Monarch endorses RIRFHUD's 'The State of Lagos Housing Market Report - Volume 2'

The report, which was formally presented to the public at an event held at the Grand Ballroom, Eko Hotel and Suites, Victoria Island, Lagos outlines many indices in the residential real estate market in Lagos.

For example, the report states that Lagos state housing deficit is 2.9million units, and that 71% of Lagosians default in their rents. Furthermore, as many as 66 percent of respondents surveyed across the length and breadth of the city-state, disclosed that they yet preferred traditional brick and mortar constructions to houses made with alternative building technologies.

Entitled "The State of Lagos Housing Market Report, Vol 2", it is a sequel to the first edition that had been published and launched in 2009.

Delivering his address as royal father of the Day, the Ooni of Ife, His Imperial Majesty, Adeyeye Enitan Ogunwusi Ojaja II, who is himself a notable player in the Lagos and Nigerian housing market called on stakeholders in the industry to cooperate more amongst themselves and with government to ensure that Nigeria moves from housing construction to housing manufacturing, affirming that this was the only way the present colossal housing deficit in the country which is put at about 20million can be reversed.

On his part, Lagos Governor, Mr. Akinwunmi Ambode, represented by the State Commissioner for Housing, Honorable Gbolahan Lawal disclosed that the state had presently commenced a rent-to-occupy scheme to enable more of the teeming numbers of its population be able to access and afford houses of their own. Later in the event, the Ooni of Ife and the Executive Governor (represented by Honorable Gbolahan Lawal) unveiled the report.

Speaking on how the report will impact the economy, Newton Jibunoh, chairman of the foundation noted that through the publication of the book, they have given support to a fledgling sector of the economy, thereby contributing to the process of effecting a small change.

Running through a brief of the report that was said to have taken four years (2012 to 2016) to gather, Roland Igbinobia, the founder of RIRFHUD began with the Lagos HOMS project, which he says has about 10,000 units, both completed and uncompleted.

He spoke about the Nigeria Mortgage Refinance Company (NMRC); the amount so far accessed from the NMRC and mortgage institutions involved. “We looked at the impact of the NMRC because there has been a lot of conversation around the setting up of this secondary mortgage institution. About N1.8billion has been accessed from the NMRC. These comprise Imperial Homes, N970million; Home base Mortgage Bank, N492million, and Trust Bond Mortgage Bank, 300million. There is a lot to be tapped from NMRC. We just feel that a lot needs to be done.”

Giving further insight into the content of the research work, Igbinobia noted: “We decided to look at luxury residential market, this became important because if you look at Bourdillon, Eko Atlantic City, Churchgate, we were taken aback as to why investors are doing luxury real estate when there is a huge clamour for low and medium income housing.”

“Interestingly, what we found out is that people are moving away from the 1000sqm and 1,500sqm of houses to some three bedrooms four bedrooms luxury fully serviced apartment. You see people moving from the Ikoyi/Banana Island areas to do some off plan projects for luxury development.”

For copies of the report please visit www.rirfhud.org; www.pisonhousing.com; www.reic-ng.com; a copy of the report sells for N75, 000. You can also call 07066572300; 08105342058; 08023076551

This is a feature by RIRFHUD.