Developer Urges Govt On Housing Subsidy, Says Home-ownership No Longer Affordable

Abuja real estate developer, Big Homes has decried the rising cost of building materials in the country, calling on the government to consider subsidising the housing sector.

In a chat with journalists, Big Homes Managing Director, Topsy Essien said the real estate sector is one of the worst hit by inflation in the country.

He said, “There is an urgent need for the government to assist home buyers and developers who have been hit by the excalating prices of building materials and economic downturns, by introducing some strategic subsidy to help keep the sector running.

“The present situation has made it hard for developers that operate the off-plan payment structure – a strategy that was modeled to make citizens pay for homes comfortably over a period of time. While payment plans extend to 2, 3 years , construction costs escalate tremendously almost on a daily basis, making it almost impossible to meet up on delivery.”

Essien maintained that the real estate sector over the years has created thousands of jobs and is a source of livelihood for many including lawyers, agents, facilitators, engineers, builders, traders, artisans, manufactures, miners, and many more.

He said if the sector suffers more hardship, the ripple effect is likely to affect other sectors connected to it.

“When developers can not build, artisans who have no other source of income besides putting their skills to hard labour may resort to crimes or other illegal activities to make ends meet.”

He urged the government to consider subsidising the housing sector, adding that if properly and strategically implemented, could help stabilize the economy.