‘Housing Deficit Cuts Across All Market Segments In Nigeria’

The Executive Director, Grenadines Homes, Mr. Adesope Adeyinka, has urged stakeholders in the nation’s real estate sector to see Nigeria’s housing need as cutting across various economic strata, adding that they should not be misguided by the belief in certain quarters that housing need is limited to the middle class.

Mr. Adeyinka who disclosed this while speaking recently about the country’s housing deficit, said “When we talk about housing deficit, people actually think it is limited to the lower class of the society. It would not be fair to look at the housing deficit challenge in Nigeria from one side. The deficit actually exists in all the market segments. That is, the top, the middle and the lower class”.

Explaining concerted efforts aimed at managing the deficit by his firm, he revealed that his organisation is heavily involved in some initiatives that aim at strategically catering for the needs of specific segments of the real estate market, using modern innovative technologies.

Adeyinka noted that it is projected that the real sector will add about 7.6 million households in the middle class by 2030, stressing that this is a fall out of the growing middle class and the need to cater for their housing needs, maintaining that these prospects have huge investment potentials, and consequently highlight the demand for commercial space in Lagos.

culled from Vanguard