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🇳🇬 Nigeria /Economy & Trade

Lagos housing is now a landlord’s market, ADC says as it promises 20,000 homes a year

From Vanguard · () English

Translated from English and summarized by DistantNews. Read the original for the full story.

At a glance

News Named sources New plan
  • Lagos ADC candidates Gbadebo Rhodes-Vivour and Gbadamosi Babatunde promised at least 20,000 affordable housing units a year if elected.
  • The party said the target could rise to 100,000 units annually if its plans were fully implemented.
  • The proposal responds to rising rents and concerns about affordable housing in Lagos.

Lagos’s housing market has become “a landlord’s market,” according to Olalere, who said the African Democratic Congress would build at least 20,000 affordable homes each year if elected.

The issue of rent is one of supply and demand. Right now, it is a landlord’s market, and it has been for much of the last 27 years of the APC’s rule

· OlalereHe described Lagos’s housing and rental market while presenting the ADC’s housing proposal.

The proposal came from Lagos governorship candidate Gbadebo Rhodes-Vivour and his running mate, Gbadamosi Babatunde. Olalere discussed the plan during an interview on Hard Facts on Nigeria Info, linking it to the state’s housing crisis and rising rents.

He said the ADC would rapidly introduce affordable housing schemes across Lagos, drawing inspiration from former governor Lateef Jakande. Olalere said Jakande delivered 20,000 low-cost and accessible housing units in four years.

About 40 years ago, Alhaji Lateef Jakande was able to roll out 20,000 housing units in just four years. Low-cost housing. And accessible as well

· OlalereHe cited the former governor’s housing program as an example for the ADC’s proposed scheme.

“With the economies of scale available to the state in terms of the resources that we’ve got, we think that we’ll be able to roll out a minimum of 20,000 affordable housing units per year,” Olalere said. He added that the figure could reach 100,000 annually if all the party’s plans came together.

We might, if things go as well as we think they will, if all our plans come together, we might be able to do 100,000 affordable housing units per year

· OlalereHe described a possible higher annual target if the party fully implements its plans.

Even that target, he argued, would not meet Lagos’s needs. Olalere cited a population of 24 million or more and about six million households, saying that even 400,000 affordable homes would not be enough. The proposal comes as residents continue to complain about steep rent increases and the difficulty of finding affordable accommodation.

When you consider that Lagos has a population of 24 million people or more, and you consider that that calculates out to about six million households, you realise that even 400,000 affordable housing units is not really that much

· OlalereHe argued that even a much larger housing program would not meet Lagos’s needs.
About this summary

Originally published by Vanguard in English. Translated, summarized, and contextualized automatically by DistantNews, with a note on how the source frames the story. Not individually reviewed before publishing. How this works.

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