•Experts seek special funding for property developers
The real estate sector is under-funded and access to bank funds had always been hampered by bottlenecks in the financial system. Many players believe that it will be foolhardy or futile to expect huge success in a business where you borrow at an astronomic rate. He said part of the current challenges is the high cost of funding, stressing that long-term construction finance is not available. He noted that when they are available, their tenures are short.
Disturbed by the low absorption capacity in the mortgage sector, Ogunniran said there was need to pay attention to mortgages as primary mortgage institutions are functioning as commercial banks, thus making it difficult to access mortgages with current high rates of mortgages and tenure. Wamakko said the incoming government at Federal level must realise that affordable housing needs affordable finance, hence, create the window for such finance. Additionally, he said there should be synergy among agencies in the real estate sector to inculcate mortgage culture.
Source: News Formal (newsformal.com)
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