Economic Resilience of Mass-Housing Project Delivery in Lagos, Nigeria
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Date
2023-12-27
Authors
Faremi, Olajide Julius
Edike, Uche Emmanuel
Kukoyi, Omega Patricia
Sotunbo, Adegboyega Sunday
Zakariyyah, Kudirat Ibilola
Agoro, Zulaikhah Oyindamola
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Publisher
African Journal of Housing and Sustainable Development
Abstract
The study investigates mass-housing development projects and their economic resilience in terms of affordability for medium-income and low-income earners in Lagos State, Nigeria. The qualitative study utilised data collected through in-depth literature review and structured interview sessions with twenty (20) stakeholders in the delivery of mass-housing projects comprising property developers, real-estate managers and construction executives operating in Lagos, Nigeria. The data were processed and analysed using both the quantitative data coding and thematic qualitative data analysis techniques. The study revealed that the predominant financing models for mass-housing projects include mortgage financing, public-private partnerships, private equity funds/loans, private developer funds, housing bonds, contractual savings schemes, and land-based financing. The study concludes that the economic resilience of mass-housing developments is quite low, as low and medium-income housing schemes are difficult to actualise because private-developer funding is the most frequently available means of funding mass-housing projects. Inevitably, mass housing schemes are frequently priced beyond the reach of low-income earners. Moreover, the limited implementation of Federal Housing Schemes is a major threat to the economic resilience of low- and medium-income housing projects. Therefore, the study recommends specific strategies that can improve the economic resilience of mass-housing projects, including instalment plans, off-plan sales, buyer savings schemes and crowdfunding.
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Citation
3. Faremi, J.O., Edike, U.E., Kukoyi, P.O., Sotunbo, A.S., Zakariyyah, K.I., and Agoro, Z.O. (2023). Economic Resilience of Mass-Housing Project Delivery in Lagos, Nigeria. African Journal of Housing and Sustainable Development, Vol 4(2), pp. 48-56.