By Peter Bakare

Affordable housing is a critical issue in Africa, as many people struggle to find housing that is both affordable and meets their needs. As a real estate consultant and broker, Peter Bakare has been closely following the challenges and opportunities associated with addressing affordable housing in Africa.

One of the biggest challenges in addressing affordable housing in Africa is the lack of financing for real estate development. This can make it difficult for developers to build new housing that is affordable for low-income families. Bakare notes that addressing this challenge will require creative financing solutions, such as public- private partnerships, impact investing, and crowd-funding.

Another challenge is the lack of land for real estate development. Bakare explains that many African countries have complex land tenure systems, which can make it difficult for developers to acquire land for housing development. This can drive up the cost of land, making it more difficult to develop affordable housing. 

Bakare suggests that addressing this challenge will require a concerted effort from governments, NGOs, and private sector actors to streamline land tenure systems and make land more accessible for developers.

In addition to these challenges, there are also opportunities for investors and developers in addressing affordable housing in Africa. One of the biggest opportunities is the growing demand for housing in many African countries. Bakare cites that the continent is home to some of the fastest-growing urban areas in the world, and this growth is expected to continue in the coming years. This presents an opportunity for investors and developers to build new, affordable housing to meet the needs of this growing population.

Another opportunity is the potential for innovation in real estate development. Bakare notes that there is a growing interest in sustainable, eco-friendly, and energy- efficient housing in Africa. This presents an opportunity for developers to incorporate these features into affordable housing, creating homes that are not only affordable but also environmentally friendly and energy-efficient.

Overall, addressing affordable housing in Africa is a complex and multifaceted challenge. It will require a concerted effort from governments, NGOs, and private sector actors to address the challenges and take advantage of the opportunities presented by this issue. As a real estate mogul, Peter Bakare is committed to working towards solutions that address the affordable housing crisis in Africa and promote sustainable, inclusive, and equitable development.