FIABCI is a business club of real estate professionals in 60 countries and Federation of 100 national real estate associations as well as a non-political entity whose objective is to help its members add an international dimension to their businesses. It also helps members acquire knowledge, develop networks and optimize business opportunities all over the world.
The Global Housing Foundation (GHF) housing scheme is a joint FIABCI and UN initiatives, which exists to raise funds for the construction of low-cost sustainable housing for people in absolute and overall poverty, principally in developing countries. By engaging cooperation from local authorities, the GHF assists projects recommended by the UN Centre for Human Settlements (UNCHS) and UN’s Development Programme (UNDP).
These housing projects, which involve direct participation from the beneficiaries themselves, implement and enforce minimum local housing standards. This also stimulates the country’s socio-economic development by using local materials and labour and technology appropriate to the local environment.
Chaired by FIABCI member, Ren Frank, the foundation seeks to improve inner-city slums and squatter settlements and ensure the continuity of future construction, with each new home carrying a security of tenure and title deed for the beneficiary. A win-win environment is created whereby new owners thus enjoy private property rights and the real estate industry can demonstrate its social responsibility to the poorest of the poor.
FIABCI Africa Regional President, Mr. Chudi Ubosi who revealed his agenda last week in a chat with the media in Lagos, said he plans to explore the body’s global housing initiative that combines private and public sector resources.
Ubosi, a partner in Ubosi Eleh and Company, a firm of Estate Surveyors and Values-and also a Fellow of the Nigerian Institution of Estate Surveyors and Valuers (NIESV) explained that the problem of inviting global investors into the housing sector is being hampered by the issue of negative perceptions, insecurity and political instability.
To tackle the deficit in the housing sector, he said that FIABCI Nigeria intends to organize a seminar on mass housing and mortgage finance, as it constitutes major impediments to housing in the country. “There are major challenges when we talk of about housing, the major aspects are finance, especially mortgage finance and access to land. If we don’t have access to cheap land and finance, we are still going a long way.
“We are hoping that government will make it easier for people to have access to land and go into developments.”
“In top-end properties, there is indeed a slow down in property purchase. But in the lower end of the market, we have the widest demand. There is huge demand for bungalows; there is a surplus demand at the bottom end of the market. The highest demands are in Ikoyi and Abuja, especially in Asokoro and Central Business District," he said.
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