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Policies governing housing schemes is a factor affecting the real estate sector — Ehima Uwumarogie

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Ehima Uwumarogie, the Chief Operating Officer, TotalEnergies Staff Housing Cooperative Multipurpose Society Ltd, has said one of the factors affecting the real estate sector is policies governing housing schemes, especially seamless access to an affordable mortgage without robbing the bank.

The COO made this disclosure at the unveiling of the company’s Louisville housing development briefing, held in Lagos.

He said: “Housing in developed economies is primarily financed by mortgages, and Nigerians do not have access to affordable mortgages. It cost a huge amount of money to build a house. The only way to provide affordable housing is to make mortgages affordable, provide working legislation, and an enabling environment for developers willing to provide low-cost housing for low-income and middle-income brackets.

“Affordable mortgage in Nigeria is N15m, what kind of housing can you get with N15m in Nigeria? The cost of cement is about N3000 right now. Also, most of the things we have, we import. Right now, the only people that can afford housing in Nigeria are the upper class, and by creating a system of affordable mortgage and a credit system, this is the way housing will become affordable for the whole country.”

Speaking on Nigeria’s housing deficit challenge, the Managing Partner, Availsys Limited, Moses Ida-Michaels, said more houses need to be built very cheaply as a shelter for all is a great objective to be pursued as a nation.

He further noted: “When we have big commercial development such as Loiusville, our objective is to also take care of a particular segment of the market. However, in the bigger picture, the government, real estate developers will come into play, and one of their aims is to look for how energy efficiency would come in. Hence, the objective of green buildings would be to make buildings cheap to enhance affordability.”

“The future of real estate is in energy efficiency, and for us as a nation, it is important that we start right, using natural products that can be recycled.”

According to Louis Ogbeifun, the TEHC President, sustainable housing development is an essential component of the United Nations 2030 agenda for sustainable development.

He said: “As the impact of major threats such as pollution and climate change increases, there is an increased focus on smart, sustainable housing as the living habitat of the future. Ultra-modern housing developments like Louisville indicate growing efforts by Lagos developers to create greener, more eco-friendly living environments in the densely populated city.”

The General Secretary, TEHC, Daniel Ekpenyong, mentioned that the property has a 10,000m2 to 12,000m2 retail area for commercial and recreation with multilevel car parking for both residential and commercial use. There is also a dedicated facility management company responsible for the management of the development.

“In line with our objective of providing smart and future-focused living spaces, the Louisville apartments are equipped with smartness and automation whilst water, power and waste systems are centralised. Louisville’s location is also strategic, sitting at the heart of the iconic Eko Atlantic City,” he added.

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