Here’s How Pelow is Addressing the Affordable Housing Crisis in Nigeria
Everyone loves to own a personal space where they can create memories with their family and friends for years to come. Unfortunately, many Nigerians still dream of buying a dream home in cities like Lagos and Abuja. Despite the various reforms, the rapidly growing population and skyrocketing prices of the properties are hindering the growth of the Nigerian property market.
People face specific challenges in urban cities like Lagos and Abuja. For instance, real estate financing and consumer mortgages are short-term, around five years or less. Due to this, many developers opt for poor construction and maintenance to seek short-term gains. Besides, collecting rent in advance also gives landlords a tough time in collecting the rents from tenants.
In urban areas of Nigeria, gross inequality is quite evident, with a small number of wealthy people and a much larger number of low-income people. This makes getting a commercial & residential property in Lagos & Abuja, Nigeria, challenging and sometimes frustrating. Though it's a common situation across most major cities, urban areas seem to have the worst experiences.
Major Challenges Faced by Nigeria's Property Market
Building a house in urban cities such as Abuja, Lagos can be more challenging and expensive. This is due to the high construction materials, labor costs, expenses associated with poor roads and sewerage systems.
Whether you are paying rent or constructing a new project, you are expected to struggle with insufficient funding. Although few reforms have been made, there's still a long way to go.
Real estate investors often have to pay multiple taxes such as development levy, income tax, building plan approval levy, property tax, a land-use tax. Often, they are expected to pay renovation tax when they consider renovating properties.
More importantly, pricing seems to be one of the essential factors behind Nigeria's existing housing crisis, especially since paying a lump sum for rent requires a significant amount of money.
This means that with a complex credit system, paying a year's rent may leave you without savings. Sometimes, agents/house owners also request two years of the rental fee in advance.
This makes people with low income wonder: How to get help with buying a home in Nigeria?
Fortunately, in an attempt to solve this crisis, Pelow has come forward to help low-income Nigerians meet their goals.
How Can Pelow Help?
Pelow provides a reliable platform for property owners, agents, and brokers to list and negotiate housing deals quickly and safely, making buying residential and commercial affordable housing more convenient and easier.
With a few clicks, one can escape undesired agency fees and down payments, prevent fraud and uncooperative clients. Plus, they can choose their dream home from a list of suitable choices regarding location and pricing.
With more flexible options and pricing, renters can conveniently book and pay for apartments daily, weekly, monthly, quarterly, or yearly whenever they want!
In short, Pelow is transforming Nigeria's housing market by making buying and renting a property more affordable to the average Nigerian citizen!
