As the coronavirus pandemic is beginning to look like a problem that may not go away anytime soon, many are starting to learn how to live with it like other chronic diseases that had hit the world in the past. Investors and leaders in the real estate sector will be hoping to make the most of this to promote the case for affordable housing in the country.
The virus redefined the importance of a good home, its environment to everyone in the society and the level of development it brings to a community. This has made stakeholders in the real estate industry appear to be determined in their pursuit for affordable housing for all, especially, the low income earners.
The housing sector creates multiplier effects throughout the economy. Investing in real estate increases development for all, everyone gains in growth since construction of houses generates jobs and leads to economic growth.
Also, when families invest in a good home, their living conditions improve and they take a stake in their community. A house also becomes an asset for their old age and for their children’s future. That is to show you how housing develops everyone, even developers and many are beginning to understand the importance of living in quality affordable homes.
There’s a growing sense that affordable housing will be stable in future years, going by the level of awareness it has been generating. According to United Nations, by 2030, almost 60 percent of 8.3 billion people will live in cities and almost 1400 of the world’s cities will have half a million or more inhabitants. So, majority of persons in the society aspire towards living life in the city.
While developing countries like our dear nation, Nigeria has been making efforts in improving the availability of affordable housing, a significant gap still remains to be bridged-over 17 million housing deficit.
As a result, there is the need to develop mortgage solutions including for the lower-income earners and those who work in the informal sector should always be put into consideration to bridge or reduce this housing deficit.
Entering the new year after an uncertain 2020 affected the income of the masses The sudden outbreak of coronavirus in 2019 and the enforced lockdown that followed made many to readjust their lifestyles, how they spend and how they run their businesses. Many are still battling to weather the economic fallout of the effect of the virus that has also dragged down the value of the Nigerian currency.
The government should come under this narrative and make more interventions for the masses that will enable them gradually get over the effects of the lockdown and the unstable economies around the world.