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High construction costs contribute to poor quality housing projects

Caught in the middle of harsh economic realities, the nation’s real estate sector is witnessing a worrisome trend as developers and investors continue to bow to market forces, thereby reducing the quality of housing deliveries.

Construction materials alone constitute over 70 per cent of the cost of housing delivery, especially where low- income households are concerned and over 50 per cent of the materials are imported.

Building materials like steel, cement, aluminum form the main factors that restricts the supply of housing and ascertained that they account for about 65 per cent of the cost of buildings.

We gathered that the situation is getting worse with the continuous slump of Naira amongst other currencies, which made imported building materials costlier.

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