Introduction
Caught with the throes of rural-to-urban migration leading to intensive urbanisation, the Nigerian real estate scope grapples with stiff accommodation concerns ranging from unaffordable houses to under-development of the rurals, among many other things. With over 218 million citizens, Nigeria remains the most populated nation in Africa. This populace is, however, set on the wobbling wheels of urbanisation, whose positive significance couldn’t overwhelm some of its downsides, such as overpopulation, inflation, and underdevelopment. This is most evident in major cities like Lagos, Abuja, and Port Harcourt, where there’s constant intrusion of people; hence, the cities embrace rapid expansion.
Apparently, this resolve came with insufficient houses for lease and rentals, surged rates of affordable houses at informal settlements (slums) because of overcrowding, and an overall thorough socio-economic problem, resulting in a lowered standard of living for urban dwellers. This article therefore explores the strategies and approaches needed by real estate business coaches and realtors to implement purposeful and realisable solutions to this menace, ensuring stable urban sustainable growth in Nigeria’s real estate landscape.
Scholarly suggested solutions
Alongside the possible interventions of real estate business coaches and realtors, below is a comprehensive list of strategies that could mitigate accommodation challenges facing Nigeria as a result of heated urbanisation:
Initiative of Affordable Housing
Affordable housing schemes can be easily achieved through the collaboration between the Nigerian government and realtors. The government should promulgate policies that support the construction of quality houses at an affordable rate. This can be done when there’s reduced tax rates for these realtors, insurance that covers structural maintenance of these buildings, and other incentives that encourage realtors to invest in building affordable structures. This collaboration will lead to more houses on lease or rent at affordable prices, further eliminating accommodation issues in major cities. According to an urban planning expert, Dr. Ahmed Ogundele, this multifaceted approach between the government and private sector is needed to solve the housing deficit faced in Nigeria, which is currently at 20 million units, needing over 700,000 units to cover the gap (World Bank).
Rural Development and “Slum” Upgrade
According to UN-Habitat, over 50 percent of Nigeria’s urban population lives in slums. This population doesn’t equate to the number of quality structures within it, leaving a better part of the population sleeping on the roads or stranded with nowhere to stay. Areas considered as ‘slums’ are typically fraught with little or no development with poor roads and unkempt environment, bereft of good electricity and other basic environmental necessities. This should be perceived as an opportunity worthy of attention. The development of its pitiable housing structures and the enactment of modern-like structures on unused spaces would ultimately rescue accommodation issues faced by urban cities. Real estate developers are therefore urged to utilise modern construction techniques to build houses with cost-effective products/materials that may not serve aesthetically but afford luxury of space and quality to many.
Urban Planning and Zoning
The government should design a clear plan that would include road and housing mapping. This plan would ensure that there are laws put in place to guide the process of land adoption and usage. When there’s a balanced plan, the view of the city would obtain clarity such that even when there’s intense rural-urban migration, it can be easily managed to prevent an overcrowding situation.
Improving Renting System
One major cause of accommodation lack in urban cities isn’t that there is a lack of houses for rent but that these houses are highly unaffordable and can only be accessed by the rich. According to the Nigerian Bureau of Statistics, rent in urban areas increased by an average of 30 percent between 2015 and 2020, made possible by greedy landlords in the private sector. Improving this plight, in order for realtors to set considerable rental prices, the government needs to regulate the system through the enactment of rent control policies.
These policies should not impose the reduction of rental prices against the cost of production and maintenance conditions of realtors and landlords but should align with these developers enabling them to build cost effective structures that would still yield profit. This alignment would grant access to real estate developers for cheap but durable building materials and shift in tax payment.
Education and Awareness
Education in every sector is always paramount; this is also important in real estate. Unfortunately, the Real Estate Developers Association of Nigeria (REDAN) reports that only 20 percent of realtors are currently trained in modern construction techniques. This is a challenge because, with insufficient knowledge, innovative progress can’t be realised. Realtors should be educated by real estate business coaches on durable sustainable practices that include the encouragement of green building standards and building from scratch on fertile soils with energy-efficient materials. This wouldn’t only address housing issues; it also guarantees infallible structures. Realtors also need to be trained on areas involving market analytics and technological tools since there’s a rapid transition in the world today.
These factors press forth the urgency for real estate coaches and realtors to intervene in the urbanisation-led accommodation crisis, causing heavy challenges for the average Nigerian. Addressing these challenges will significantly contribute to mitigating the difficult situation while supporting the advancement of affordable housing schemes to improve sustainable urban growth. When these problems meet these solutions, living conditions would be improved, the economy would perform twice as well, and urban residents might enjoy an overall quality of life in Nigeria.
Conclusion
Urbanisation is a beautiful thing—so beautiful it adds to the essence of a developing nation. However, this beauty threatens the survival of many in ways that deprive people of basic shelters. While real estate
