The federal government recently launched the Renewed Hope housing estates with the unveiling of the portal known as the Renewed Hope Housing Online Portal. It was unveiled by the Minister of Housing and Urban Development, Ahmed Dangiwa, an architect.
Daily Trust observed at the launch of the online portal that the platform is streamlined for the marketing and sale of houses being built under the Renewed Hope Cities and Estate Programme.
Unveiling the portal, Dangiwa said the online platform was a fulfillment of the promise to break all the barriers to homeownership for Nigerians and to facilitate and promote the creation of technology systems and private sector-led initiatives that would make it simpler, easier and more convenient for Nigerians to own homes.
The minister highlighted that the online portal featured a user-friendly interface, ensuring a seamless and secure registration process with identity verification. This enables potential homeowners to efficiently search for properties, using various filters to find homes that meet their specific needs.
He further explained that the Renewed Hope Housing Online Portal integrated features offering flexible payment options, including both one-time payments and installment plans, catering for various financial situations.
Additionally, he noted that the platform provided easy access to mortgage plans, allowing homebuyers to check their eligibility and apply from anywhere in the world. The portal also supports equity contributions for mortgages, enhancing accessibility for a broader range of users.
Why bottlenecks must be removed
Recent data from the Central Bank of Nigeria (CBN) shows that Nigeria has a housing deficit of 28 million, which underscores a real challenge in the country's real estate sector.
In Nigeria today, low wages, high cost of living, taxes and other factors have made it a bit difficult for majority of citizens to own homes, which underscores the pressing need for affordable housing solutions, which remains key to addressing this crisis and boosting the economic development of Nigeria.
A real estate expert, Halilu Jibrin, highlighted the importance of removing bottlenecks in order to bridge the housing gap.
According to him, acquisition of land and the process of acquiring titles, as well as registering properties, has become herculean, leading to extra fees charged by officials, who ordinarily would have done it charge. It has been a perennial issue that should be addressed, he added.
He also said, "Limited access to affordable mortgage financing is also making it difficult for many to purchase homes, just as different laws by successive governments have made it difficult for Nigerians. Also, the issue of access to finance has to be addressed," he said.
He highlighted that high cost of building materials, lack of transparency and accountability, in addition to inadequate public information, unclear policies without proper consultation with experts and stakeholders had served as a perennial problem affecting the sector.
About Renewed Hope Cities
The Renewed Hope Cities and Estates programme, initiated by the President Bola Tinubu administration, aims to bridge the housing gap and make home ownership accessible to average Nigerians.
Officially launched in February 2024, the programme began with the construction of a 3,112-unit Renewed Hope City in Karsana, Abuja.
On May 22, 2024, the minister of housing and urban development started constructing a 250-unit Renewed Hope Estate in Katsina State, expected to be completed within three months.
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Following this, a 500-unit Renewed Hope City in Kano will begin on May 23, a 250-unit Renewed Hope Estate in Yobe on May 24, and another 250-unit Renewed Hope Estate in Gombe on May 25.
In the coming months, the federal government will launch 250-unit housing projects in Abia, Nasarawa, Benue, Akwa Ibom, Delta, Sokoto, Oyo and Osun states, along with a Renewed Hope City project in Lagos.
The ownership options of the Renewed Hope Cities and Estates project include single-digit, up to 30-year mortgage loans from the Federal Mortgage Bank of Nigeria, rent-to-own schemes and outright purchases for high-income earners.
It operates as a cross-subsidy initiative with 80 per cent of units sold at commercial rates and 20 per cent at concessional rates for low and medium income Nigerians affiliated to the Nigeria Labour Congress and the Trade Union Congress.
