Mr Topsy Essien, Managing Director of Big Homes real estate company, has said investment in affordable housing projects will continue to be a mirage in the Federal Capital Territory (FCT) with the high cost of land and inflation.
Essien made the statement at the commissioning of Major Casa, a luxury housing project located at the highbrow Guzape Hills, Asokoro, Abuja.
He also called on both the federal government and the FCT administration to review land allocation processes in the FCT, as well as address inflation, which leads to a markup of prices in real estate development cycle.
“Some people own like 200 hectares allocated to them over 20 years ago, they are not doing anything with it. If we can partner with them it will go a long way. If the land is affordable, with N2.5m, N3.m you can own a home,” he said.
Essien said developers will continue to find it difficult to offer affordable homes to Nigerians if those issues were not tackled.
“You can do your bill today, even with all your contingency plans, the kind of changes you find in the middle of the way makes it very hard to stay in business. We hope that by next year the economy and currency will be more stable so we can actually predict what the future holds,” he said.
He also said Big Homes has the desire to invest in affordable housing projects, but that the company is focusing on high-end projects for now, because changes in valuation can easily by accommodated than in affordable housing.
“Mejor Casa is one of our very high-priced projects and we so much cherish this project because it’s a complete package. It has all the services that we offer – from automation to some kind of unique design and comfort. It has a playground, and you can decide to build a swimming pool. It’s a unique kind of design. We focused on space instead of building a big house without enough space,” he said.
Big Homes Public Relations Officer, Ambassador Ijeoma Bristol in her address expressed delight over the successful completion of the project, but however said; “The economy is not really helping, all part of the economy, construction, hospitality, you name it. There are problems, a lot of stress but Big Homes have managed to stay the course.”
The event coincided with the birthday of one of the directors of the company, Mrs Blessing Nyong-Essien and had friends, associates and clients in attendance.
