Group targets four states in new housing index
The Roland Igbinoba Real Foundation for Housing and Urban Development is to track house prices in four states, namely Lagos, Abuja, Kaduna and Rivers. The RI Indices will reflect the effect of the recession in most of the areas in Abuja, Lagos, Rivers and Kaduna for the Q2 2017 RI Index.
Founder, Roland Igbinoba House Price Index (RI Index), Roland Igbinoba said the group plans to increase the coverage of the house price index on a quarterly basis until it fully covers all major cities that will enable investors adequately track house prices.
The Foundation has successfully published “The State of the Lagos Housing Market – 2009 and 2016 editions”; and also “The State of Abuja Housing Market Report– 2017 edition”.
“With the level of acceptability and positive feedbacks received with respect to the publication of the first quarter RI Index for Lagos and Abuja, our plan is to repeat this achievement on a quarterly basis for the existing cities; and also launch the RI Index for other major cities. In the second quarter RI Index, Kaduna and Port Harcourt is under our consideration”, Igbinoba said.
According to him, the prospective beneficiaries of the RI Index are the stakeholders with interest in residential real estate market in Nigeria. They include but not limited to institutional investors, financial institutions, foreign investors, private equity firms, real estate developers, home buyers, government agencies and other individuals considering housing market as part of their portfolio to leverage on emerging opportunities in the fast-growing market.
“The RI Index will provide necessary handy information to make decision on when to purchase a house, where and even what type of house to buy. Also, Analysts are enhanced with the usage of the RI Index to monitor long-term trends in house prices. The information on the index is not limited to buying a property but also when making rent decision,” he said
It aids optimization of choice. “The usefulness of the RI Index cut across but not limited to the government (in making appropriate housing policy); and investors (by using the information to know the best location to invest or the type of housing that will maximize investment in the medium and long term). Even as an individual, it will provide guidance in making the choice on just purchasing your first home or making an investment in housing”, he noted.