The Central Bank of Nigeria (CBN) recently increased Monetary Policy Rate (MPR) for the second time in 2022 from 13.5 per cent to 14 per cent.
Speaking to The Guardian Newspaper, Mr. Gladstone Opara, the new president of the International Real Estate Federation (FIABCI), Nigeria Chapter said, ‘the impact of the government’s monetary policy on lending with respect to the increase in lending rate, will affect the price of real estate products’.
He believed strongly that the recent increase in Monetary Policy Rate (MPR) will exacerbate negatively on the real estate sector as it is underfunded.
He advocated for the declaration of an emergency in the real estate sector, a cut in the borrowing rate to enable the government to achieve its housing policy target and ensure Nigerians own or have access to decent housing accommodation at affordable costs.