Sterland Homes Applauds LagosHOMS Milestone: A Step Towards Affordable Homeownership

Last Month, Governor Babajide Sanwo-Olu took a significant step in advancing affordable housing in Lagos, presenting Exit Certificates to the first beneficiaries of the Lagos Home Ownership Mortgage Scheme (LagosHOMS). These individuals have successfully completed their 10-year mortgage payment obligations for properties allotted to them by the Lagos State Mortgage Board in 2014. With the presentation of these certificates, beneficiaries now hold full ownership rights to their homes, marking the conclusion of a decade-long journey to secure their future in the rapidly growing city of Lagos.

LagosHOMS, since its inception, has enabled over 20,000 Lagosians to participate in a scheme that offers a path to homeownership for individuals with limited capital. The program, which provides long-term, affordable mortgage options, has empowered countless residents to own decent homes without the strain of hefty upfront payments, addressing one of the most pressing needs in Lagos – affordable housing.

During the event, Governor Sanwo-Olu reaffirmed his administration’s dedication to reducing the state’s housing deficit and continuing to make homeownership accessible to the city’s ever-growing population. This commitment is reflected in the introduction of a new LagosHOMS redemption policy, which allows allottees who have completed at least six years in the rent-to-own scheme to pay off their balance early. This progressive policy provides greater flexibility for residents, enabling more Lagosians to accelerate their path to full homeownership.

In addition to these achievements, the government honored the late Oba Mufutau Olatunji Hamzat, an elder statesman and father of the current Deputy Governor. In recognition of his contributions, the Ilupeju LagosHOMS Housing project has been named after him, ensuring his legacy continues to inspire future generations.

At Sterland Homes, we see this as a commendable move towards bridging the housing gap in Lagos. Governor Sanwo-Olu's initiative demonstrates the kind of forward-thinking leadership that is essential for tackling the housing challenges in a fast-growing metropolis like Lagos. By promoting schemes like LagosHOMS, the government is laying the foundation for a more sustainable and inclusive housing market.

But the question remains: is this enough to keep pace with Lagos' rapid growth?

While LagosHOMS has been a success, with over 20,000 beneficiaries, the demand for affordable housing continues to rise as the city’s population expands. At Sterland Homes, we believe that consistent policy innovation, public-private partnerships, and even more flexible housing schemes will be crucial in meeting the growing housing demand. The future of Lagos depends on initiatives like these, but the continued effort to scale and improve housing access will determine if the city can truly bridge the housing gap for all its residents. 

As a citizen or investor, what are your thoughts on these efforts? Do you see this as a sustainable path to growth for Lagos, or is more required to meet the city's housing needs?