By: ESV Osilama Osilama, Vice President of (North Central) REDAN.
Abuja – February 27, 2024 – Viewpoint Housing News.
Real estate development plays a crucial role in the economic growth of any region, and Africa is no exception. The Real Estate Developers Association of Nigeria (REDAN) and similar organizations in the African continent contribute significantly to providing housing, commercial spaces, and infrastructure necessary for economic development.
There is a growing demand for housing and infrastructure in Nigeria due to urbanization and population growth. In order to address these challenges and foster sustainable real estate development, the government and private sectors need to synergize.
In Nigeria and throughout Africa, REDAN plays a critical role in shaping the basis for responsible and sustainable development by formulating policy, enforcing regulations, and developing strategic land-use plans.
Policy crafted by bodies like REDAN play important roles in shaping Nigeria’s built environment in the face of continued growth.
In a continent where affordable housing demand continues to outstrip supply, the Real Estate Developers Association of Nigeria (REDAN) should be at the forefront, leading the way in fostering affordable housing in the country.
The housing deficit in Nigeria is a multifaceted challenge, driven by rapid urbanization, population growth, and economic factors. Affordable housing, a key element of sustainable development, has become an urgent need for millions across the continent. Nigeria now faces an estimated 28 million housing deficit as against the previous 17 million deficits. Some experts even suggest today that the housing deficit in Nigeria may be well over 50 million, depending on the indices of data collection, not to mention other African countries. To effectively reduce the housing gap in Nigeria and across Africa, there is a crucial need for REDAN and similar associations in the African continent to implement strategic actions and policies.
One of the primary ways the Association can foster affordable housing is through strategic partnerships. Collaboration with both public and private entities can unlock resources, streamline regulatory processes, and facilitate the implementation of large-scale affordable housing projects. By working together with governments, financial institutions, and international organizations, the Association can play a pivotal role in addressing the housing challenges.
Aside from collaborating with professional bodies, REDAN should also actively advocate for industry-friendly policies affecting Nigeria’s real estate sector as well as the entire African continent.
Additionally, the Association must collaborate with existing professional bodies to foster a more inclusive regulatory framework. Besides the industry, this collaboration should also engage the government on policies that promote real estate development, as well as realtors, architects, engineers, surveyors, and others. Countries across the continent can leverage each other’s expertise, address challenges, elevate professional standards, and provide affordable housing through collaboration .
To be Contd…..
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