The Chief Executive Officer of Bukasin Unique Services and Investment Limited, the parent company of Bukasin Unique Estate, Ebuka Ewuzie, has said the mortgage-to-GDP ratio in the country was below one per cent.
In a statement, he said accessing affordable housing finance for low-income earners in Nigeria was a significant challenge.
According to him, Accessing affordable housing finance for low-income earners in Nigeria is a major challenge, especially given the country’s low mortgage-to-GDP ratio, which stands at less than one per cent. This is far below the global average of around 60-80 per cent, making it difficult for most Nigerians to secure mortgage financing.
“The government must put in place intervention and policy reforms. More importantly, allocate more funds to affordable housing projects to decrease reliance on expensive private-sector funding.”
Ewuzie also noted that reforms in land ownership laws and property registration processes would reduce bureaucratic delays and high costs, making housing financing more expensive.
He added, “The government could also partner with private developers to build low-cost housing projects, providing tax incentives or access to cheaper land for affordable housing development.
“Mortgage banks like the Federal Mortgage Bank of Nigeria need to be recapitalised and restructured to offer more competitive interest rates and longer repayment periods to low-income earners.”
While speaking on Bukasin Unique Estate, Ewuzie stated that the company differentiated itself through several key operational policies aimed at enhancing the overall customer experience.
“The company prioritises client relationships, ensuring personalised service and regular communication throughout the buying and selling process. This focus on relationship-building not only fosters trust but also makes clients feel valued and informed every step of the way,” he stated.
He stressed the importance of transparency in transactions, noting that maintaining clear communication about properties and fostering honesty would help build trust with clients.
He added, “This commitment to transparency is a crucial factor in establishing long-term relationships in a market often fraught with scepticism.
“Incorporating modern technology into its operations has been another significant factor in Bukasin’s success. The use of advanced technology for property listings and virtual tours has enhanced the customer experience and streamlined our operations.”
