construction sector grew by 3.70% in Q2 2021 from 1.42% in Q1 2020 and -31.77% in Q2 2020.
Residential & Commercial Property Updates: As a fallout from the reopening of the economy and growth in construction and real estate sectors in Q2 2021, Landlords are beginning to raise rental and property values due to increased demand and high cost of finishing materials. In terms of the demand side, there is increase in the development of 2- & 3-bedroom house types, serviced & shared apartments, with reduced demand for duplexes and self-contained units. In terms of location preferences, offtakers are moving towards more gated estates due to rising insecurity, while in terms of commercial transactions, short-lets and overnight stays (Airbnb) are gaining increased preference over traditional hotel models and long-term residential rentals.
Impact of Inflation & Economic Trends on Housing: Nigeria’s real estate sector has been severely affected by the advent of the Covid-19 pandemic. In recent years, there has been a strong squeeze in consumers’ purchasing power, resulting in low effective demand for housing. The aggregate supply of housing in Nigeria has also been affected by a high level of inflation. The spectrum of essential building materials particularly finishing materials like aluminium, roofing sheets, and iron rods are imported due to insufficient local supply though importation is currently hampered by exchange rate volatility. According to National Bureau of Statistics, the price of aluminium has spiked by 33% to $2,650/metric tonne while cement is also up 150% to N4,000 per bag as of 2nd Quarter 2021.
FGN Seeks FMDA Collaboration for Housing Finance: The office of the Vice President has charged the nation’s financial market dealers to collaborate with government with concerted efforts towards tackling Nigeria’s housing problem adding that this will see to the development of a housing blueprint for the nation’s teeming population.
AMCON Empowered to Sell Debtors’ Properties: The House of Representatives has passed for third reading, an amendment to the Asset Management Corporation of Nigeria Act which empowers the corporation to trace and sell any property belonging to a bank debtor, including those not presented as security for defaulting credit facilities.
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