Business
Housing: Surveyor Blames Setback On Ineffective Mortgage
Worried by apparent
lag in the development of the Housing Sector in Nigeria, an Estate Surveyor and Valuer, Mr Vincent Ordu, has blamed the ugly trend on the absence of an effective mortgage system.
He said that the issue of effective mortgage system has been one of the major challenges that Nigerians have faced for a very long time now in trying to acquire houses.
Ordu, a member of the Nigerian Institution of Estate Surveyors and Valuers (NIESU) who disclosed this to The Tide in Port Harcourt, said it has become very unfortunate that mortgage industry in the country has been haphazard and that this has contributed to the problems in the sector.
“In other countries, especially the developed economics, people do not have to buy a house by cash-and-carry, mortgage is always available where individuals can purchase a house and pay over a long period”.
“This is what is missing here in Nigeria. The Mortgage Refinance Company recently set up by the Federal Government is an initiative in the right direction, and it is hoped that if this fully comes on board, it will provide a relief for Nigerians in an attempt to access housing”.
“It is expected that with the level of work done by government in the housing sector, given the various housing initiatives and partnership delivery platforms, Nigerians might start witnessing a boom in the housing sector and many will own homes”, he said.
He therefore urged stakeholders to put every effort towards ensuring that the issue of mortgage inefficiency is tackled so as to give Nigerians access to affordable homes.
Corlins Walter