Despite an increase in private sector investments in the Nigerian real estate industry, the country’s housing deficit keeps getting worse.
Nigeria, with an adult population in excess of 100 million, has a homeownership rate below 30% which is one of the poorest for large economies. The number of Adult Nigerians living in sub-standard homes is in excess of 50% in urban and peri-urban areas.
With the housing shortfall in major cities in Nigeria exceeding 5 million homes, and Lagos, in particular, having the greatest shortfall, Octo5 Holdings Limited, a Lagos-based real estate development company on Tuesday launched a demand aggregation platform, in order to bridge the housing supply gap in the country.
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