The Federal Minister of Housing and Urban Development, announced plans to commence construction of 34,500 affordable housing units under the Phase 1 of the Renewed Hope Cities and Estates and Slum Upgrading Programme. The construction of the housing units will commence in December and be located in the Federal Capital Territory (FCT) and thirty states  across the country including Lagos State, Kano State, Borno State, Rivers State amongst others. 

 

Details on the Renewed Hope Cities and Estates and Slum Upgrading Programme

 

The housing units being delivered are expected to cater to the low-income and high-income population earners. They will include 1, 2, and 3 bedrooms of multi-flats and bungalows to cater to the low-income earners while high-end detached bungalows, terraces and duplexes for high-income earners. The Minister also announced the scheme will provide financing options to interested citizens including:

• Rent-to-Own
• Public Rental
• Mortgage Loans
• Outright sale

 

In addition to the delivery of housing options, the Programme will also undertake the rehabilitation and upgrade of 26 slums across six geopolitical zones in the country through the provision of key infrastructure and ancillary services to improve the standard of living. The services include:

• Access roads
• Water supply
• Sanitation and waste management services

 

The Federal Government Allocated ₦50 Billion for 40,000 Units as Part of the Proposed  ₦2.17 Trillion Supplementary Budget

 

President Bola Tinubu introduced the Renewed Hope Cities and Estates and Slum Upgrading Programme. The programme will be sponsored through collaborations between the Ministry of Housing and Urban Development’s budgetary allocation, the Federal Mortgage Bank of Nigeria (FMBN), and through Public-Private Partnerships with reputable developers.

 

Earlier in the month, the presidency allocated ₦50 Billion for 40,000 units as part of the proposed  ₦2.17 Trillion supplementary budget to be submitted to the national assembly before December 31st. 

 

Government Organizations Supplied the Second Highest Share of the Residential Market Stock in Lagos

 

According to Residential Developers Dominating Africa’s Major Cities Report, government organizations hold the second highest share of the Lagos residential market. 

 

Source: Estate Intel

 

At the time of release, the Lagos State Property and Development Company (LSDPC) held the highest share of completed residential stock (18.2%) in Lagos with the lion’s share of developments targeting the low-income and affordable segment of the market.

 

Estate Intel loves your feedback! Let the Insights team know what you think about the Federal Government’s Renewed Hope Housing Scheme by emailing insights@estateintel.com.

 

Subscribe to ei Pro to access affordable real estate data such as; sales rates, yields, and supply drivers. Also, to access information on key real estate market participants who are active in the market.