Operators seek government interventions as housing gap widens

<p>Real estate stakeholders at the 17th edition of the Africa International Housing Show have urged the government to implement policies that tackle the country’s housing challenges. DAMILOLA AINA writes on the fallout of the show</p>, <p>The 56 million housing shortage in Africa is a significant issue that has raised concern among stakeholders. The worry is further compounded by the United Nations’ projection that the continent’s urban residents would increase to 1.5 billion by 2050, and that Africa will pass the tipping point of 50 per cent urban population around 2035.</p>, <p>There are numerous reasons that have been given for the continent’s massive housing shortage. They include lack of access to funds, landownership, poor government housing policies, among others.</p>, <p>Many investors in the real estate sector focus on luxury buildings for high-income earners, leaving low- and medium-income earners to struggle with housing shortages.</p>, <p>Africa’s ballooning population has not also helped matters. According to Microtrends, the continent’s population currently grows at 2.37 per cent annually. It claims that Africa’s population currently stands at 1.46 billion. However, its economy only grew by 3.8 per cent last year and has been projected to grow by 4.1 per cent in 2023-24, according to the African Development Bank.</p>, <p>Though, the Chief Executive Officer of Financial Derivative Company, Bismarck Rewane, expects 5.2 per cent in 2023, the growth does not reflect the large size of the country’s housing market. The country is still grappling with a huge unmet housing demand due to challenges that include a lack of good policies and coordinated leadership.</p>, <p>Despite the challenges bedevilling the sector, experts have argued that housing could be used as a catalyst for the country’s economic development.</p>, <p>The International Human Rights Commission claimed more than 28 million Nigerians lack access to decent and affordable housing. Similarly, the Federal Mortgage Bank of Nigeria has stated th