House Prices: Buyers to pay N8.5m for FG’s one-bedroom bungalow

The federal government has announced prices of the various house types in its Renewed Hope Housing Estates. Buyers from the estates are to pay N8.5 million for a one-bedroom semi-detached bungalow; N11.5 million for a two-bedroom semi-detached bungalow, and N12.5 million for a three-bedroom semi-detached bungalow.

The government says house prices at the estates nationwide are now uniform, meaning the price of a two-bedroom bungalow, for instance, in Lagos is the same as the price of the same size bungalow in Enugu, Kano, or Benue.

The houses, according to a statement issued by Badamasi Haiba, director, press and public relations, at the Ministry of Housing and Urban Development, are part of the ministry’s efforts to make homeownership more accessible and equitable for Nigerians.

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Haiba explained that the adoption of uniform selling prices is aimed at promoting affordability, transparency, and fairness, and also ensuring that Nigerians across all regions have equal opportunities to benefit from the Renewed Hope Housing Programme.

Ahmed Dangiwa, Minister of Housing and Urban Development, disclosed that priority will be given in the allocation of the houses to low and middle-income earners, civil servants at all levels of government, adding that the same will be applied to employees in the organised private sector with verifiable sources of income, and Nigerians in the Diaspora who wish to own homes in the country.

Shuaib Belgore, Permanent Secretary in the ministry, also disclosed that several payment options have been provided to make the houses affordable and payment flexible. These include outright payment, mortgage, rent-to-own scheme, and installment payment plans.

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The ministry further announced that the sale of the completed housing units across the northern and southern regions will soon commence, advising that applications can be made through the Renewed Hope Housing online portal at www.renewedhopehomes.fmhud.gov.ng, or obtained from the ministry’s headquarters and field offices nationwide,” the statement added.

The ministry clarifies that the approved prices apply strictly to the Renewed Hope Housing Estates, which are funded through the ministry’s budgetary allocation, as against the Renewed Hope Cities in Karsana Abuja, Janguza Kano, Ibeju Lekki, Lagos, which are being funded through a Public Private Partnership (PPP).