NISH Affordable Housing Limited has stated that the housing market could experience a significant boom if the proposed Federal Governments Real Estate Investment Fund is efficiently implemented to finance prospective homebuyers. The founder, Mr. S.K. Yemi Adelakan, highlighted the importance of adequate, accessible, and affordable financing to invigorate the market, boosting construction of various types of homes.
Adelakan believes the housing market may not see a downturn due to demand outstripping supply. He mentioned the Renewed Hope Housing Programme under the current administration as a factor that will keep the market active. The high-end segment will flourish, while one- and two-bedroom houses are in high demand but undersupplied.
He emphasized that affordable housing is possible even under current economic conditions if the government incentivizes developers and building materials manufacturers. Adelakan also noted that introducing bankable off-takers guarantees could catalyze the housing market and economy, making housing more accessible.
Regarding the 7th Nigeria Affordable Housing Finance Summit on November 26 in Abuja, Adelakan explained the event's strategy to address the housing needs of low and medium-income earners through innovative development and financing. The summit will promote building technologies, digital transformation, the self-help culture of the cooperative model, capacity building among professionals and artisans, and stakeholder collaboration. It advocates for policies and incentives to enhance large-scale delivery of affordable housing.
