The Role of Primary Mortgage Institutions in Housing Delivery

The housing market remains one of the most dynamic and sustainable areas of investment in the property world. Demand for housing remains high due to among others, high rates of new household formation especially in a populous country like Nigeria; high rates of urbanization and rural-urban migration...

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Bibliographic Details
Published in:Housing finance international 2007-09, Vol.22 (1), p.52
Main Authors: Omirin, Modupe M, Nubi, Timothy Gbenga
Format: Article
Language:English
Subjects:
Capital requirements
Commercial banks
Construction loans
Cost control
Home ownership
Housing policy
Interest rates
Investments
Limited liability companies
Mortgage companies
Urbanization
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Summary:The housing market remains one of the most dynamic and sustainable areas of investment in the property world. Demand for housing remains high due to among others, high rates of new household formation especially in a populous country like Nigeria; high rates of urbanization and rural-urban migration; the need to replace dilapidated stock and the popularity of residential real estate as a lucrative area of investment capable of yielding better returns than other classes of investment. The aim of this paper is to highlight the role of Primary Mortgage Institutions (PMIs) in housing provision both in terms of expectations and with respect to their achievements so far. PMIs were conceived as retail mortgage institutions operating under regulatory and operational supervision of the Federal Mortgage Bank as the apex institution from which they could also source funds for on-lending. Ideally, PMIs should encourage prospective owners to open accounts with them and deposit regularly to save towards their home acquisition projects.
ISSN:1534-8784