“A running theme across all three cities is property developers holding the highest share of each residential market with a major focus on luxury and deluxe. For instance, according to the data Estate Intel is tracking, property developers hold 66.2% of the total market share in Lagos; compared to government organisations and private individuals.”
The report stated that despite infrastructural development in these areas, continued market activity in the luxury and deluxe categories will alienate affordable and inclusive housing schemes for middle-class and low-class citizens. “There is still a huge gap between the demand and supply for low-income earners, which so far, only the government and a few property developers are looking to bridge.
“While there is continued market activity in each city to deliver residential developments within the luxury and deluxe category, housing needs for middle-class citizens that are heavily driving the demand for affordable and inclusive housing schemes within the cities are not considered,” it stated.All rights reserved.
Source: News Formal (newsformal.com)
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