Housing Episode 4.

Forms of House Ownership in Nigeria

Forms of House Ownership in Nigeria.

Outright Purchase: This involves buying a house by paying the full amount upfront.

Mortgage Financing: Home loans in which buyers pay in installments before final ownership is transferred (e.g., Nigeria Police Mortgage Bank PLC).

Government Housing Schemes: This is subsidized housing provided by the government, often under initiatives like NHF (Nigerian Housing Fund).

Cooperative Housing Scheme: Home ownership through cooperative societies pooling resources.

Leasehold Ownership: This is ownership for a specific period of time (e.g., 5-10 years).

Inheritance Ownership: Ownership passed down through family members.

Self-Built: Some people buy land and build at their own pace.

Joint Ownership: These are houses co-owned by spouses or business partners.

Real estate is a rapidly growing and flourishing industry in Nigerian cities. While some properties are owned by real estate firms, others are managed by private real estate agents. Finding vacant properties in urban areas of Lagos, Port Harcourt, and Abuja can be quite challenging, as some of these houses have been contracted to lawyers and real estate agents. The challenges faced by intending house occupants include paying consultation fees, filling out a form with personal information, consenting to a tenancy agreement, and inspecting available properties. In some cases, after inspecting these properties, they may not meet the preferences of the intending occupier, who may have to pay additional consultation fees to other real estate agents before finding a suitable one.

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