Industry practitioners appear undecided as regards how the current global economic meltdown will affect the local housing/construction sector.

While some predict a near catastrophic impact, others believe that the industry is relatively safe, not minding the present unsavoury state of the capital market.

Lagos-based town planner, Mr. Yacoob Abiodun, insists that the sector will, in due course, fall into a state of recession.

"The housing and construction sectors are capital intensive and loan driven. The global meltdown is a financial calamity, leading to financial crunch, meaning scarcity of funds for businesses and sundry economic activities, housing/real estate inclusive. Definitely, the sector is going to experience recession," he said.

Abuja-based surveyor and land management expert, Canon Ukaejiofor, stressed that housing/construction ventures are synonymous with capital, and that every form of recession has a direct negative impact on housing.

"The poor mortgage market in Nigeria is also not helpful. The failure will be as marked as that in the capital market," he predicted.

But estate valuer Mr. Chudi Ubosi believes otherwise, pointing out that sector will survive the trend unscratched.

His words, "Prices will fall 2/3 per cent but even that is usual in negotiation in the Nigerian market. Our property market is a cash-based one and so there is little pressure to sell except for a few people who may want to offset facilities from the banks."

In fact, Nigerians eyeing investment in real estate as well as those who have already done have been told not to lose sleep over the global economic crisis as the country's housing sector is safe.

Experts contended that since the Nigerian housing sector does not rely on certain indices operating elsewhere in the world, happenings in those countries might not have any significant impact on the sector in the country.

Checks at real estate agencies in the Lagos metropolis revealed that prices of houses in are relatively stable, without any sharp increase or decrease. However, a slight increase was observed in places like Lekki, Ajah, Ogudu, Victoria Island, Ikoyi, Ikeja and Allen Avenu.

Alao Makanjuola, a Mowe-based developer, said that because most of the houses being sold in Nigeria are on a cash-and-carry basis and not through mortgage system, the sector would not be affected by the global crisis.

"In Nigeria, we believe in cash and carry and this is so because the sector is meant for the rich who see the sector as a veritable one to invest in. This is not to say that this is good for the economy; but at least there is no crisis yet," stated Makanjuola.

Mr. Adeola Olufon, estate surveyor and valuer and former Vice-Chairman of the Estate Surveyors and Valuers Registration Board of Nigeria (ESVARBON), said what is happening in the housing sector in the United Kingdom and the United States is an indication that a perfect system can also experience crisis.

He then called on Nigerians, desirous of buying houses in the United Kingdom, to take advantage of a regime of falling prices, which are dropping at a rate not witnessed since records began in the 1950s.

Managing Director of Abbey Building Society Limited, Mrs. Roseline Okwechime, told Daily Independent in an exclusive interview that unlike ever before now is the time for Nigerians to invest in the housing sector and that mortgage outfits are ready to offer expert advice in this regard.

She called on Nigerians to take advantage of the listing of Abbey on the Stock Exchange to buy into the primary mortgage institution, as a way of securing their future, adding that what is happening to other sectors of the economy will not be able to penetrate into the housing sector in the country.

In his response, an Ibadan-based estate surveyor and valuer, Mr. Biodun Adeola, however cautioned that despite the buoyant state of the housing sector in the country, experts in the country should ensure that the crisis in the U.S and U.K is used as an advantage.

"We should not lose sight of the fact that the world is a global village. What is happening in other places may have a direct impact in our country if we fail to take advantage of it. We need to look at what is happening in those countries for the purpose of using the fallout to develop our sector. It will be a disaster if we fall into the same pit," he warned.