EVALUATING MORTGAGE FINANCING AS A CATALYST FOR REAL ESTATE DEVELOPMENT IN WUSE II, FCT, ABUJA, NIGERIA

Real Estate Development is described as a sine qua non of human living, 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. Housing is capital intensive that need mortgage financing. In order to provide information on how mortgage financing have supported the development of residential property, this study examines mortgage financing as a tool for residential property development in Wuse II, FCT, Abuja, Nigeria. 100 questionnaires were distributed at random to homeowners, lending institution and property developers. Textual mode and descriptive statistics were used to analyze the acquired data. The results showed that developing residential real estate involves a great deal of capital that is difficult for one person to supply; The cost of building has increased; Nigerian mortgage institutions are still in their infancy and self-finance is no longer a viable way to finance the construction of new homes. It is advised that any funding-related concerns as outlined in its housing fund decree be appropriately addressed.