An executive director of Grenadines Homes, Adesope Adeyinka, has urged stakeholders in the real estate sector to see Nigeria’s housing need as cutting across various economic strata and avoid being misguided by the belief in certain quarters that it is limited to the middle class.
Mr. Adeyinka made this declaration while speaking recently on the country’s housing deficit and the several intervention initiatives by different stakeholders, including his organisation, Palton Morgan Holding Company.
He said: “When we talk about housing deficit, people actually think it is limited to the lower class of the society. It would not be fair to look at the housing deficit challenge in Nigeria from one side. The deficit actually exists among all the market segments: the top, the middle and the lower class.”
Mr. Adeyinka, while speaking on the need for concerted efforts at managing the deficit, revealed that his organisation was heavily involved in some initiatives aimed at strategically catering for the needs of specific segments of the real estate market using modern innovative technologies.
He said: “We provide for different classes of the market. Propertymart caters for the lower income earners, the middle to lower class of the market, it develops affordable property that civil servants and young executives can afford to buy while Grenadines Homes is specifically established to provide for the housing needs of the ‘A’s and ‘B’s in the social economic class, the upper class of the society whose projects are usually in exclusive areas,”
He disclosed that as part of measures to reduce the housing deficit in the country, Grenadines Homes was currently undertaking a new housing project, the Atlantic Resort, which was expected, upon completion, to add 165 residential units available in the upper end of the market.
Adeyinka said it was conceived in response to the demand for mixed-use developments driven by the rise of the Nigerian middle class and a thriving business environment in Lagos.
“The Atlantic Resort concept is basically around live, work and play in one beautiful environment. We are looking at a model that will achieve self-sufficiency in terms of necessary facilities that will make the residents to be productive in their respective endeavours.”
