ADVERTISEMENT
  • Hausa Edition
  • Podcast
  • Conferences
  • LeVogue Magazine
  • Business News
  • Print Advert Rates
  • Online Advert Rates
  • Contact Us
Tuesday, September 16, 2025
Leadership Newspapers
Read in Hausa
  • Home
  • News
  • Politics
  • Business
  • Sport
    • All
    • Athletics
    • Basketball
    • Boxing
    • Esports
    • Football
    • Olympics
    • Paralympics
    • Tennis

    AFN Congratulates Amusan On Silver Medal Victory

    Lionel Messi’s Barcelona Rookie Card Sells For Record $1.5m

    Duplantis Sets New Pole Vault World Record For 14th Time At Tokyo 2025

    World Championships: Amusan Claims Silver In Women’s 100m Hurdles, Opens Team Nigeria’s Medal Count

  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
    • All
    • Athletics
    • Basketball
    • Boxing
    • Esports
    • Football
    • Olympics
    • Paralympics
    • Tennis

    AFN Congratulates Amusan On Silver Medal Victory

    Lionel Messi’s Barcelona Rookie Card Sells For Record $1.5m

    Duplantis Sets New Pole Vault World Record For 14th Time At Tokyo 2025

    World Championships: Amusan Claims Silver In Women’s 100m Hurdles, Opens Team Nigeria’s Medal Count

  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
Leadership Newspapers
No Result
View All Result

Real Estate Sector Needs New Funding Models To Survive — HDAN

by Jonathan Nda-Isaiah
1 year ago
in News
Share on WhatsAppShare on FacebookShare on XTelegram

 

Advertisement

The Housing Development Advocacy Network (HDAN) has called for innovative funding models in Nigeria’s real estate sector to weather the current economic storm.

This comes as the industry grapples with skyrocketing costs, slowing sales, and a deepening housing deficit.

Executive Director of HDAN, Festus Adebayo, in a statement on Thursday, emphasised the urgent need for a change.

“Developers must innovate and create new methods of funding and building new houses if they must remain in business,” Adebayo stated, highlighting the dire situation facing the industry.

Related News

Katsina Selects 2,166 Pupils For Free Special Model Schools

16 minutes ago

Katsina Govt Dedicates 30% Of Interventions To Women

17 minutes ago

The real estate market has been hit hard by a perfect storm of economic challenges. Inflation has driven construction costs to new heights, while the devaluation of the Naira has made importing building materials prohibitively expensive.

High interest rates, implemented by the Central Bank of Nigeria (CBN) to combat inflation, have made traditional financing options unattainable for many developers and potential homebuyers alike.

The impact is evident in property prices across the country. In Abuja’s prime locations, such as Maitama, prices for luxury properties have more than doubled. A 5-bedroom fully detached duplex that previously sold for ₦800 million now commands between ₦1.5 billion and ₦2 billion.

Adebayo pointed out that the steep rise in property prices was partly due to inflation and the high cost of building materials, exacerbated by the devaluation of the Naira and the rising costs associated with importing construction materials.

According to him, this inflationary pressure has also led to increased challenges for estate developers, who now face difficulties in securing buyers, despite resorting to extensive advertising efforts.

Adebayo also called on the government to intervene by subsidizing land acquisition for credible developers and providing the necessary infrastructure to reduce overall development costs.

Additionally, he suggested that the government should enhance financing options for homebuyers through institutions like the Nigerian Mortgage Refinance Company (NMRC) and the Family Homes Fund Ltd.

The HDAN Boss also recommended that the government should either subsidize locally sourced building materials or reduce the cost of importing them to make housing more affordable.

As the real estate sector grapples with these challenges, HDAN adds that without significant intervention and innovation, the dream of affordable housing may remain elusive for many Nigerians.

He said it is time for real estate developers to innovate and create new methods of funding and building new houses if they must remain in business.

A recent World Bank report, referenced by Matthew Ashimolowo, Senior Pastor at Kingsway Christian Centre (KCC), Maryland, Lagos, during the opening of the 18th Africa International Housing Show (AIHS) in Abuja, highlights this issue. The report estimates the housing shortfall at 20 million units.

Speaking at the AIHS conference in Abuja, Ashimolowo underscored the severity of the situation, stating that to close the housing gap, Nigeria must build 700,000 units annually for the next 20 years.

He projected the financial requirement to address this deficit at ₦7 trillion, emphasizing the urgent need for substantial investment in the sector.

Minister of Housing and Urban Development, Arc. Ahmed Dangiwa,also addressed the issue at the AIHS event, aligning with Ashimolowo’s concern but offering slightly different figures.

Dangiwa indicated that Nigeria needs to construct 550,000 housing units each year over the next decade to address the estimated 20 million unit shortfall.

He suggested that an investment of approximately ₦5.5 trillion would be necessary and urged for stronger private-sector partnerships to tackle the housing crisis effectively.

Join Our WhatsApp Channel

SendShare10176Tweet6360Share

Other News Updates

News

Katsina Selects 2,166 Pupils For Free Special Model Schools

2025/09/16
News

Katsina Govt Dedicates 30% Of Interventions To Women

2025/09/16
News

Greed, Social Injustice, Political Manipulation Driving Insecurity – Commissioner

2025/09/16
News

Katsina Commits To Inclusive Health Financing – KTSCHMA

2025/09/16
Health

Katsina Upgrades 206 PHCs To Fight Malnutrition

2025/09/16
News

Akwa Ibom Community Wants Court Rulings On Stubbs Creek Owners Implemented

2025/09/16
Leadership Conference advertisement

LATEST

Katsina Selects 2,166 Pupils For Free Special Model Schools

Katsina Govt Dedicates 30% Of Interventions To Women

Greed, Social Injustice, Political Manipulation Driving Insecurity – Commissioner

Katsina Commits To Inclusive Health Financing – KTSCHMA

Katsina Upgrades 206 PHCs To Fight Malnutrition

Akwa Ibom Community Wants Court Rulings On Stubbs Creek Owners Implemented

APC Group Hails Tinubu On Oil Theft Drop To 16-year Low

Board Urges Nigerian Youths To Acquire Vocational Skills

Remi Tinubu, Sultan, Kukah Call For Restoration Of Family Values

5 New North Central Development Commission’s Directors Get Portfolios

© 2025 Leadership Media Group - All Rights Reserved.

No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us

© 2025 Leadership Media Group - All Rights Reserved.