Leading Nigerian Real Estate Agency; Ramos Realty has noted that access to Mortgages can help bridge Nigeria’s housing deficit which stands at about 20 million. This was revealed by the company’s Commercial manager Joshua Odimma during an interview with Accelerate TV. He noted that many Nigerians are used to buying houses and other assets with huge financial implications out of pocket, but rarely consider mortgages as an option to help finance their dream home.
Odimma added that Nigerians are just getting accustomed to the cash loans culture in Nigeria, but more sensitization around mortgages will help take off the huge strain of a single bulk payment and reduce the housing deficit.
“Housing is capital intensive in Nigeria due to the high cost of construction, inflation, surging land prices, and even the unavailability of lands. The high capital requirement of housing has made long-term financing critical in driving affordability; particularly for lower and middle-income groups.”
Speaking further he notes, “Houses can be affordable to many Nigerians if the Government can help with a proper mortgage system in Nigeria”.
He however advised mortgage operators to make the process of applying and approval less cumbersome to allow for full utilization.
“Government and even banks need to sensitize the public more about the benefits and processes of mortgaging. The public and private sector would need to intervene through the introduction of more specific policies and creative financing facilities to drive affordability”
Founded in 2018, Ramos of Lagos Realty, a luxury real estate firm that specialises in building, selling, and renting quality homes to clients has partnered to provide home financing solutions to Nigerians home and abroad. Due to its innovative marketing concepts, seamless property acquisition process, and top-notch listings, Ramos Realty is widely regarded as the go-to agency for property marketing and purchase in Nigeria.