Real Estate Firm Advocates for Government Support to Tackle Housing Deficit
A Lagos-based real estate company, Meritabode Nigeria Limited, has urged the government to create a more enabling environment for property developers. This move aims to help bridge Nigeria's significant housing deficit and improve access to affordable homeownership through long-term financing options.
Call for Regulatory Reforms and Improved Mortgage Systems
The General Manager of Meritabode Nigeria Limited, Ofure Oseni, made this appeal during a special land allocation event for over 30 subscribers to the firm's Emerald Haven Estate, located along the Lekki-Epe Expressway in Lagos. Oseni emphasized that Nigeria's growing population will continue to drive housing demand, necessitating greater government support to expand supply and facilitate access to land at moderate prices.
She acknowledged that the real estate sector has seen increased regulatory oversight in recent years, with the government strengthening frameworks to shape the industry. However, Oseni pointed out that developers still face bureaucratic hurdles that slow down projects and inflate development costs.
"We have witnessed many developments and regulatory processes introduced in the industry. The sector is gradually taking shape because the government has begun to strengthen regulatory frameworks," Oseni stated. "Nevertheless, there are still numerous bottlenecks and bureaucratic processes involved in developing estates. The government needs to address these to make it easier for developers to operate effectively."
Details of the Emerald Haven Estate Project
Oseni provided insights into the Emerald Haven project, which includes:
- Residential Build Zone: Comprising 450 square metre plots for housing development.
- Investment Zone: Featuring 600 square metre plots for terraced and semi-detached apartments.
- Commercial Component: Starting from 1,200 square metres for shopping malls and other business activities, tailored to investor requirements.
To enhance property accessibility, the company has introduced flexible payment plans allowing subscribers to pay for plots over a 12-month period. Additionally, Meritabode has partnered with the Federal Mortgage Bank of Nigeria (FMBN) to support buyers seeking mortgage financing.
Challenges and Solutions in Mortgage Financing
Oseni expressed concern over the underutilization of mortgage financing in Nigeria. She explained that due to the limited establishment and accessibility of mortgage systems, many developers have adopted installment payment structures to assist buyers in gradually acquiring property.
"In developed countries, many people rely on mortgages to own homes. The government needs to educate Nigerians more about the mortgage process and make the system more accessible," she advised. Greater public awareness about mortgage opportunities could significantly improve housing access, according to Oseni.
Features of the Smart Estate and Stakeholder Advice
The Emerald Haven estate boasts government allocation, an approved and verifiable layout, and compliance with official development procedures. Oseni described it as a smart estate equipped with modern infrastructure, including:
- A central sewage system and water supply network.
- 24-hour electricity and smart security systems.
- Internal road networks, recreational facilities, and commercial areas.
She urged stakeholders in the real estate ecosystem to build stronger confidence by maintaining transparency and delivering quality services. Oseni also advised prospective buyers to patronize only reputable developers with credible track records to avoid fraudulent property schemes.
Company Strategy and Future Outlook
Victor Igbenoba, the Sales Director of Meritabode Nigeria Limited, noted that the land allocation was part of activities marking the firm's anniversary. He highlighted the company's strategy of identifying emerging development corridors early to position subscribers for future growth.
"Real estate has always rewarded those who see tomorrow before it arrives. That principle has guided our approach over the years," Igbenoba said. He explained that rapid urban expansion, infrastructure development, and population growth will continue to unlock new investment opportunities across Nigerian cities.
"Across our cities and emerging communities, expansion is inevitable. Infrastructure will continue to unlock new investment frontiers, while population growth will keep driving housing demand," he added. The firm plans to expand its property portfolio in strategic locations, offering well-structured investment opportunities designed to appreciate and secure investors' futures.
Subscriber Feedback and Sector Confidence
A subscriber, Michael Inyang, commended the company for providing quality property opportunities and urged sustained efforts to boost investor confidence in Nigeria's real estate sector. This feedback underscores the importance of trust and reliability in fostering a robust housing market.
