In an interview with Punch Newspapers, the Chief Executive Officer, Point1 Homes and Properties Nigeria Limited, Samuel Akeba, bared the rising cost of home ownership.
In his words,
“Inflation is exerting immense pressure on Nigeria’s real estate sector, making property development increasingly expensive and inaccessible to many potential homeowners. At an inflation rate of 23.18 per cent, the cost of essential building materials like cement, iron rods, and tiles has surged dramatically. Developers, unable to absorb these rising costs, inevitably transfer them to buyers, further driving up property prices. This situation is particularly concerning in a country where homeownership is already a challenge due to high land costs and limited access to affordable mortgages”
