Real Estate Manager Decries Housing Imbalance

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A Real Estate Manager, Roland Otounah has decried the imbalance in the Rivers State real estate industry.
Otounah who spoke at a forum of property managers under the aegis of Rivers State Indigenous Real Estate Agents, Monday in Port Harcourt, said the aim of the meeting was to chart a pathway where low income earners would be carried along in the scheme of things.
He expressed worry that the imbalance in the housing sector would throw players in the industry into the red, if urgent steps are not taken to address the matter..
Otonuah noted that the operating system of the mortgage sub-sector of the financial industry in the state does not make home ownership for low-income earners feasible.
According to him, “the prevailing mortgage practices, especially private mortgages, here in the state and indeed, the country at large does not capture the interest of low-income earner.
He stated that there is need for government to subsidise loans through mortgage to enable low-income earners own their homes.
He suggested that if the housing gap has to be bridged the government and the private mortgage need to develop templates that would enable the low and middle income earners become home owners.

 

Tonye Nria-Dappa