Oluwayomi: Affordability-based Pricing Key to Bridging Nigerian Housing Gap
As the housing deficit in Nigerian major cities continues to widen, government and private real estate firms are revving up strategies to bridge the gap. Mr. Triumph-Abatan Oluwayomi, the Managing Director of ATCO Homes, a fast-growing indigenous real estate firm, dissects the real estate sector and shares insights that would serve as timely solution for the nation’s worsening housing situation
Nigerian major cities continue to witness increased urbanisation and more people are leaving the rural areas to settle in the cities. What do these situations portend for the housing sector?
Well, this has both positive and negative side effects. Let us look at the positive first; it means more revenue for the sector because more persons will need good and affordable houses. Secondly, more jobs will be created to solve more challenges rising from the increase. Another is that when people are moving this way, it tends to equally improve the literacy level of those who are relocating. Urbanisation brings with it increases of everything one could imagine. The negative side is so numerous that we might not be able to exhaust this here. First is the underdevelopment of the rural areas they are migrating from. Second is that there will be increase in crime rates in the cities, especially where security personals are under employed, empowered and deployed.
What are the roles of the government and players in the real estate sector in meeting the growing housing shortages in Nigerian cities?
Well, for me no person can give what they don’t have. Likewise, no government can do beyond what they don’t have. The government for me is everyone of us. The government should create more enabling environs for young entrepreneurs like us to be able to do well. They could provide better access to financial supports, especially for entrepreneurs who are doing very well. Government could get like 100 young real estate companies that are between three and four years with track records to work with to solve the problems with housing in Nigeria. For players in the industry, especially the up and coming like us, should not be interested in doing business as usual for the betterment of Nigeria and Nigerians. Listen, no one will come and help us develop our nation, we must get the job done. Selflessness is needed more in the sector and every other sector in this country. Players should always put the people and clients first. We need to break the chain of hardship in this country. We need to build great and affordable houses for Nigerians, not only the elites but also the low earners.
Considering the growing socioeconomic challenges such as price inflation and poverty, do you consider affordability-based pricing as a critical solution to helping the masses and middle-income earners who currently are challenged by the high cost of living in the cities, own a home?
Yes, affordability-based houses are very possible. Well, there are no impossibilities in my dictionary anyway. We should not be in the culture of valuing everything in terms of dollars. We should leverage on materials that could be sourced for locally.
What is ATCO Homes doing in that regard?
Wow! ATCOHOMES is already doing too much in this area, for a young company of just three years. We have consistently done our business with the desire to help low earners own a land or a house in Nigeria. ATCOHOMES is the only real estate company in Nigeria that I know of that has consistently gifted his clients’ Toyota Corolla cars (please note I am not talking about raffle draws!) as a tool for their extra earnings. Also, our flexible payment plan has no equal.