‘Reliance on market force won’t crash property price’

He also urged the government to imbibe a fiscal policy that will crash the prices of cement and other major building materials to not more than 40% of their current market prices as a way of crashing property price in the country.  Speaking further on how to reduce the cost of property, Dikko said, “It […]

He also urged the government to imbibe a fiscal policy that will crash the prices of cement and other major building materials to not more than 40% of their current market prices as a way of crashing property price in the country.
 Speaking further on how to reduce the cost of property, Dikko said, “It makes little sense in the face of a national effort to bridge the current housing deficit for government or its agencies to impose all manner of levies and fee on developers before they can obtain land for housing development. When developers pay so much for land, they definitely pass on the costs to buyers with built in profits and interests and this contributes to the high cost of new homes in Nigeria.”
He explained that there is a distinction between land meant for housing and land for commercial and industrial development which are used for productive and income yielding activities, saying the land for housing should be allocated at a cheaper rate.