Developers, financiers decry financing gaps

 Okwy Iroegbu-Chikezie


REAL estate developers and financiers, have identified financing, regulations, multiple taxation and access to land as major constraints to property development.

The professionals, who spoke at the just-concluded West Africa Property Investment Summit, under  the theme, ‘Uncovering the next real estate investment cycles,’ in Lagos,   said except something was done urgently, the housing gap would widen especially in the low income bracket.

Participants were unanimous that it had become imperative that operators and asset managers should unlock real estate potential in Nigeria and West Africa.

Managing Director, RCI Atlantis, Raymond Ihuoma, said though he operated in the middle-to-high income sector, he was worried about the huge financing gap and how to bridge it. He said this is made worse by the high construction cost and materials as those in his segment import almost every thing to meet the taste of their clientele.

He called for a strategy…

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