The bustling city of Lagos, often called the “economic hub of Africa,” is grappling with a significant housing crisis. The city’s rapid urbanisation, coupled with a growing population, has created a housing deficit that is straining its infrastructure and impacting the lives of millions of residents.
Nigeria’s housing deficit is a pressing issue that extends beyond Lagos. According to recent estimates, the West African country needs approximately 28 million housing units to meet the demand of its rapidly growing population.
This shortfall has led to a variety of problems, including overcrowding, slum development, and increased vulnerability to natural disasters, with flooding recorded in Lagos, Niger, and Borno states, among others.
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According to the World Bank and local housing surveys, Nigeria faces a staggering housing deficit of over 20 million units, driven by rapid urbanisation and population growth.
The challenge is compounded by high upfront costs, inflexible payment terms, and inadequate financing options, making it increasingly difficult to secure a suitable apartment or home in today’s competitive market.
The rising cost of living, limited housing supply, and strict rental requirements make it increasingly difficult for many individuals and families to find affordable housing.
Other factors, including redevelopment and economic instability, have also contributed to the challenges faced by prospective tenants and homeowners. However, despite these challenges, the demand for housing is still on the rise.
In response to these challenges, Quickteller Homes, the real estate and property arm of the Interswitch Group, is changing the narrative in Nigeria’s real estate market.
By introducing flexible payment plans, such as instalment-based options and rent-to-own schemes, Quickteller Homes is making home ownership and property rental more accessible to Nigerians without the burden of high upfront costs.
The Nigerian real estate market is currently facing challenges such as rising property prices, limited infrastructure, and inconsistencies in property rights and ownership, making homeownership increasingly unattainable for the average Nigerian.
Quickteller Homes addresses these challenges by offering a comprehensive ecosystem that connects tenants, landlords, and agents, streamlining the search for both short-term and long-term rental or purchase options.
At the recent SmallSmall Fair 2024, held at the Pistis Conference Centre in Lekki, Lagos, Quickteller Homes emphasised its commitment to tackling the dominant issues in the housing sector by offering instalment payment options, transparent property listings, and streamlining the rental or purchase process, which plays a key role in connecting tenants and buyers with available properties more efficiently.
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Olawale Akanbi, Divisional Head, Growth Marketing, Merchants, and Ecosystem, noted that the company’s mission is to empower individuals and families to enable them to solve their housing needs.
“At Quickteller Homes, we are committed to making housing accessible to all by offering flexible payment solutions that bring home ownership within reach. By doing this, individuals and families are empowered to take control of their future while creating a secure foundation for generations to come,” Akanbi said.
Beyond simplifying the process of finding and securing housing, Quickteller Homes offers transparent market information, financing options, utility connections, payment solutions, and a full suite of home services.
“All of this is facilitated through a user-friendly digital platform that streamlines the process of finding suitable housing and managing related services.”
Players in the real estate industry of Nigeria have called for investment in infrastructure and affordable housing to boost the growth and development needed to make the country an economic powerhouse globally.
Earlier in the year, Olusegun Mimiko, the former governor of Ondo State, said infrastructure, including housing, is crucial for economic growth and development.
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The former minister of Housing and Urban Development said Nigeria is plagued with capacity and financial deficits hindering the nation’s development.
He noted that economic development can only be possible when there is security of lives and property, ascribing the low investment in the country to the rising insecurity.
