By Yinka Ajayi

Mr Patrick Oriyomi, Managing Director, Photizo properties, a Lagos-based real estate consultancy firm, has explained how access to mortgage finance by average Nigerians can help reduce housing deficit in Nigeria, pointing out that the major objective of his firm is to find the solution to the challenges confronting the housing sub-sector of the nation’s economy.

According to Oriyomi who spoke to Vanguard Homes & Property at the weekend, “What really brought us into real estate is to help reduce the housing deficit that has plagued us for so long. Also, we have a lot of challenges confronting the real estate industry.

“One of those challenges is the fact that people want to own affordable houses. I was in a programme last year in Abuja where the Vice president, Prof. Yemi Osinbajo, was talking about the housing deficit in Nigeria. Instantly I began to think about how best to reduce this huge deficit. So, these were the things that played in our subconscious mind and these are the challenges we want to address.

“We are putting in place a structure whereby income earner as low as N50,000 can have a place to stay. So, that is our goal. Although we also have it as part of our plans to do luxury products, our focus is to target low-income earners”.

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Explaining measures puts in place by his firm to address the housing deficit in Nigeria, Photizo boss disclosed that “One of the challenges we had in addressing housing deficit was funding. If you are going into real estate, nobody will lend you money to start. So, we started with zero capital.

“We started by selling off our lands but our plan soon is to start construction without any loan. In the next five years, our aim is to be the biggest real estate firm in Africa. In Nigeria today, accessing a mortgage loan is hard to come by even when you have a stable job. So, our aim is to bridge that gap”, he said.

On the effect of COVID-19 on the housing sector, he said “It has really affected a lot of sectors and nobody prepared for it. It’s with the advent of coronavirus that we realised that we have a lot to do. If we had started our affordable home project, we would have saved a lot of people that are victims of the housing deficit. I know of someone that his rent expired during the lockdown. So, if we had done it, do you realize how many people we would have reached out to?”

On his expectations post-COVID era, he noted “Our expectations are very high. Even while the world is battling with how to flatten the curve, it is obvious that housing is not negotiable. It is during this period that people realise the importance of owning your own property. A few days ago, we had a report of the economic boom in real estate in Europe, we are expecting the same thing here in Africa.

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On access to mortgage, he said “Accessing mortgage loan in Nigeria is very challenging for low-income earners. Even when you have all the necessary documents, you still get denied. Some of the challenges we have in accessing mortgage loans are that you must be a civil servant, and you must be at a certain level to access it. Or you are either working in a bank and you must be at a certain level.

“We are aware that President Buhari led administration is doing much more in this regard, but we hope they make mortgage accessible for the common man. The youth empowerment programme by this administration surprised many Nigerians. If we have such in the area of mortgage loan, it will help many and drastically reduce Nigeria’s housing deficit”.

On Land acquisition, he retorted “Even within Nigeria, are you aware that, land acquisition in Abuja is much more palatable than Lagos? If I need a property in Abuja, all I need do is to apply. Within a certain time, you will be called by the government for a grant. I have gotten a grant from the government in Abuja. But in Lagos, it is different.

I will even say that it is easier to prepare your documentation in Ogun state and some other parts of Nigeria than Lagos. Getting documentation in Lagos is strenuous.

“The governor, Mr Babajide Sanwo-Olu, has really done a lot. He is even calling on people that have acquired lands in Lagos to come for regularisation. I feel that the governor can also help us by addressing issues that some people are making cumbersome for prospective landowners and even we developers”, Oriyomi noted.

Vanguard