Lagos Has 2.4 Million Housing Deficits – Igbinoba | Independent Newspapers Limited
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Lagos Has 2.4 Million Housing Deficits – Igbinoba

Posted: Apr 27, 2016 at 8:15 pm   /   by   /   comments (0)

Nkasiobi Oluikpe


Lagos – Mr. Roland Igbinoba, founder of the Roland Igbinoba Real Foundation for Housing and Urban Development, has disclosed that Lagos currently has 2.4 million housing unit supply deficit.

Igbinobia stated this on Thursday, at the pre-launch conference of the ‘The State of Lagos Housing Market Report 2016’ in Lagos.

He said that the report, which is an update of the maiden edition of 2009, was made to answer questions most real estate developers, investors and members of the academia may want to ask concerning the real estate industry, providing adequate data that can help in the residential real estate in Nigeria, starting with Lagos State.

As against the 2009 report, Igbinobia said that the 2016 edition that is billed to be launched on April 29, 2016, covers information that benefits various sectors of the economy, adding that most information are related and demonstrated in info-graphics.

“This is not just for practitioners, but also the academia. It is something that they will all need. We make sure that we provide references; for every word or text you see on the report, it is referenced. It is not just something we do for validity of data, or just a report from out of the wind. For the market trend, we had 2,500 people sent out on the streets to gather data.

“The reason why you see a lot of pictures on the book is that we try to break that jinx that people don’t read. We try to put in a lot of info-graphics into this particular edition to narrate what is happening, avoiding a lot of text and allow the pictures tell the story,” he stated.

Giving a peep into some of the data in the report, he said that as at 2009, many people were not considering luxury high rising apartments, unlike today, when a lot of condominium and high rise apartments are selling more than the former 200sqm housing units.

He also highlighted that using 12 focus groups, the research adopted the random and convenience sampling method.

While answering questions as to why the report was not extended to other major cities in the country, Igbinoba remarked that for data, statistics to be expanded to other states, there has to be support from those states, and cities, which, he said, weren’t forthcoming.

He confessed that most ministries and agencies in Lagos State gave the needed support and co-operation.

“What we have done is to break all of this analysis down easily for everybody to find useful information that will help or guide him or her into the real estate industry.

Newton Jibunoh,  chairman of the foundation, who pointed out that ever since his retirement, he has devoted his life to environmental sustainability, revealed that the report is a sure reference point that would be of much interest to investors as the country is hungry for investors to come in and operate in full into its system.

“This is the only document that we have for now that investors, members of the academia and businessmen can go to, to get much information before embarking on any project. Subsequently, we wish to make it a two-year affair.”

Ronald Chagoury, vice chairman of the South Energyx Nigeria Limited, noted that the data which will give a picture of what is happening in the real estate sector in Lagos State, will assist in making projections for the next 10 years.