AFFORDABLE HOUSING IN AFRICA
LandAfrique is increasing its commitment to provide low-carbon and affordable housing solutions.
Since 2019 LandAfrique commenced to focus on the lower and affordable housing solutions.
In Nigeria, Ghana and in other sub Saharan African regions is where the firm is tackling the accommodation problem.
Nigeria as we know is often referred to as the Giant of Africa owing to its large population and economy. It is the most populous country in Africa with an estimated housing deficit of 20 million homes. One of the major constraints faced by citizens in Nigeria is the lack of a robust land tenure and financial system.
The government estimates that the housing sector would need at least $400 billion investment over the next 25-30 years to resolve this deficit. The government of Nigeria is seeking innovative ways to attract funding for housing provision. Through raising of long term housing bonds which would guarantee provision of affordable housing for the public.
Ghana has a housing deficit of 1.7 Million housing units as of 2018. To address this issue, the ministry of housing in Ghana has proposed an annual delivery of 85,000 homes over the next decade.The government is also working towards facilitating creative financing schemes that improves overall affordability and access to modern communities for all working class citizens.
The Ghana government, in 2019 budget has also announced GH¢1 billion mortgage and housing finance to leverage private capital which aims to expand access to housing and deepen the local mortgage and construction finance market to help bring down the housing deficit.
Côte d’Ivoire aka Ivory Coast is known to be the world’s largest producers and exporters of coffee and palm oil which once boasted the strongest economy in West Africa. The devastating effects of civil war in 2001 affected the economy leading to poverty and economic struggles. The city of Abidjan alone is estimated to have a housing deficit of 200,000 homes.
The government has since adopted new measures to satisfy consumers, housing developers and financial institutions. The government has planned construction of more than 60000 housing units, including 50,000 in Abidjan alone which has high demand. Alongside the housing plans, the government has also introduced single land title to clarify transactions, reduction of registration costs by 9.6% of the property value, regulate rents and minimise rental guarantees.
The private investors have partnered with the government to improve the health and living conditions of the poor by providing affordable sanitation, water pumps and other basic facilities.
The affordable housing scenario in most sub-saharan African regions need a strong strategic solutions in order to address the situation and optimize it in ways that benefit the consumer.
Who provides affordable housing in Africa?
LandAfrique is a four decades old real estate firm from Nigeria and has started to focus on low-cost and affordable housing solutions in Sub Saharan Africa.