The Nation Newspaper

Category: Building & Properties

  • Presidential candidates chart course for effective, efficient housing

    The controversial Land Use Act, seen by many stakeholders in the housing and real estate sector, may be repealed just as Nigerians may benefit from a better, stronger and properly managed mortgage system. With these in place, Nigerians are likely to heave a sigh of relief from the accessible and affordable housing yoke ravaging the country and leaving her with a deficit of over 17 million housing units.

    These were the hopes and assurances given at the weekend by the Presidential Candidate of the Young Progressive Party (YPP), in this year’s February 16 Presidential election, Prof. Kingsley Moghalu, while speaking on the state of the housing market at a Town Hall meeting organised by the Centre for Housing and Sustainable Development of the University of Lagos. About five political parties, excluding the two major political parties- the All Progressives Congress (APC) and the Peoples’ Democratic Party (PDP), attended the meeting.

    According to Moghalu, if elected into office, his administration would initiate an aggressive policy on housing reforms,  innovative approach to housing construction,   reduce the costing and improving the slums by providing adequate water and sewage management systems. These policies, he explained, would begin with the repeal of the infamous Land Use Act introduced over 40 years ago, to enable especially Nigerians in the middle and low income earning class have access to land without reducing their scope of ownership of the Land.

    The YPP hopeful lamented the failure of the Federal Mortgage Bank of Nigeria (FCMB), in meeting the hopes and aspirations of Nigerians. This failure by the government-owned mortgage institution, he further explained, is encapsulated in the FCMB’s ability to have only been able to build 17,000 housing units across the country through the National Housing Fund (NHF) it has managed in 25 years. Moghalu, therefore, assured that mortgage would be made accessible to all Nigerians as his administration would channel more funds to mortgage refinancing to enable the system have a subsidised mortgage support.

    Also at the meeting, the Presidential candidate of the Allied Congress Party of Nigeria (ACPN), Oby Ezekwesili, cautioned that while it would be politically difficult to repeal the Land Use Act, upon her election, she would institute a workable data on how the Act has limited not just housing but in making lands accessible. By extension, the overall economy would be a key focus for all stakeholders to work on.

    Ezekwesili remarked that tackling the level of poverty in the country is very paramount as this would not only improve the living conditions of the citizens but will also in the long run improve housing stock on the supply side, in the country.

    On the plethora of abandoned Federal Government buildings in Lagos State, Ezekwesili, a  former Minister, was emphatic that such assets would be privatised to generate funds for the Federal Government.  “I will not raise expectations that will not be realised. The total budget for 2019 is $30 billion. We need all the resources we can find,” she said.

    On the part of the Presidential candidate of the African Action  Congress (AAC), Omoyele Sowore, the housing strategy would involve putting in place a transparent land registry system that would aid planning process.

    “Part of the problem we have is that we do not have a proper documentation of houses because nobody wants to reveal how houses are built, who owns them,  how much was it sold. Most of the houses in this  country are owned by just few.  We need a transparent land registry system. Without that, we cannot even start to plan,” Sowore said

    He revealed that if elected, his administration would set aside $3.6 million for housing and  increase the minimum wage to a N100,000 as part of its policy on mortgage for low income earners. “We are in need of 17 million homes. Over 80 million Nigerians are without homes.  In Nigeria, an average family of five: a father, mother and three kids should be entitled to a home,” he said.

    On the redevelopment of abandoned federal government buildings, Sowore said:  “I will not give any more of our public institution to private the sector; they have gotten enough. We will convert them to schools, hospitals and for other use that will benefit the Nigerian people. If given to the private sector, it will end up in the hands of our minsters,  governors,  party leaders, national leaders among others.  We do not even have enough space to cater for our social needs, we can’t continue to give our properties to them.”

    The Presidential candidate of the Alliance for New Nigeria (ANN), Fela Durotoye, a state of emergency on housing would be declared, while there will be a convocation of stakeholders in the housing sector to create a vision that promotes access to affordable,  safe and functional houses.

    He said if elected, his administration would target creating 3.75 million houses in his four years. This would be achieved through his establishment of a national emergency housing fund to the tune of $ 3.6 billion as well as putting in place a policy framed around engaging the public in the development of houses. “The building capacity will increase every year.  In my first year, 250,000 housing units would be created. In the second year,  500,000, third year, one million and in the fourth year, two million” he said.

    For the Presidential candidate of the Accord Party (AP),  Mr. Isaac Ositelu, regenerating the slums and ensuring lands are well surveyed before they are sold as well as conversion of abandoned buildings to an upgraded students accommodation would be the focus.

    Earlier, the Director of the Centre for Housing and Sustainable Development, Prof Timothy Nubi, expressed concerns over the neglect the housing sector has experienced over the years.  He regrets that notwithstanding the various programmes of successive governments, the increasing housing deficit, as well as the high growth of slums and the predominant population living in slum-like conditions are  testaments to the failure of the programmes.

    Underscoring the importance of housing to social and economic growth, the Deputy Vice Chancellor, Research and Academics, Prof Oluwole Familoni advised the candidates to efficiently deliver their manifestos when elected.

  • NCF holds forum on environment

    The Nigerian Conservation Foundation (NCF) will today hold talks on environment issues. This comes under the aegis of the Chief S.L. Edu Memorial Lecture, an annual event organised by the NCF in collaboration with the S.L. Edu Family. The event is with the support of Chevron Nigeria Limited, and is aimed at bringing environmental issues to the fore of national discourse while articulating solutions.

    In a statement signed by the NCF’s Director General, Muhtari Aminu-Kano, the Foundation said this year’s lecture with the theme: ‘A quiet revolution – Faith and the environment,’ is to be delivered by the Secretary General, Alliance of Religions and Conservation, United Kingdom, Martin Palmer. The statement said that speakers from diverse backgrounds, rang-ing from academics, conservation, government, corporates and more, have delivered lectures on environmental conservation, policies and other topical issues in the past.

    “Some of the topics and guest speakers in its 17-year history include ‘Environmental management: Imperatives in Africa’s sustainable development’ by Prof. Charles Okidi of the University of Kenya; ‘Environmental policy and performance: A sustainable development agenda for Nigeria’ by  the former Head of interim government in Nigeria, Chief Ernest Shonekan; and ‘Decline of vultures: Consequences of human health and the economy’ by the former Minister of Environment, and current Deputy Secretary General of the United Nations, Amina Mohammed, among others,” the statement read.

    Aminu-Kano revealed further that at today’s event, two PhD students in the field of Environmental Sciences in universities across the country, would be awarded scholarship grants. “The grant, sponsored by Chevron, is to encourage the students to undertake research in nature conservation, biodiversity and sustainable livelihood,” he said.

  • Property scorecard coming

    The International Real Estate Federation, FIABCI Nigeria, has concluded plans to introduce into the real estate sector, the Nigerian property scorecard- a global benchmark for real estate investments, in its 2019 Prix D’Excellence Awards.

    The body, which regrets that nothing concrete has been achieved in the country’s quest for affordable housing, explained that the introduction of the scorecard is in line with the global mandate of the association, just as it clamours for affordable housing for all.

    The President, FIABCI Nigeria, Mr. Adeniji Adele, said the scorecard can be likened to bringing out the property aspect of the ease of doing business. “FIABCI Nigeria wants to be the custodian of the property scorecard in Nigeria; it will be a continuous thing until stakeholders in the country get it right,” he said.

    According to the Vice President, FIABCI Nigeria, Mr. Gbenga Ismail, explained that the Nigerian property scorecard is fashioned after the International Property Markets Scorecard methodology, which is developed by the Centre for International Private Enterprise  and IHC Global.

    The Vice President, Mr Gbenga Ismail, said it had become important to attract foreign funds into the property market. While underscoring the need to bring in significant number of investors into the real estate sector, he called on stakeholders and government to ensure that the business environment is made friendly and transparent so as to encourage investments.

    He further explained that the core elements of the scorecard comprised of financial transparency because of the need to ensure financial stability. This, he said, will help practitioners to raise questions for policymakers at the planned ceremony.

    “The scorecard will give us the core elements that Nigeria must score high on. In spite of the challenges of doing business here, there are a lot of opportunities. We just need to change our mindset.

    Ismail said apart from the scorecard, the programme, which is scheduled to hold on January 25, is with the theme: “Ease of doing business”, would also feature a business forum. He further stated that professionals who had distinguished themselves in affordable housing, hotel, retail, sustainable development, mixed use, residential housing both mid-rise and high-rise, office and industrial development, among others, would receive awards for their contributions to the real estate industry.

    Expected at the event are the Senior Special Assistant to the President on Industry, Trade and Investment in the Office of the Vice President, Dr Jumoke Oduwole, as the guest speaker and the Lagos State Commissioner for Housing, Gbolahan Lawal, as the special guest of honour.

    Others are the Chairman, Honeywell Group, Dr Oba Otudeko as well as the World President, FIABCI International, Mr. Assen Makedonov, among others.

  • NEMA seeks stakeholders’ collaboration

    The National Emergency Management Agency (NEMA) at the weekend called for collaboration with stakeholders in the South-South region for effective emergency management of the area.

    Mr Ibarakumo Walson, the New South-South Zonal Coordinator, NEMA, made the call during the official handing over ceremony by the outgoing coordinator in Port Harcourt, Mr Ejike Martins.

    Walson, who is also the Assistant Director, Planning Research and Forecast Management of NEMA, appealed to the media and other stakeholders to work with the agency to achieve its set goals and ensure effective emergency control and management.

    “I appeal to stakeholders and the media to collaborate with us because NEMA alone cannot effectively manage or control disasters without the cooperation and collaboration of stakeholders.

    “We need collaboration to continue from where my predecessor stopped because it is a continuous process; I appeal, especially to the media, to work with us to achieve the agency’s goal in the zone,” he said.

    He said the agency would ensure that the State Emergency Management Agency (SEMA) and Local Emergency Management Committee (LEMC) worked together for positive results in disaster and emergency management.

    The Zonal Coordinator promised to work assiduously to move the agency forward and enjoined members of staff to work with him in realising this objective.

    Speaking earlier, Ejike, who welcomed Walson to the state, commended officers of the agency for their support and cooperation they gave him which made his work easy.

  • Bill will promote efficient use of water

    The Nigeria Integrated Water Resources Management Commission says the National Water Resources Bill, if passed will ensure provision of potable water and promote its efficient use in the country.

    Mr Peter Onoja, the Acting Executive Director of the commission, made this known in a report titled: “Implementation of Effective Regulations of Water Resources in Nigeria”, made available to the News Agency of Nigeria (NAN) on Friday, January 11, 2019 in Abuja.

    Onoja added that the bill would also ensure the safety of drinking water and to protect public from contracting water related diseases.

    He said that water regulatory systems under the bill would be catalytic to achieving the Sustainable Development Goal (SDG) 6 and achieved the universal and equitable access to safe and affordable drinking water for all.

    SDG 6, which is one of the 17 SDGs established by the UN in 2015, aims at ensuring availability and sustainable management of water and sanitation for all people by 2030.

    According to Onoja, the enactment of the water bill by the National Assembly and the President can fast track the achievement of the SDG 6.

    He said that the regulation of water sector in the country was imminent to eliminate irregularities, stressing that the commission was duly committed to work toward it.

  • ‘Safer practices reduce hazardous exposures in small-scale mining’

    A pilot programme to reduce lead poisoning in Nigerian gold mining communities has brought extraordinary improvements to an area where hundreds of children had died from lead poisoning, according to a study published last week. The study authors concluded that a two-year effort to introduce safer mining practices was effective at preventing deaths and reducing lead poisoning in highly exposed villages.

    “Our pilot project demonstrated that low-cost dust control measures were effective at reducing average airborne lead exposures by 95 percent,” said Perry Gottesfeld, Executive Director of Occupational Knowledge International (OK International) whose organisation partnered with Doctors Without Borders/Médecins Sans Frontières (MSF) in this effort.

    OK International is a U.S. based NGO that works to build capacity in developing countries to identify, monitor, and mitigate environmental and occupational exposures to hazardous materials in order to protect public health and the environment.

    The safer mining project took place in the Shakira community in Niger State where high levels of lead are naturally present in the gold ore. The primary objective was to reduce lead exposures among artisanal small-scale miners and minimise take home exposures.

    “We worked cooperatively with miners to provide them with the information and tools to reduce their exposures to lead and silica dust. Together we showed that these efforts minimized contamination and helped save lives,” Gottesfeld said.

    The organisation demonstrated the effectiveness of reducing airborne lead levels by working with miners to convert dry operations to wet methods. Water spray misting was proven to be highly effective while minimising water consumption. In addition to significant reductions in airborne lead, the authors reported that these control measures reduced the smaller respirable silica dust by 80%.

    Philip Aruna, Head of Mission in Nigeria for Doctors Without Borders, said: “OK International has exceeded expectations in bringing an entire community together to prevent severe lead poisoning and by demonstrating significant reductions in lead exposures among miners.”

    Gottesfeld noted: “Following our extensive outreach and training, these miners were motivated to take measures to reduce hazardous lead exposures and invested their own time and money to implement these protective measures.”

  • Group tags bamboo ‘the forgotten climate solution’

    The International Bamboo and Rattan Organisation (INBAR) has tipped bamboo as having huge potential to mitigate climate change.

    Its Director-General, Hans Friederich, who disclosed this at the recently concluded United Nations’ Climate Change Conference (COP24) in Katowice, Poland, where the organisation promoted the use of bamboo and rattan as existing solutions to climate change, environmental degradation and poverty, said natural climate solutions can deliver over 35 per cent of cost-effective carbon dioxide mitigation needed by 2030, but that they are a critically overlooked part of most climate change discussions.

    “There are over 30 million hectares of bamboo spread across the world – this plant is truly a source of ‘green gold’ for developing countries, and we are urging everyone at COP24 to ‘think bamboo; in their climate action plans,” Friederich said.

    Referring to the product as “the forgotten climate solution”, he disclosed that bamboo acts as a sustainable, low-carbon alternative to timber, PVC, aluminium and concrete. Fast growing and quick to mature, bamboo can be used to make an increasing number of heavy-duty materials such as pipes, scaffolding and housing.

    “Bamboo plants and products can also store more carbon than certain species of tree: new research shows they can sequester up to 630 tonnes of carbon per hectare,” Friederich notes, adding that bamboo renewable energy is being used to reduce deforestation across parts of Asia and Africa.

  • BUA, CBMI to build new 3MMT plant

    After the listing of shares from the almost $1 billion merger between BUA Kalambaina Cement Company and Cement Company of Northern Nigeria, where BUA assumed the stakes in the enlarged company, the BUA Group has announced that it has signed another contract with CBMI, a cement manufacturing company, for the construction of a new three million metric tonnes per annum, Kalambaina Cement Line two in Sokoto State.

    This is coming on the heels of the completion of another three million per annum (MTPA) BUA Obu Cement line two in Okpella, Edo State, and the recent inuaguration of its 1.5million MTPA Kalambaina Cement Plant line 1 in Sokoto State. This will bring BUA Cement’s total installed capacity to 11million MTPA by the time the new project is completed.

    Speaking at the contract signing ceremony in Sokoto State, Executive Chairman/CEO, BUA Group and Chairman of CCNN, Abdul Samad Rabiu, disclosed that the construction of the new three million MTPA Kalambaina line was in line with BUA Cement’s strategic mid-term expansion programme. According to Abdul Samad, the Nigerian market is still greatly under served, and with the projected growth in major infrastructure projects and spending over the next few years, it is important that local manufacturers are able to scale effectively to meet current and projected demand.

    Rabiu also added that the partnership between BUA and Sinoma CBMI was not the first as they were responsible for constructing the first BUA Kalambaina plant in Sokoto State.

  • NGO trains youths on plastic recycling technology

    A not-for-profit organisation, the Developmental Association for Renewable Energy (DARE), has trained the youth on waste plastics recycling. The training, which held in Kaduna State last Sunday, is aimed at using the recycled plastics to produce interlocking tiles, roofing tiles, and decorate houses, to protect the environment.

    In the words of DARE’s Chief Executive Officer, Mr. Yahaya Ahmed, an engineer, the technology is the first of its kind in Nigeria and some parts of Africa.

    “This tried-and-tested new technique of turning waste plastics into interlocking tiles, blocks and roofing tiles is a low-cost method that helps to keep plastic wastes out of the environment completely. We have been working on the idea for a long time on how to recycle the waste plastics that are polluting the environment every day. We are in contact with our partner organisations in Germany and the United Kingdom, but the real idea comes from Waste AID UK.

    “We planned on having them in Nigeria for training our people, but things are not ready at that time, so they did the training in Cameroon and told us there are good people in Cameroon, who can come to Nigeria and train other interested persons, which is better for us,” he said.

    Ahmed pointed out that the waste plastic interlocking tiles is stronger and everlasting than the normal interlocking blocks that are sold in the market.

    According to him, it will take hundreds of years to decomposes because the interlocking tiles are constructed with only plastic waste, adding that there is a market for the product.

    He said the association wanted to train many Nigerians in the new technology to reduce unemployment, fight poverty and reduce idleness among the youth.

    “This will create jobs, reduce street begging as many youths will engage in it, making them to become self-employed in the future.

    “We are targeting 1,000 unemployed youths, including women and graduates from various institutions across the 36 states of Nigeria.

    “We buy the plastics and measure them in kilogrammes and pay in cash to waste collectors/scavengers.

    “The waste plastics have detrimental impact on the community, environment, human health and even on agricultural land hence, the need for our technology to recycle them and help Nigerians transform them into money.

    “We have started training many interested persons, and we are hoping to see that those that receive the training will also train others so as to spread the idea and save our environment,” he said.

    He said their greatest challenge was how to get the government involved in the programme and sustain it.

    Ahmed constructed the first plastic bottled house in Africa, which can last for over 200 years. The house is located at Yalwa Village, on the Kaduna-Zaria Road.

    Responding, Mr Pierre Kamsouloum, the trainer and expert on recycling plastic from Cameroon, said it was interesting coming to Nigeria to train young people interested in learning the technology of transforming waste plastics to something important in the society.

    “This idea started 12 years ago in my country Cameroon, in my town Garoua and, few years later, I joined other organisations to spread the message, which involves travelling from one country to another.

    “We are here in Nigeria to teach youths how to collect waste plastics from the trash centre, transform them into something that is useful for the construction of houses and other interior decoration.

    “I trained them on how to collect the waste plastic, wash it and dry-it before putting it into a big pot for melting while mixing it with sand that is extracted from the Kaduna River,” he said.

    Meanwhile Assistant Director, African Climate Reporters, Dr Piman Hoffman, has applauded efforts of the NGO and the International Waste Plastic Trainer from Cameroon.

    Hoffman said Recycling is important in today’s world if we want to leave the planet for our generations.

    “Recycling your waste makes you more responsible in the way you use and dispose of it. It is evident from studies that people, who do this instinctively cut down on buying unwanted things from the supermarket.

    “When we recycle, recyclable materials are reprocessed into new products, and as a result the amount of rubbish sent for incineration reduces,” he said.  He then called on the government, NGOs and CSOs to always support the spread of such iniatives.

     

    …Culled from EnviroNews

     

  • 2019: Innovations will drive real estate, but..

    Stakeholders and investment analysts are optimistic of a robust year for the real estate sector. This hope is not unconnected with the heavy spending usually experienced in an election year which, expectedly, will trickle down to the real estate sector. While stakeholders do not see much impact coming from the mortgage sub sector, they are convinced that the industry will thrive on innovations. However, hopeful as they are, the fear of illiquidity in the economy will remain a major challenge for the envisaged development in the sector. MUYIWA LUCAS reports.

    The real estate industry is, no doubt, one of the most important in any economy. It has contributed immensely to the country’s gross domestic product (GDP) and has maintained its fifth position on value creation chart, despite the enormous challenges confronting the sector.

    Notwithstanding this huge potential, an Executive Director and Co-founder, Pertinence Limited, an investment firm, Mr. Sunday Olorunsheyi, said it will be difficult to project the fortunes of the sector  owing to factors such as lack of clear and consistent policies from   regulators and high degree of uncertainty, especially due to next month’s general elections.

    He explained that antecedents have shown that politicians, in their bid to score political points, tend to increase attention to funding infrastructure before elections and during elections. This, he claimed, impacts positively on the construction and real estate, but the key fundamentals that should deliver growth in the sector consistently are not in place.

    According to Olorunsheyi,  this has led to investors’ apathy and lack of confidence. “With this and the less than average results posted in last three business years, it can be said that the performance in the real estate sector appeared uncertain and as such, will require strategic positioning for players in the industry to change the narratives,” he said.

    Given the harsh economic climate  in the country last year, the Chief Executive Officer of Lifepsge Group, an investment holding firm, Oladipupo Clement, scored the industry high. This, he explained, could be attributed to players in the real estate, whom he believed are difficult to find anywhere.

    Clement said although much has been done, but the nation’s housing deficit still remained at staggering 21 million. “More landed properties were sold and bought in 2018 than apartments and houses, due to high capital requirement and cost of fund,” he said.

    Lifepage boss, who projected into  2019, was convinced that this kind of housing scheme and development are the direction for investors and industry players to go and beyond. He maintained that while land is a pre-requisite for property development, it is not scarce, only in short supply in terms of accessibility, affordability and acceptability for housing.

    According to Clement, despite   uncertainties, such as decline in oil prices, political instability, inflation and rising cost of funding, the industry will still thrive. To this end, landed properties in prime and near-urban locations, residential development, facility management and property agency like sales and short let options, will show the direction for the sector and thrive more in 2019.

    For Olorunsheyi, there is possibility for heavy liquidity in the economy, which ultimately, will drive the sector. He explained that with the increase in workers’ wages and more spending that comes with elections, there is possibility for high liquidity in the economy and this may drive patronage in mostly residential and commercial sectors.

    He explained that while these factors would almost certainly drive inflation rates upward, population growth and urbanisation are expected to increase demand for residential and commercial properties in major cities like Lagos, Abuja, and Port Harcourt. The Pertinence chief warned that the  sector, largely driven by heavy investor participation, might suffer some setbacks due to low investors’ confidence and the ongoing capital flight.

    Nevertheless, the market, Olorunsheyi maintained, remained the toast as major investment destination in the sub-Saharan African market; hence, this all-important factor would rekindle interest in investors for the market.

    In developed climes, the mortgage sub-sector plays important role in stimulating the real estate sector. While there has been several mortgage schemes and initiatives in the country, the impact has remained unfelt. Clement said the mortgage industry could make a big impact  on Nigerians this year if its value chain is not bureaucratised and politicised, noting that much would not be achieved in the mortgage sector.

    “With the current trends, I sincerely do not have confidence in our mortgage operators and regulators. I would honestly like to see a clear vision and roadmap here,” he said.

    Pertinence Limited co-founder, who is also an Executive Director, Mr. Wisdom Ezekiel, agreed. He explained that while real estate is capital intensive and requires a robust financial system to back its activities. To him, the mortgage system has remained at it struggling phase, thereby unable to solve the housing deficit challenge in the country.

    Although he gave kudos to the Central Bank of Nigeria (CBN) for  making mortgage loans available to the informal sector at the micro, small and medium-sized level, he, however, revealed that the hostile lending climate was still affecting access to the target segment of the population.

    “As long as the mortgage sector lacks capacity to close this huge gap, affordable housing may still not be accessible by many Nigerians. Mortgage rates will likely go up due to anticipated increase in inflation and high cost of doing business and this might also create problem of affordability to the average subscriber,” Ezekiel said.

    Indeed, while many new players entered the industry at the brokerage and marketing levels last year, the volume of transactions  remained largely insignificant, thus incapable of impacting positively on the overall outcome.

    After suffering a setback in 2016 due to major restrictions in the flow of foreign exchange across borders, stakeholders are upbeat that with an improved exchange policy frameworks, and going by recent reports, which place the real estate sector as the fifth largest contributor to Nigeria’s GDP, the possibilities for a higher GDP contributions by the sector in the year are limitless.

    “I believe this industry will contribute even more to the GDP if there is political will to formulate and drive favourable policies that support indigenous enterprises, thus providing them a level playing field with their foreign counterparts, who get to develop the real sector by way of tax breaks and citizenship by investment, like you find in Dubai, United States, United Kingdom, Poland, Paraguay and a few other countries and more. If this is done in Nigeria, it would immensely stimulate economic growth, drastically reduce unemployment, eventually increase our housing stock and significantly reduce our housing shortfall,” Clement explained.

    Ezekiel submited that the sector would continue to maintain its good position in contributing to the GDP because demand is ever increasing due  to increased population and continuous influx of foreign investors to the country because Nigeria remains the toast of many investors, considering investing in the sub-Saharan African markets.

    Clement, however, predicted a massive emigration of Nigerians, as well as some measure of illiquidity in the real estate market capable of distressing property sales in 2019. He listed illiquidity and high cost of fund, both on supply and demand ends of the foreign exchange market, as top on the chart challenges for the industry this year. This challenges, he further explained, will make it increasingly difficult for consumers to buy properties without requiring lengthier and more flexible payment options.

    Although Clement warned that developers, who do not have creative alternative sources of financing, especially long term fund, to build, will find the year more difficult. He, nonetheless, said the situation would however, present unique opportunities to market players who are prepared.

    But these problems are surmountable. Ezekiel, proffering solutions to these challenges, explained that the sector requires innovative approaches and strong collaborations among various operators and players in the sector, including the lenders, developers, brokers, marketers, property managers and those offering professional services.