{"id":2173,"date":"2023-01-10T13:00:50","date_gmt":"2023-01-10T13:00:50","guid":{"rendered":"https:\/\/amazingproperty.com.ng\/blog\/experts-seek-fiscal-measures-to-fix-housing-problems\/"},"modified":"2023-01-11T12:58:31","modified_gmt":"2023-01-11T12:58:31","slug":"experts-seek-fiscal-measures-to-fix-housing-problems","status":"publish","type":"post","link":"https:\/\/amazingproperty.com.ng\/blog\/experts-seek-fiscal-measures-to-fix-housing-problems\/","title":{"rendered":"Experts seek fiscal measures to fix housing problems"},"content":{"rendered":"

\"Housing<\/p>\n

Housing Problem: There is great potential in the nation\u2019s real estate sector.<\/h2>\n

Experts in the real estate<\/a> have urged the Federal Government to ensure fiscal measures such as tax reliefs, subsidies, provision of social housing<\/a> as well as various regulations, aimed at influencing the quality and pricing<\/a> of housing in the country.<\/p>\n

\n

Noting that government\u2019s interventions\u00a0in the housing sector, should go\u00a0beyond mere policy statement, they\u00a0such policy must be backed up with\u00a0liquidity and viable policies.<\/p>\n

Giving the advice on the heels of\u00a0some manufacturers threatening to\u00a0shut down due to the growing economic\u00a0challenges, an economic expert,\u00a0Mr Jude Akanya, said government\u00a0should through the Federal\u00a0Mortgage<\/a> Bank of Nigeria, FMBN,\u00a0create liquidity for mortgages, based\u00a0on the volume of businesses.<\/p>\n

Though, he noted that the bank is\u00a0largely inefficient and may not cope\u00a0with the provision of the instruments\u00a0to meet up the nation\u2019s housing deficits\u00a0due to paucity of funds, he said\u00a0government should through such incentives\u00a0assist investors in the sector.<\/p>\n

According to him, government\u00a0should re-gig the bank to be able to\u00a0perform its duties, saying, \u2018\u2019there is\u00a0great potential in the nation\u2019s real estate\u00a0sector, adding that there is money,\u00a0which has not been tapped.<\/p>\n

Government, according to experts\u00a0must grow the housing sector by\u00a0bridging the funding<\/a> cost of residential\u00a0mortgages, promote availability\u00a0and affordability of housing through\u00a0increased liquidity in the mortgage\u00a0market.<\/p>\n

Also, the Founding Partner of\u00a0Huntingfield Capital Limited, Mr\u00a0Onye Onwuka, urged government to\u00a0strengthen housing institutions and\u00a0make them more viable.<\/p>\n

He said that this would be in addition\u00a0to supports large enterprises for\u00a0start-ups and expansion, including\u00a0the financing<\/a> needs of between N500\u00a0million and N10 billion.<\/p>\n

Lagos Chamber of Commerce and\u00a0Industry, LCCI, has equally stressed\u00a0the need for a functional mortgage\u00a0system.<\/p>\n

It however called for effective supervision\u00a0of financial and mortgage\u00a0market developments, combined\u00a0with some policies to enhance housing\u00a0supply flexibility, which it said,\u00a0are key for macroeconomic stability.<\/p>\n

According to the Chamber, in most\u00a0developed countries, innovations in\u00a0mortgage markets, coupled with appropriate\u00a0regulatory oversight and\u00a0prudent banking regulations, have\u00a0led to a vibrant housing market.<\/p>\n

It regretted that financial liberalisation\u00a0and mortgage innovations\u00a0have failed to increase access to\u00a0credit and lower the cost of housing\u00a0finance in the country.<\/p>\n

Also, the African Development\u00a0Bank, ADB, had earmarked another\u00a0$400 million to support the NMRC,\u00a0just as government is also trying to\u00a0raise more funds on a long-term basis\u00a0at reasonable interest rate, so that\u00a0the cost of borrowing would go down.<\/p>\n

Housing has the ability to be a leading sector for stimulating economic growth and development in a depressed or stagnant economy while raising the standard of living of the people.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Housing Problem: There is great potential in the nation\u2019s real estate sector. Experts in the real … Experts seek fiscal measures to fix housing problems<\/span>Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":2174,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"advanced_seo_description":"","jetpack_seo_html_title":"","jetpack_seo_noindex":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[4],"tags":[519,4751,1399,617,344,684,408,1032,312,522,41,84,857,15309],"class_list":["post-2173","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-opportunities-in-new-markets","tag-africa","tag-amazing","tag-development","tag-house","tag-housing","tag-lagos","tag-mortgage","tag-mortgage-bank","tag-mortgages","tag-nigeria","tag-property","tag-real-estate","tag-real-estate-sector","tag-ups"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/03\/house-housing-1024x340.png?fit=1024%2C340&ssl=1","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/posts\/2173","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/comments?post=2173"}],"version-history":[{"count":3,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/posts\/2173\/revisions"}],"predecessor-version":[{"id":89705,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/posts\/2173\/revisions\/89705"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/media\/2174"}],"wp:attachment":[{"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/media?parent=2173"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/categories?post=2173"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/tags?post=2173"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}