A conceptual analysis of the problems associated with real property development in sub-Saharan Africa
2001
O. J. Ebohon | B.G. Field | R.R. Mbuga
Forty per cent of sub-Saharan Africa's population live on less than a dollar a day and more than seventy per cent are currently without adequate shelter, so what has property got to do with it? This paper attempts to highlight the need for Africa to develop the necessary institutions to support the property and construction sectors, to facilitate infrastructure delivery and promote sustainable growth and development.The authors highlight the fact that Africa, whilst being well endowed with natural resources their capital markets remain underdeveloped. With this in mind, the authors suggest that governments have at their disposal seven major enabling instruments that include:developing property rightsdeveloping mortgage financerationalising subsidiesproviding infrastructure for residential land developmentregulating land and housing developmentorganising the building industrystrengthening the institutions which can oversee and manage the performance of the sector as a wholeThe paper concludes that:a freer and more efficient property market offers a sustainable solution and many benefits to sub-Saharan Africa's grossly inadequate property sectorAfrican financial institutions must play an active role because of the considerable capital outlays and other requirements associated with property developmentindigenous institutional capacity and appropriate financial systems are essential pre-requisites to an efficient property marketfinancial institutions only play a minor role at present because most of Africa's finances are from donor agencies
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