WHAT IS GOVERNOR AMBODE’S (present Governor of Lagos Nigeria) POLICY ON HOUSING?

Discussion in 'Africa Property' started by turawafetty, Jul 25, 2017.

  1. turawafetty

    turawafetty New Member

    The housing policy of the immediate past Governor of Lagos State, Mr. Babatunde Raji Fashola was enshrined under his Lagos Home Ownership Mortgage Scheme (Lagos HOMS). The idea was for the Government to build multi-apartments houses in different parts of the state through some of its agencies and a few private estate developers; put selected houses up for a monthly draw where winners of such homes will emerge after satisfying a couple of conditions; amongst them a five years clearance of tax payments. The mortgage for the scheme requires that winners of the homes make an initial deposit of 30% and spread the balance over a ten years period at 9.5% interest rate.

    As at April 2015, the scheme which had been in existence for over a year had produced only 600 home owners. The last draw was held in May 2015 with 45 home owners emerging. New set of homes have since then been put up for bidding under the scheme (see location, description, pictures and prices of the homes below) but our enquiries at the office of the Lagos State Building and Investment Corporation (LBIC) the agency in charge of the scheme shows that the next draw will only be held after it gets a go ahead from Governor Ambode but that interested persons can still continue to apply for such homes.

    While a number of real estate pundits have called for a review of the eligible criteria under the Lagos HOMS to make it more accessible to a wider range of Lagosians, recent actions of Governor Ambode in terms of the reversals of some policies of his immediate predecessor indicate that such may well happen to the Lagos HOMS. His recent comments of adopting a more liberal option of Rent-To-Own is also an indication of a possible change of path as it concerns the state government’s housing policy for Lagos. If this is so, there is a large amount of housing stock (up to 10,000 units at last count) that his predecessor had built up and there is the real possibility that the incumbent may structure a way for Lagosians to get their hands on the apartments.

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  2. realdeals

    realdeals Active Member

    Is this a scheme to encourage home ownership or simply a way to get rid of unwanted stock?
  3. diyhelp

    diyhelp Active Member

    I am a little confused what is happening here as well :cool:
  4. turawafetty

    turawafetty New Member

    It a way to encourage home ownership, the reason the government come up with the scheme is because 90% or 95% land and home purchase in Nigeria us outright sales, that is you have to pay the whole money once, no mortgage on properties. That is why the present exchange rate encourages owning a property in Nigeria if you earn dollars or pounds or any currency that is valuable. Prices of Lands especially in Ikoyi where rent are paid in dollars remains the same in local currency.

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  5. turawafetty

    turawafetty New Member

  6. Longterminvestor

    Longterminvestor Administrator

    Is there a mortgage industry in Nigeria to support his new initiative?
  7. turawafetty

    turawafetty New Member

    Few mortgage industries are available at the moment.

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  8. nmb

    nmb Well-Known Member

    Might be an interesting long term play for some of the larger mortgage companies?

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