Land subsidy ‘ll reduce purchase cost by 50% – Expert

A real estate expert Topsy Essien has called on government to provide a land subsidy strategy for developers as part of efforts to guarantee affordable housing to Nigerians Essien who is also the Managing Director of Big Homes stated that the subsidy will reduce the purchase cost of properties by about 50 per cent. Speaking […]

A real estate expert Topsy Essien has called on government to provide a land subsidy strategy for developers as part of efforts to guarantee affordable housing to Nigerians

Essien who is also the Managing Director of Big Homes stated that the subsidy will reduce the purchase cost of properties by about 50 per cent.

Speaking over the weekend at the unveiling of Aurora by Big Homes, he said, “Nigeria needs long-term strategies in terms of cost reduction. Whatever a house costs, be it two million ten million hundred million or five hundred million we should be able to have a financial system that gives us 20 to 30 years to pay for this kind of home. Although mortgages are fine but they don’t just favor everyone you know some people cannot meet some of those standards.

“The most important thing is for the government to have some form of land subsidy that will be given to developers and sold cheaper to people.

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“The cost of land is the most expensive when it comes to construction it takes over 50 percent of the cost of construction so why don’t you offer a land subsidy programme that will guarantee low cost housing,” he said

On what Big Homes is doing to guarantee affordable housing in Nigeria, he noted that the property firm has delivered 7 different estates in Abuja as part of efforts to boost housing development. 

He added that there is a need for more collaboration between government and private sector to deliver affordable homes to Nigerians.