Stakeholders are urging the government to give developers tax breaks to boost investment and growth in the housing sector. This call was made during the Real Estate Outlook for 2024 event in Lagos.
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Gladstone Okpara, President of the International Real Estate Federation’s Nigeria chapter, emphasized the importance of tax relief for developers to make housing more affordable. He criticized the tax burden on developers, suggesting that temporary tax breaks could improve accessibility to affordable housing and increase homeownership.
Odunayo Ojo, CEO of UPDC Plc, also highlighted the need to streamline taxes in the industry to avoid duplication. He suggested that taxes should not only focus on revenue but also contribute to economic recovery through measures like tax holidays.
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Ojo stressed the importance of optimizing land use, especially in urban areas where valuable land remains underutilized or deteriorates into slums. He advocated for urban regeneration plans that would make land available for development, including the construction of medium to high-rise buildings to accommodate the growing population.
Similarly, Okpara emphasized the need for policies to facilitate expansion and maximize available resources. He proposed building upward instead of downward to create more affordable housing for low and middle-income earners.
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