Business
Valuer Explains Housing Deficit
A practitioner in the housing sector, and an Estate Surveyor and Valuer by training, Mr Ariobiobara Bestman, has said that the reason for low investment and shortage in affordable low cost houses, especially in Port Harcourt and environs is the non-showing of interest in Mortgage activities by both government and private sector.
Bestman who was responding to questions on why there is low activities in provision of affordable and low cost housing, especially in Port Harcourt in a chat with The Tide, said that availability of mortgage facility is the primary thing that can guarantee housing development.
He said that over the years, the state government had not shown appreciable interest in the issue of mortgage provision, adding that the private sector is interested in development of houses that they can resell quickly and make their gain and that such style is focused on the high income earners.
According to him, “Mortgage for housing is a long-term plan, say between 10 years and 15 years where repayment will be made through deductions or monthly remittance. Many private investors do not want to tie their funds on this type of arrangement, but they want to invest where they will make quick returns with gain.”
Mr Bestman who is also the Estate Manager of PABOD Finance and Investment Company Limited, stated that the mortgage arrangement is the primary source where funds could be raised to finance low income and affordable housing scheme for the low income earners.
The real estate professional also pointed out that the system of mortgage has been used by many developed economies to provide houses for its citizens, adding that the same process could be used to provide houses for the people, even in Port Harcourt and environs where there is high demand for housing, among the medium and low income earners.
He said that since the private sector cannot venture into mortgage, it is necessary that government provides the mortgage to finance housing development in Rivers State that can enable indigenes especially those in public service, own their own houses, while the deductions are made from salaries on monthly basis.
The professional valuer cited examples of the Lagos State Housing Policy, over the years, which has enabled people to own houses, because of availability of mortgage and that Rivers State can do such.
Corlins Walter