Housing sector

Forex crisis hits the housing sector

The housing sector is currently going through difficult times as the current crisis in the foreign exchange market affects the evolution of the sector.

To this end, real estate agent and managing director of BSTAN Homes, Becky Olubukola, urged the federal government to find a solution to solve the housing deficit as well as the exchange rate crisis.

She said there is a definite link between house prices, building materials and exchange rate depreciation, especially when considering a heavily import dependent economy that Nigeria operates.

According to her, the rise in the exchange rate had led to an increase in the cost of materials, making life difficult, unsustainable and unaffordable for ordinary people.

She said: “The effect of our naira rate against the dollar at the moment is hitting the housing sector hard; it’s not the right time for us, because the cost of materials has increased. And because of the passion to provide affordable housing, we always do our best even to Nigerians in the Diaspora.

The boss of BSTAN urged the government to take urgent measures to subsidize the housing industry, in the capacity to create the materials needed to erect a cheap apartment for every citizen.

She chastised the government’s inadequate mortgage system, saying the company had finalized plans to give Nigerians 10 plots of land worth N100 million as part of measures to depopulate urban areas and increase business prospects in rural areas. She said the project was part of the organization’s goal to eradicate slums in urban areas, as she warned that if Nigeria failed to eradicate slums in cities, slum dwellers would cause problems for city dwellers.

She further said that BSTAN will focus on attractive rural areas with infrastructure development and construct around 100 affordable housing units.

“We have to work together, develop the slums; let’s stop using the poor as a tool for political thugs, let’s stop using them as a tool to stay in power.

“True leadership empowers those around it; suppressing the poor is not leadership, keep them as they are one day when they will face you and bite you, she added.