A Nigerian startup, has launched to help reduce the cost of owning homes in Nigeria.
In a country with about 18-21 million housing deficit, which is growing at about 6% per annum due to high population growth, increased rural-urban migration and a rapidly growing middle class, housing crisis is expected to happen in the country by 2030 if nothing is done to bridge the ever increasing deficit.
Currently, the housing stock in Nigeria is estimated at 21 million units while the estimated demand is between 38 million and 44 million units, and it will require about $363 billion (about N111. 08 trillion) to meet the current housing deficit in the country, this is according to former Chief Executive Officer of Nigeria Mortgage Refinance Company (NMRC), Prof. Charles Inyangate, at a workshop to mark the World Facilities Management Day in Abuja.
Starting with Lagos, which is the economic center of the country, where thousands of people commute long hours every day to work because of high cost of owning homes close to work, Landhouse doesn’t just want to make it more affordable for people to own their dream homes, they also want to make it possible to live close to work, by making it easy for people to finance the cost of land acquisition and building construction as a group, and then own a unit apartment each in the completed building. This helps to reduce each person’s cost of owning home, maximizes available land spaces and help people own homes in locations that individually they won’t be able to afford lands.