Posted by According to Wale Ponnle, a well-known real estate expert and COO of Gracias Global Homes and Properties Ltd, the Lagos State government’s proposed rental system will entice additional real estate investments to the state.
The government of Lagos State has informed its citizens that it has set aside N5 billion to launch the state’s monthly tenancy plan in 2025, an effort to alleviate the country’s housing shortage.
On the morning show “Let’s talk monthly rent in Lagos” on Law FM, Ponnle argued that the state government of Lagos should implement laws that would entice private investors to the long-term benefits of rental schemes rather than outright sales.
He asserts that 70% of Lagos residents spend more than 50% of their salary on housing each year, leaving them with extremely limited means to cover their basic needs. Not to mention that 80.7% of Lagosians are now meeting their housing needs through the rental scheme system.
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In my opinion, many people are wary of investing in real estate, particularly when the only intention is to use the property as a source of rental income. Being unable to see a return on investment until the year’s end is a dead end, in their eyes, according to Ponnle.
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Because the nation is still in the midst of a chronic housing crisis—projecting a shortfall of 28 million units of housing in 2023—he thinks the plan will make cheap housing a reality.