‘Adequate Funding, Panacea For Housing Shortage’

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A player in the real estate industry, Mr Opuene Pedro has said that housing shortage in the real estate sector can only be adequately addressed with real estate funds.
Pedro made this assertion in a chat with The Tide, Monday in Port Harcourt.
He noted that the shortage of affordable housing in Nigeria is currently at 17million, stressing that urgent steps should be taken to curb the trend.
Pedro, an estate surveyor and valuer wondered why it was difficult for a nation that prides herself as the giant of Africa to provide housing, which he described as a basic human need for her populace.
He observed that to bridge the housing deficit in Nigeria, the nation requires an estimated amount of N158million.
According to him, Nigeria’s population is on a daily increase, which he said keeps the housing shortage constant.
He however, regretted that economic activities in the real estate sector was slow coupled with the exodus of investors due to the remarketing of the sector by the current political uncertainty in the state
He suggested that investing regularly in a Real Estate Fund (REF) would provide required funds to boost activities in the real estate industry.
He explained that REF, an investment vehicle that pools resource to invest in real estate and allows individual investors to partake in the benefits of the underlying properties.
The estate surveyor further explained that REFs are traded on the Nigerian Stock Exchange (NSE), just like stocks/shares and could be purchased through stockbrokers, just like other stocks/shares.

Tonye Nria-Dappa