Expert Expresses Concern Over Housing Deficit in Nigeria


Raheem Akingbolu

A player in the Real Estate sector of the economy and the Chief Executive Officer of Metro and Castles Homes, Adekunle Abdul, has expressed concern over shortfall in affordable housing in Nigeria, which he said had rendered many people homeless. He spoke at the unveiling of the Phase 1 of Metro & Castles Homes Estate in Lagos.

While calling on government and stakeholders in the Real Estate sector of the economy to think out of the box and come out with solutions that would make housing affordable in the country, he pointed out that having a shelter should not be seen as a luxury, but a right for any individual that has a good job and is credit worthy.  

This, he stated informed why Metro & Castles has rolled out initiative to build affordable houses for people in a serene environment complemented with social amenities like gym, swimming pool and playground for children, among other facilities.

According to him, the houses in the Phase 1 Estate has been fully purchased by subscribers at a price of N36 million,  which he said was relatively cheap compared to other houses in that axis. They were built into duplexes with three major rooms and one extra room for visitors. 

The businessman revealed that SunTrust and Keystone Bank were major partners of Metro & Castles on the project and the company also markets by itself. He pointed out that another good thing about the project, is that subscribers can pay within the space of 36 months with an initial 40 per cent, adding that the company has concluded to extend the payment offer to five years in the future. 

“This is a lifetime offer. All the materials used are locally sourced with a touch of class and each duplex is fully equipped. Furthermore, the Phase 2 of the scheme is commencing immediately based on popular demand. Anyone that is credit worthy, be it a salary earner, to partake in this scheme, either by coming to us directly or go through our partners,” he stated.