Meltdown: Nigeria in context of global response to impact on real estate

CHUKA UROKO business day

As the global economic crisis persists, different countries of the world have devised measures for responding to its impact on real estate. CHUKA UROKO writes that top of these measures are cuts in interest rates on mortgage lending and housing loans

Developed economies like United States, United Kingdom, United Arab Emirate and even South Africa-- countries where property market had experienced a boom before the crisis-are at the forefront of nations have adopted friendly measures in the bid to stave off the effect of the global financial crisis on mortgages and housing loans.
Nigeria has not shown any serious commitment in this direction, though that is understandable given that the country is yet to develop a functional mortgage system.

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