An Estate Surveyor and Valuer, Morgan Amadi, has urged both federal and state governments to take the issue of low cost housing seriously if the gap in home ownership must be bridged.
He said that goernment should do everything within its powers to focus on low-cost housing if the deficit in housing sector must be addressed in the country.
Amadi who made this known in an interview with The Tide in Port Harcourt, last Friday, noted that mortgage refinancing would be the beginning of a great relief to the populace.
“ If government wants to bridge the gap, they should focus on low cost housing like one, two, and three bedroom apartment .
“ If the cost of buying it is within #2 million to #4 million, an average civil servant will be able to pay within 20 years without a burden on him, on a monthly salary of #100,000.
“ In United Kingdom and other developed countries that I know, houses are bought through mortgage. This is so because it is only mortgage institutions that can give long-term loan.
“ This is the only system that can  spread this payment over the years on a monthly installments payment basis and this will be a welcome idea in this country.
“ Even in the Elekahia and Presidential housing estates here in Port Harcourt, the beneficiaries got it through mortgage and after the initial deposit payment, the balance was paid later over the years.
The real estate professional said, in the alternative, government can get lands, allocate them to public servants and give them Certificate of Occupancy.
According to him, the land can serve as a collateral for them to obtain loan to build, and also make the process of getting the ‘C of O’ easier.

By: Collins Watter