In this guise, the National President of Building Collapse Prevention Guild (BCPG). Mr. Sulaimon Yusuf, opined that it is only government’s intervention in the real estate sector that can crash the price of housing in the country. He said that what contributes to increase the cost of housing in the country is the procurement of land, provision of infrastructures and the likes.

According to him, “the work of Federal Housing Authority (FHA) is to provide houses. You can see what the Ministry is doing, giving land to consultants to build houses in all the states of the federation. These are the impacts that we feel, safe for those states who have not been able to give land to federal government, houses are not built there. So, now, when you look at the performance, you say okay, for those states that have provided land, they were able to provide houses through Private Partnerships Projects (PPP).

In that regard, state governments should be able to provide the land for housing construction in addition to provision of infrastructure in such areas. Lamenting the dearth of data, Yusuf said that Nigeria does not know the number of housing deficit in the country to be able to bridge the gap.

“First and foremost, we have problem of data.

You see, for us to say we have shortfall in shelter, there must be adequate data in terms of how many are we? Then, what is the stratum of that population, where are this population? From there, you can now determine the actual deficiency that we have. But what we now have is people on their own crazy to buy land.

Even the estate developers, what they do is looking for land especially in Lagos here because I know the rate at which they are building in Lagos is not the same at which they build in Ibadan, in Akure and other city centers or Abeokuta.

“The rate differs. This is because we have special case in Lagos. Everything is profitable in Lagos and so people see housing as one of the  profitable ventures. They knew that if they put it down, people will buy and this is why you see people building all over the places. The estate developers, everybody are just running up here and there building houses, selling them and making money. If you want to make a quick one, you go to real estate. That is why you see all of them making money from all sources and bringing them to build houses and make money.

Go to Lekki corridor you will imagine yourself whether, with all these houses why are we still having housing deficits? They are not building room and parlor, they are building duplexes, flats. Those people that are building houses are not that category of people.

One of the Chief Executive Officer of a Real Estates Company in Lagos State has lamented the current cost of labour and building materials triggered by removal of fuel subsidy by the federal government, saying it is affecting the cost of housing units in the country.

He disclosed this to newsmen in Lagos, he revealed that the cost of labour and building materials have skyrocketed, saying he has been working around his finances and work ethics without compromising standards.

He said: “within the estate, we do some basic things by ourselves. Let me let you know that the cost of labour has also gone up. A mason or carpenter now collects N7,000 instead N3,500. We have to go back to the drawing board to look at our operation, then scale it down so that we will be picking it gradually.

We are not stopping work, we are progressing but our activities are based on scale of preference. ”Due to these challenges, he said, the prices of the housing units have been affected, adding that the increase in price is tied to the present economic challenges.

“Housing units’ prices ranged from N55 million for outright purchase. The same unit can’t go for that in the next 12 months. When we started, the price was N48 million. The fuel subsidy removal is affecting our bottom line if you look at it very well,” he said.

He disclosed the 2025 deadline for the delivery of all the housing units, pointing out that, one uniqueness about the estate was that, immediately you subscribed and made payment, subscribers got all their documents immediately.

He added that lack of transparency in the area of documentation remains one of the reasons Nigerians in Diaspora are wary of investing in housing back home.

“Documentation is the most common thing that is really a hindrance to people living abroad from investing in real estate back home. For people living abroad, there is this kind of distorted information, process that you have to get this, you have to buy this, and at the end of the day after paying for some certain documents, developers would still go back to them that they still need to pay for one kind of document that does not really exists.

“I am a Nigerian and I live in Canada, I have witnessed how things are done over there in Canada, South Africa and other parts of the world. I am also bringing this to Nigeria, he said.

Location and Infrastructure:

Evaluate the location of the property and the existing and planned infrastructure in the area. Look for proximity to major roads, transportation networks, schools, hospitals, shopping centers, and other amenities.

Development Potential:

Ibeju Lekki is known for its rapid development and growth. Research ongoing and upcoming infrastructure projects, such as the Lekki Free Trade Zone, seaport, and airport, as they can significantly impact property values and investment potential.

Title Documentation:

Ensure that the property has valid and marketable title documentation. Engage the services of a qualified lawyer or property professional to conduct thorough due diligence on the property’s title to avoid any legal complications or disputes in the future.

Security:

Assess the security situation in the area. Look for gated communities, security measures, and the presence of law enforcement agencies to ensure the safety of your investment.

Growth and Appreciation Potential:

Consider the growth and appreciation potential of properties in Ibeju Lekki. Look at historical trends and consult with real estate professionals to understand the market dynamics and potential returns on investment.

Infrastructure Development:

Evaluate the availability and quality of essential infrastructure such as electricity, water supply, and internet connectivity. These factors can significantly impact the livability and value of the property.

Future Planning and Regulations: Research the urban planning and zoning regulations in Ibeju Lekki to understand how the area is likely to develop in the future. This can give you insights into potential opportunities and risks associated with your property investment.

Engage Professionals:

Seek guidance from real estate professionals, including agents, lawyers, and property consultants, who have experience and expertise in the Ibeju Lekki area. They can provide valuable insights and help you make informed decisions.

Market Research:

Conduct thorough market research to understand property prices, rental demand, vacancy rates, and the overall real estate market in Ibeju Lekki. This will help you assess the potential profitability of your investment.

Financial Considerations:

Evaluate your financial capacity and consider factors such as affordability, mortgage options, and potential rental income if you plan to buy the property for investment purposes.

By considering these factors, you can make an informed decision when buying properties in Ibeju Lekki. It’s advisable to consult with professionals and conduct your due diligence to mitigate risks and maximize the potential of your investment.

Lukmon Hassan is a TOP REALTOR IN LAGOS. He helps Nigerians in Diaspora to own Safe and Securd Properties Lagos Nigeria. For enquiries whatsapp/call +2347031847587