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A Framework for Financing Housing Development and Ownership in Africa

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Listed:
  • Jonathan Oladeji
  • Joseph Yacim
  • Benita Zulch

Abstract

Purpose: There is a need for the modification of mortgage finance to embrace new innovative finance options that will facilitate access to housing by low- and middle-income earners in Africa. Thus, this paper seeks to evaluate the suitability of informal finance options for incremental housing development in Africa.Design / methods followed/ approach: A desktop survey of the literature was carried out to consider mortgage financing in contrast to other housing financing options. The approach was used to critically appraise and consolidate existing studies on innovative financing (informal finance option) in Africa. The Mendeley app was used to collate and organize the literature chronologically spanning 24 years of 1994-2018. Thematic content analysis was used to appraise positions, gaps, and lapses in the implementation of different informal housing financing solutions.Findings: In most African countries like Kenya, Rwanda, Nigeria, and Malawi, mortgage finance research continues to grow as a major part of affordable housing finance. However, there are considerable interests in innovative affordable housing finance tools and incremental housing for the low-income groups.Research limitations / implications: This study is limited by the low volume of quantitative literature and data gaps about incremental housing in the African context. However, this motivates the need for a more elaborate exploration of the research and knowledge available.Practical implications: This study adds to the growing discussion of exploring available research on innovative housing finance in Africa.Originality / Value of work: To our knowledge, this study provides insight into the opportunities for a diverse pool of formal and informal financing options to build an acceptable house finance framework for the African housing market.

Suggested Citation

  • Jonathan Oladeji & Joseph Yacim & Benita Zulch, 2021. "A Framework for Financing Housing Development and Ownership in Africa," AfRES 2021-028, African Real Estate Society (AfRES).
    • Handle: RePEc:afr:wpaper:2021-028
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    References listed on IDEAS

    as
    1. Kim Hawtrey, 2009. "Affordable Housing Finance," Palgrave Macmillan Studies in Banking and Financial Institutions, Palgrave Macmillan, number 978-0-230-24436-8, June.
    2. Kim Hawtrey, 2009. "Affordable Housing Finance in the UK," Palgrave Macmillan Studies in Banking and Financial Institutions, in: Affordable Housing Finance, chapter 5, pages 69-83, Palgrave Macmillan.
    3. Kenneth Appiah Donkor-Hyiaman & DeGraft Owusu-Manu, 2016. "Another look at housing finance in Africa," International Journal of Housing Markets and Analysis, Emerald Group Publishing Limited, vol. 9(1), pages 20-46, March.
    4. Katrin B. Anacker, 2019. "Introduction: housing affordability and affordable housing," European Journal of Housing Policy, Taylor and Francis Journals, vol. 19(1), pages 1-16, January.
    5. John Muellbauer & Anthony Murphy, 2008. "Housing markets and the economy: the assessment," Oxford Review of Economic Policy, Oxford University Press and Oxford Review of Economic Policy Limited, vol. 24(1), pages 1-33, spring.
    6. Kim Hawtrey, 2009. "Affordable Housing Finance in Australia," Palgrave Macmillan Studies in Banking and Financial Institutions, in: Affordable Housing Finance, chapter 6, pages 84-102, Palgrave Macmillan.
    7. Kim Hawtrey, 2009. "Affordable Housing Finance in the US," Palgrave Macmillan Studies in Banking and Financial Institutions, in: Affordable Housing Finance, chapter 4, pages 49-68, Palgrave Macmillan.
    8. Katrin B. Anacker, 2019. "Introduction: housing affordability and affordable housing," International Journal of Housing Policy, Taylor & Francis Journals, vol. 19(1), pages 1-16, January.
    9. Joanna Poon & Dean Garratt, 2012. "Evaluating UK housing policies to tackle housing affordability," International Journal of Housing Markets and Analysis, Emerald Group Publishing Limited, vol. 5(3), pages 253-271, July.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Affordability; Africa; developing; economies; Finance; Framework; housing; Incremental; loans; Mortgage;
    All these keywords.

    JEL classification:

    • R3 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location

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