Housing deficit in Nigeria

Housing deficit in Nigeria

Lagos is no stranger to housing deficit in Nigeria and real estate challenges. The state is estimated to require about three million housing units to resolve its growing housing deficits. In a bid to tackle this housing and real estate challenges, the Lagos State government has set in motion, plans to provide 20,000 units of houses across Lagos state.

However, the growing number of unsold housing units in certain areas tell a different tale about the growing housing deficits and real estate obstacles. It appears that the problem isn’t so much lack of housing but lack of affordable housing. Some properties remain in the market for years and even months without a buyer. Areas like the Banana Island, Ikoyi and Victoria Island tend to command high property prices with some properties accepting foreign currencies as payment. While the supply for the high-end property has seen a steady rise, the demand for these properties hasn’t risen proportionately to its supply.

This is partly due to the recent recession, fall in oil prices, weakening of the naira against the dollar, a high cost of land and building cost. In addition, financial institutions and mortgage firms are lagging behind in providing adequate buying support. As a result, these high-end properties are shunned for more affordable alternatives, further deepening the housing challenges.

A close examination of the real estate market in Lagos shows that, although there’s a growing demand for homes, the real demand is for affordable homes. Affordable housing is fast becoming out of reach to the medium to low income earners, who are unable to keep up with the high costs of rents and houses.


LekkiVale Estate features

At Sevic PDC, we’ve carefully identified these loopholes and we’re developing houses to tackle the average Lagosians’ housing and real estate challenges. In developing residential developments, our main focus is affordability, comfort and sustaining world-class standards. All our estates are developed with the comfort and pocket of the average Lagosian in mind. We’ve set in motion the following strategies to make your dream home a reality:

Mortgage Plans

We are partnering with various mortgage institutions to provide a sustainable system where home buyers can readily access finances and choose a mortgage plan that best suits their budget. At Sevic PDC, your dream of owning a home is one call away through improved mortgage plans.

Off-takers Advantage

Rome wasn’t built in a day; just like your dream house isn’t going to be built in a day. Our homes are built to suit your taste and your specifications. We let you choose the type of house you want in the desired location. The added advantage of value appreciation is, after your house is been fully constructed, it appreciates by at least 10%.

Location Advantage

Whether you’re a business person, a single person, a full-time worker or a stay-at-home mom, we all want our homes to be comfortable and luxurious. When it comes to choosing where to live, several factors come to play other than the building itself. So far, Lekki emerges as one of the most suitable locations to live in Lagos. Lekki offers proximity to good schools, restaurants, malls, hangout spots and churches making life comfortable and convenient.


LekkiVale Estate features

All our estate imbibes comfort and luxury, providing the following amenities:

  • 24-7 Power and water supply
  • Exceptional view of refreshing green areas
  • Street Lights and paved roads with provision for jogging trails
  • Well-Landscaped Areas and Green Recreational Areas
  • Fortified Security
  • Fully equipped gymnasiums, tennis court and basketball court
  • Young, dynamic neighbourhood.

Most of our constructions are ongoing. Check out our top selling estate at www.lekkivale.com

Your next house is just one call away. Call us today 09081234564, 09095757575 and we’ll walk you through the entire process of picking your dream home at the most affordable rates in Lagos.

You can also email us at info@sevicpdc.com and a representative will attend to you.



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