With the recession lingering and hitting hard on real estate sector, many prospective homeowners are dumping the idea of homeownership, while others want to build a simple home that is comfortable and affordable, without going into debt.
It is a fact that in most Nigerian cities, the dreams of lower construction costs have once again become a nightmare for a lot of aspiring homeowners, going by fresh increases in the prices of basic building materials. For instance, retail prices of cement has remained high, about N2, 700 per bag while manufacturers of cement-based materials, such as ceiling boards, roofing sheets and concrete products have hiked their prices.
Consequently, the development has further slowed down housing construction, real estate activities and increased the prices of other building materials’ component. Developers in the Nigerian housing market focus almost exclusively on the luxury residential market. However, this market segment is already experiencing an oversupply.
READ MORE: https://guardian.ng/property/can-low-income-earners-build-a-home/