A realtor, DEXTA Africa Limited, has charged the federal government to urgently address the herculean processes of land registration, noting that, the challenge is the major factor responsible for increasing housing deficit in the country.
In a statement made available to LEADERSHIP, the chief executive officer(CEO), Dexta Africa Limited, Olamide Ojo, also lamented over the spate of bribery and corruption involved in the land registration and documentation processes, explaining that, it discourages both local and foreign investments into the sector.
According to him, the rising housing deficit situation in the country is caused by so many issues including government’s inability to regulate prices of both landed and rented properties, pointing out that, presently, the situation in Lagos and other business oriented areas in Nigeria is worrisome.
“We have had people report experiences of agents wanting to get more than a 100 per cent gain on
properties. Agents and third parties aim to make even more money and this greed as little as it looks plays a huge part in increasing the housing deficit,” he said.
“In DEXTA, we aim at reaching a defined agreement and bringing every third party under one roof so prices of our landed property can have a common price,” he added.
Ojo stated that according to research, the housing deficit in Nigeria is over 17 million, saying, with Nigeria’s rising population of over 200 million people at an annual increase of 3.0 per cent, the deficit would only increase.
Speaking on the uniqueness of DEXTA, he said, the firm is different from other real estate firm, stressing that, DEXTA is not only focused on developed areas like Lagos and Abuja, but has its vision extended to urbanise seemingly rural areas.
“Dubai was once a desert, other celebrated areas we wish to visit on vacations too. The idea is to bring pride to other areas too and this is what other development companies lack. We are presently making use of installmental payment model on our products. Payment spread for up to 6 months with no extra-charges,” he averred.
He lamented the ongoing rise in the pace of most Nigerian properties, saying, it is a huge challenge to the real estate sector.
He said, most cites are overpriced, which in turn, discourages investors, advising the federal government to address the situation by regulating prices in the sector.
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