FACTORS AFFECTING HOUSING DELIVERY IN KEBBI STATE
CHAPTER ONE
1.0 Introduction
The delivery system of housing in the country is a combination of many integrated components which include land, building materials, infrastructure, policies, building regulations and more importantly finance. The priority accorded the issue of housing is immense; to most governments, the availability of sufficient but basic housing for all is often stated as a priority for enhancing the social needs of the society. In Nigeria alone there is a shortage of 150,000 units annually (National housing policy, 2004), the government alone with its public housing initiatives cannot curb this problem hence the need for private investors in the real estate market.
Habitable housing contributes to the health, efficiency, social behavior and general welfare of the population. Apart from providing man with shelter and security, housing plays a major role serving as an asset. For any typical home-owner, the house is a major asset that adds onto his portfolio and for many households; the purchase of a house represents a lifelong investment and a store of wealth. Provision of housing services depends mostly upon a well functioning housing finance system. The consideration of constructing or acquiring a house is influenced by the cost and various government economic policies which could be fiscal or monetary (Giussani and Hadjimatheou, 1991) and even depends on the economic system adopted in a country.
Housing is a major purchase requiring long-term financing, and the factors that are associated with well-functioning housing finance systems are those that enable the provision of longterm finance. It is evident that countries with stronger legal rights for borrowers and lenders through collateral and bankruptcy laws, credit information systems that are well informed, and a stable macroeconomic environment have more developed housing finance systems (Warnock 2008). These factors also help explain the variation in housing finance across emerging market economies.