Developer calls for land cost cut to end housing crisis

…unveils Casalavoro residence in Abuja

Williams Olutunbosun, Chief Executive Officer of Casalavoro Residence, has called on the Nigerian Government to make land more affordable as a crucial step towards ending the country’s soaring housing deficit, which currently runs into millions.

Speaking weekend at the unveiling of a new Casalavoro Residence branch in Wuse II, Abuja, Olatunbosun emphasised that high land and development costs are the biggest contributors to unaffordable housing in Nigeria.

“Government support is essential. The major reason for high housing costs is the cost of land and development. If land costs drop by 50 percent, housing costs will follow suit”, he noted.

He explained that with the recent increase in the National Housing Fund (NHF) loan ceiling to ₦50 million, it has become realistic for public servants to own homes, provided developers receive the right incentives and land becomes more accessible.

“We’ve done our calculations, and it’s very possible to build quality homes with ₦50 million. We’ve benchmarked our projects with this in mind,” he noted.

Olatunbosun also unveiled Casalavoro’s ambitious plan to contribute to solving Nigeria’s housing shortage by constructing 10 million housing units across major cities like Lagos, Abuja, and Port Harcourt over the next five to ten years.

“Our vision is to build large, sustainable communities that are energy-efficient and reduce electricity costs for residents,” he stated. “This expansion can only be sustained if the government also supports with tax reductions and access to finance”, he noted.

He described the Government as an enabler, noting that with the right environment—such as tax incentives and land access—developers can scale up delivery of affordable housing. “What has worked in other countries can be replicated here,” he added.

Casalavoro Residence, known for its fusion of hospitality and modern living, launched its flagship location in Maitama in early 2023.

The Wuse II branch opening was attended by key dignitaries including Minister of State for Steel Development, Uba Ahmadi Maigari; Adamson Oluwatosin Ayinde, SSA to the President on Industrial Training and Development; Mufutau Abiodun Yinusa, SSA to the President on Agriculture; and Agama Emomotimi, Director-General of the Securities and Exchange Commission (SEC).