Abuja: Real Estate Developers Association of Nigeria (REDAN) has asserted that Nigeria can bridge its housing deficit within the next decade through faster land titling, improved infrastructure, and affordable mortgages. The President of REDAN, Oba Akintoye Adeoye, shared these insights during an interview with the News Agency of Nigeria (NAN).
According to News Agency of Nigeria, Oba Akintoye Adeoye, who is also the paramount ruler of Okeigbo town in Ondo state, emphasized the importance of stronger public-private collaboration in addressing the housing gap. He highlighted that faster land administration, improved infrastructure, and affordable mortgage financing are critical components for increasing housing delivery across the nation.
Despite REDAN’s significant contributions to reducing the housing shortage, Adeoye acknowledged the association’s limited capacity to eliminate the deficit independently. “Whatever the size of the shortage, every new building reduces the deficit,” he remarked, acknowledging REDAN’s role as a major contributor in this endeavor.
Adeoye urged the government to prioritize infrastructure development to unlock vast areas of land suitable for housing. He pointed out that many large land areas remain inaccessible due to inadequate roads, electricity, and water supply. “If we want to bridge the deficit, we must be intentional and pragmatic. We have to close the infrastructure gap first,” he stated.
Further, Adeoye identified delays in land administration as a significant obstacle to housing delivery. He called for the simplification and acceleration of the issuance of Certificates of Occupancy, Rights of Occupancy, and development approvals. “Land titling requires policy attention. Certificates of Occupancy and building approvals should be processed within one to four weeks,” he suggested, noting that prolonged approval timelines discourage investment and delay housing projects.
Addressing housing finance, Adeoye emphasized the need for affordable, long-term financing to expand homeownership and boost housing supply. He advocated for funding at single-digit interest rates with long repayment periods, highlighting the inadequacy of short-term funds for long-term projects.
Adeoye also stressed the necessity of accessible mortgage facilities for most Nigerians to purchase homes over extended repayment periods. “Without affordable mortgages, many Nigerians cannot buy houses, regardless of the number built. Mortgage financing is critical to closing the housing deficit,” he asserted.
Commenting on the Federal Government’s Renewed Hope Housing Programme, Adeoye acknowledged its progress but called for greater commitment. He urged the government to enhance affordability and strengthen mortgage support for prospective homeowners, ensuring that the initiative becomes more intentional and provides tangible benefits.
Despite the challenges facing the real estate sector, Adeoye assured Nigerians that REDAN members would continue investing in quality housing to address the nation’s housing needs.