REDAN's Adeoye Calls for Solutions to Nigeria's Housing Crisis

Nigeria is facing a severe housing affordability crisis, as soaring property prices, escalating rents, and rising construction costs are shutting millions of households out of homeownership. The President of the Real Estate Developers Association of Nigeria (REDAN), Oba Akintoye Adeoye, stated that the continuous increase in residential property prices and rents is a major concern for developers, prospective homeowners, tenants, and investors.

The crisis is attributed to expensive land, construction materials, labor, infrastructure, financing, statutory charges, inadequate housing supply, and weak purchasing power. Adeoye emphasized that the entire housing value chain must be examined, not just the final price charged by developers.

He called for greater access to long-term and affordable mortgage finance, allowing Nigerians to spread homeownership costs over 15, 20, or 30 years. REDAN advocates for innovative housing financing mechanisms to improve access to homeownership, stressing that reducing the costs of land, infrastructure, and building materials is crucial for delivering more affordable housing.