TAF Africa Pushes Housing Cost Reforms

The developer calls for tax relief and mortgage reforms to reduce housing costs and boost the supply of affordable real estate in Nigeria.

TAF Africa Global has wanted more serious policy incentives, such as tax breaks and workable mortgage systems, to make housing affordable and boost the speed of affordable housing delivery in the real estate sector in Nigeria.

Speaking in Port Harcourt at the commissioning of 1,000 housing units at Greater TAF City, Mustapha Njie, Managing Director and CEO of Greater TAF Nigeria/TAF Africa Global, said the cost of construction materials is currently one of the major drivers in the cost of housing. He added that specific motivations throughout the construction value chain can help reduce pressure on developers and buyers, including facilitating the sustainable growth of real estate.

The newly commissioned homes are postmodern pieces of Phase One in a planned 20,000-unit development in partnership with the Rivers State government. The larger vision is to target delivery of a million homes throughout Africa, which will make it a long-time contributor to affordable real estate solutions.

Njie added that Greater TAF City has received continental recognition, including from the African Union for Housing Finance as the Most Innovative PPP in Affordable Housing. He stressed that scaling access to mortgages would increase demand and enable real estate developers to benefit from economies of scale in real estate delivery.

Despite challenges such as inflation and high material prices, TAF Africa Global intends to be able to continue the construction process beyond Phase One. Rivers State Governor Siminalayi Fubara reiterated the support of the government to complete all 20,000 units, which demonstrates the importance of the project to the real estate and housing agenda in Nigeria.