Is Affordable Housing In Africa A Living Myth Or An Auspicious Reality? — Mubarak Aremu
In Africa, the issue of affordable housing is a complex issue that requires a critical approach to become a reality. Especially in countries across Africa with a towering rate of housing deficits.
As the need for shelter increases with population growth, it is important for real estate players and the government across the continent to up the ante.
This article seeks to outline the possibilities of affordable housing in Africa. Some challenges like urbanization, economic factors and infrastructural development can hinder the continent’s real estate industrial growth.
In fact, the rate of urbanization across several countries in Africa significantly mounts more pressure on the industry with its incessant and increasing housing demands.
Consequently, these demands are fueled by the need for classy and sometimes unrealistic housing choices in contrast to their earning power.
It is undeniable that infrastructural developments can always and must only get better as the year comes in varying African terrain.
Likewise, the inflation rate in African countries goes up by the day which in turn cripples the purchasing power of their citizens.
With this economic burden, the dream of home ownership may look far-fetched for most of the African population.
However, this year, Statista projected that Africa real estate investment volume will reach $15.98tn with residential real estate taking over $13.39tn of this total volume.
This simply means that real estate developers will and are having more access to funding than ever before to pioneer projects that can serve the continent’s housing deficit.
Subsequently, public-private partnerships (PPP), usually with governments, are a surefire way to initiate budget friendly housing solutions across African countries.
It is one of the safest and most secure ways for private organizatons to serve their community while making profits too.
This feeds back into their commitment to bettering their locale of operations via progressive real estate and housing projects.
Furthermore, the African countries’ governments can serve their purpose to their people via housing initiatives that can provide realistic and affordable homeownership opportunities for their people.
A great instance is the Nigerian’s government’s ‘Family Home Fund and Renewed Hope cities and estates’ projects.
These projects look to serve low-income earning populace an affordable option to home ownership.
Also, government can support real estate key players with policies that favours their operations and boosts their efficiency rather than those that may hinder their growth.
In contrast, systems that provide beneficial policy support to their real estate players and developers open more paths for progressive collaboration that can help resolve some of the housing shortage needs across the continent.
Lastly, community-based solutions like cooperative housing systems that open up flexible home ownership plans can lower the barrier for the yearning populace.
These highlighted approaches are not exhaustive in making affordable housing options across the continent.
But they will surely contribute their quota in reducing the housing shortage to a reasonable extent and that is simply a step closer to making it a reality.
Author: Mubarak Aremu
Mubarak Aremu is a digital Marketer at Gidi Real Estate Investment Limited
Nice Writeup!