A global housing crisis has been brewing. Data from the International Monetary Fund (IMF) shows that housing costs have grown faster than incomes in most countries. In a study of 200 cities globally, 90% were found unaffordable, with the average home costing more than three times the average income.
Key takeaways:
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Like the rest of the world, Nigeria suffers from a housing crisis where most people (over 70%) don’t own homes because they can’t afford them. But mortgages, also known as property loans, can help.
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However, mortgages are rare in Nigeria, partly because they are expensive and hard to access.
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In September, the pension industry’s regulator, PenCom, approved guidelines allowing workers to access 25% of their total RSA contributions as equity payment, potentially making mortgages more accessible.
Top economies are also suffering from this crisis. According to Moody's Analytics, a financial research company, the United States is short of 1.5
