In Nigeria, houses could soon be cheap as N1.5 million
That’s if technology allows quality houses that are that affordable to be built.
Managing Director of the Nigeria Mortgage Refinance Company (NMRC), Prof. Charles Inyangete, is the one making the promise.
“We are ready to refinance houses as cheap as N1.5 million,” Inyangete said at a conference in Abuja on Monday.
“We are not looking at the money market but hope that technology will allow us to actually build houses at that price.
“It will first of all drive down the affordability because the prices of houses in Nigeria are particularly very high,’’ he noted.
The press conference held, Monday, ahead of the 2016 African Union for Housing Finance (AUHF) 2016 conference scheduled to hold in Abuja from Sept. 14 to Sept.16.
NMRC will co-host the conference.
AUHF is an association of 56 Mortgage Banks, Building Societies, Microfinance Institutions, Housing Corporations and organisations, involved in mobilisation of funds for shelter and housing in Africa, NAN reports.
“The conference will also explore how to grow Africa’s mortgage markets to provide sustainable access to affordable housing finance as well as public-private partnership for affordable housing delivery,” Inyangete said.
AUHF chairman Oscar Mgaya noted that problems associated with housing cost, low income earners, mortgages, interest rates, among others would also be addressed.
