LAGOS – A United Kingdom Property Expert, Mayowa Oluyede has stated that the Federal Government must be intentional and invest in Affordable Housing for it to thrive in Nigeria
Oluyede, who is the Founder of MS Estates in the UK, gave his one cent on The Effectiveness of Affordable Housing in Nigeria while speaking to journalists on Wednesday evening.
The Expert, who cited the instance of the United Kingdom’s homes built by Councils, said that tenants who had lived up to some years in any of the homes are given the right to buy the same property at a discounted amount.
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According to him, The Government of the United Kingdom can even help the tenant to buy the property with a loan of 20 percent if 25 percent is being requested for instance.
Meanwhile, He said that the local governments in Nigeria are not empowered for such even though the system is being improved upon now considering the instance of Financial Autonomy given to them in recent past.
“For Affordable housing to thrive in Nigeria, the government must be intentional about it; They must be able to invest into it. For instance in the United Kingdom, a lot of homes built in ages are called Council Homes or Property.
“At the time of the Former Prime Minister of the United Kingdom, Margaret Thatcher, the UK Government started giving those homes right to buy.
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“As a tenant, you can buy your Council Property and it will be sold at a discount having lived there for a stipulated number of years. These are homes built by local authorities.
“Mind you! Nigerian local system is not really effective. They dont really have power to do so much. But, the power is being given to them gradually now.
“You have access to funding in the United Kingdom and government even came up with a scheme of Help-To-Buy; The Government can help you to buy a property. If you need to buy a property and put 25 percent deposit down for instance, the government can give you 20 percent like a loan to you.” He said.
In the same vein, Mayowa lamented over lack of a tracking system in the country and also country’s give-back to its citizens in order to ease the business for them.
He gave an instance of being given personal computers free of charge and apprentice when he started his real estate business 20 years ago in the United Kingdom.
“We dont have a tracking system in Nigeria and we are not giving our citizens anything back.
“I could remember when i started the real estate business in the United Kingdom, the government gave me personal computers for free. They gave me apprentice; people that can work for me for one year and be paid almost to nothing just to grow because they knew if i train them for one year i might want to employ them.” He said
