The country’s housing sector is not out of the woods yet, as the rising cost of building materials continues to impact rentals and the cost of delivering affordable housing for citizens.
For instance, cement, which was N2, 500 before, is now; N4, 300, a tonne of 8mm reinforcement that was N441, 000 last April, currently goes for N475, 000. The same thing is applicable to granite previously sold at N140, 000 for 30 tonnes, but is over N320, 000 for 30 tonnes, in the building material market.
In strategic areas of Ibadan, where apartment rents used to be N1 million, there has been an increase to about N1.5 million. Specifically, he said, the Federal Government needs to intervene through policy formulation and ensure developments do not escalate and cause more damage to the real estate sector.