“By the year 2050, it is projected that Nigeria’s population will come to about 398million with urban population rising to 74.1 per cent. This projection emphasizes one cardinal fact, shelter will continue to be in demand and Nigeria’s housing need challenges will prove to be a continual problem if not strategically addressed.
“The need for property is as dynamic and universal as it re-mains recurring for as long as the people strive and regenerate, there will always be a need for shelter. In order to meet these needs, equipping ones decision making process with reliable data and information from research, proves a persistent challenge.
”With Lagos described as home to more than 10% of the total population of Nigeria, it is noted that if the housing challenge in just Lagos is solved, then 10 per cent of the challenge in Nigeria is solved. He added that since Lagos attained the status of a mega city in 2007, it has witnessed an accelerated drive from the government and private sector in providing real estate needs.
“Interestingly, it was found that people are moving away from the 1000sqm and 1,500sqm of houses to some three bedrooms four bed-rooms luxury fully serviced apartment. You see people moving from the Ikoyi/Ba-nana Island areas to do some off plan projects for luxury development. “As at 2009, the housing gap was somewhere around just under 2million. Since 2009, a whole lot of things have changed. Then when we did the report, we had said, Lagos was 9million people, relying on data from the National Bureau of Statistics.
“What are land-lords saying and how many people have defaulted in terms of their rents? We found out that about 71% of defaulters default in rent. That will tell you what will happen if we are to begin to do mortgages.
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