Articles #Property Managment

Several factors make it difficult for most Nigerians to access mortgages and own homes. These factors include high-interest rates, low wages, corruption, and lack of a mortgage funder in the industry. In Nigeria, mortgage interest rates can be as high as 17% or even 16%, making it unaffordable for many potential homebuyers. The mortgage industry in Nigeria is also different from that in the Western world, with mortgage brokers and servicers playing roles that mortgage funders typically handle overseas. Additionally, systemic corruption in both the private and public sectors in Nigeria has further complicated the process of obtaining mortgages, including government-funded mortgage schemes.