An expert in mortgages,
Mr Gabriel Ogwudiogu, has lamented the high cost of home ownership in the country.
Ogwudiogu observed that the high cost was associated with the high home registration costs, among others.
He recalled that when government stated that they would build low-cost houses for civil servants, there were high hopes that many civil servants in the state would become home owners, noting that that hope was dashed when the cost of a two-bedroom flat was pegged at N4.6 million in 2008.
“Many civil servants who showed interest backed-out due to the high cost of the homes”, he further said.
He explained that many middle income earners would not be able to buy residential properties if the registration costs are not favourably addressed.
The housing expert noted that currently, the home registration cost is at 16 per cent of the value of the property and added that “if housing must be made affordable to the majority of the people, the registration cost must be reduced.”
He also stated that other government policies on land titling, obtaining certificate of ownership and approval processes must be reviewed to enable more people buy properties in the state.
He stated that already, some states have taken the initiative to review land-titling, governor’s consent and property registration processes to “make home ownership possible in their states.”
Ogwudiogu advised that the Nigerian Mortgage Refinance Company (NMRC), should partner with state governments to facilitate the process of making home ownership affordable to the majority of the people and create an enabling environment for growth in the mortgage market.
He suggested that home registration cost be slashed from 16 per cent to six per cent in line with the borrowing interest rate of the Federal Mortgage Bank of Nigeria.

Tonye Nria-Dappa