The stakeholders in the housing sector have warned that the high interest rate in the country is hampering mortgage adoption and limiting access to affordable housing.
In an exclusive interview with The PUNCH, the Chief Executive Officer of Fame Oyster & Co.
, Olufemi Oyedele, said interest rate hikes would make borrowing more expensive, and slow down construction.
“With rising interest rates, both lending and borrowing, especially for mortgage loans, will be discouraged.
Given the current high interest rate environment, the outlook for the Nigerian housing sector is particularly grim, with a decline in accessibility and affordability on the horizon,” he declared.
He said, “Higher interest rates on loans for construction activities would lead to an increase in the cost of borrowing, contributing to rising construction costs.
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