Key stakeholders in the real estate and housing finance sector of the Nigerian economy are set to hold a two-day conference/exhibition in London focused on “Home Ownership and Property Investment in Nigeria Made Easy” for Nigerians in Diaspora.
Due to hold on 17-18 May 2019 at the Crowne Plaza Hotel, Battersea London, the event is designed to show Nigerians in the diaspora safe and credible steps towards buying their own homes or buying owning a property for investment income purposes in Nigeria.
The context for this conference is familiar to many Nigerians in the diaspora: the many sad stories of Nigerians in the United Kingdom and the rest of Europe trying to buy properties back home that they can return to for vacations or for rental income and of having been swindled out of their hard-earned remittances, by either unscrupulous agents or worse still, family members and friends”
The Conference to stall and reverse these kinds of stories and simultaneously incentivize investment in the Nigerian real estate and housing finance sector is being jointly hosted by major stakeholders in the sector including the Mortgage Banking Association of Nigeria (MBAN), Nigeria Mortgage Refinance Company Plc (NMRC), the Central Bank of Nigeria, the Federal Mortgage Bank of Nigeria (FMBN), the Real Estate Developers Association of Nigeria (REDAN), Urban Shelter Limited, Dunn Loren Merrifield, among others.
According to Kayode Omotoso, Executive Secretary/CEO of the Mortgage Banking Association of Nigeria, the conference/exhibition will among other things “showcase the Deployment of the Uniform Underwriting Standards for Diaspora Mortgages recently approved by the Central Bank of Nigeria as new Guidelines for long-term Diaspora Mortgages. The new Guidelines would for the first time enable Nigerians living in the Diaspora to access 15 to 20 – year Mortgages from Mortgage Lending Banks in Nigeria to buy their homes; or for those who already own their homes, to buy additional homes for investment income purposes.”
Chii Akporji, Founder/ Chief Executive Officer of ALPHACITIESAFRICA, the coordinators of the event, added that the conference will also “focus on addressing all issues and concerns along the housing value chain that potential buyers in the Diaspora often come across, from accessing land for off-plan development, to property search to all associated legal and regulatory issues, Proptech issues and deployment, the mechanics of the National HousingFund; Family Homes Fund; accessing mortgage finance, interest rates issues as well as mortgage refinance and opportunities for mortgage securitization.”
Aside from the organisers, several leading Nigerian developers as well as mortgage banks will be exhibiting at the event in addition to senior level experts in the policy and regulatory issues pertaining to the housing market in Nigeria. They would all be on hand ready to provide answers to the numerous queries and concerns facing the potential home buyer or investor from the Nigerian diaspora. UK and EU based residents can register to attend the Conference/exhibition for free via Eventbrite.