Lagos state government solicits private sector collaboration in real estate

Burdened by the need to bridge estimated three million deficit, the Lagos State Government has appealed to private developers and investors to team up with the government in providing houses for residents.

The government reinforces that in all part of the world, housing is provided by the private and public sectors of the economy hence, the necessity for private individuals to work with government in reducing existing shortfalls in Lagos.

State’s Commissioner for Housing, Moruf Akinderu Fatai stated this during the grounding breaking ceremony of Fiona Lawton apartments, a project developed by Eximia realty in Lagos.

He acknowledged that the challenge of housing deficit is real in the state but assured residents that the Governor Babajide Sanwo-Olu government was determined to reduce the shortage by implementing policies that would make decent homes available to all.

He stated that the task encompasses everyone irrespective of ethnic, religious background or political affiliation stressing that government plan is that none should be left behind as arrangements are being made for all categories of people.

“Whether in rural or urban settlements, everyone should have decent habitation befitting through our strategy. God cannot do it alone without the complementary efforts of private sectors and investors.”

The Managing Director, Eximia Realty Mr. Hakeem Ogunniran while addressing the gathering disclosed that the general trend in leading cities across the globe since 2011 is that the era of mac-mansion is gone due to limited supply of land and rising building maintenance costs. This, he stated is reflected in the significant reduction in the average sizes of dwelling apartments in cities such as, New York (39sqm, London (46sqm and Hong Kong (15sqm) in the last few years.

Ogunniran said that the uniquely crafted living spaces for residents would be convenient and comfortable for discerning investors and aspiring homeowners willing to trade size for proximity as well as be a perfect choice in cushioning effect of the 17 million housing deficit in the country.

For him, it has become inevitable to re-engineer home design and construction in order to achieve maximum efficiency.

“There is a reasonably significant market for micro apartments designed to suit the Nigerian lifestyle preferences in Lagos and a few cities. We are set to tap into the opportunity through uniquely crafted living spaces based on the concept of compact, comfortable and convenient dwellings.

These developments are being fully complemented by creation of our own homeownership ecosystem to tackle both the supply and demand sides of housing delivery”, he stated.

He lauded the state for being a part of the event restating that it demonstrates the willingness of government to support and work with the private sector to tackle the housing problems in the state.
According to him, government alone couldn’t successfully tackle the enormous housing problems of residents stressing the readiness to partner the state government on housing projects.

He advised developers to reconsider the need to construct micro-apartments for young, upwardly mobile professionals and families in the state and the nation at large.

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