1 London school of Economics and political science
2 Dukiya Investment
3 Lagos Business School.
Research Article
World Journal of Advanced Research and Reviews, 2024, 24(03), 1567-1591
Received on 25 September 2024; revised on 20 November 2024; accepted on 22 November 2024
Introduction: As the population count in cities increases, the need for affordable and efficient housing systems becomes even more pressing, especially for the poor and middle-income earners. Housing affordability challenges are an important area to which real estate strategies contribute, and this includes funding schemes, resource-efficient construction methods, and a repurposing of structures for different functions. These strategies work towards achieving the goal of closing the deficit of housing availability in the market as well as meeting the necessary criteria for sustainability and habitability of cities of the future.
Materials and Methods: The research methodology employed a comprehensive literature review, analysing peer-reviewed articles, industry reports, and case studies from diverse urban contexts. The data collection was majorly centered on successful affordable housing projects, policies, and approaches used in various city settings. Both quantitative and qualitative assessments were used in the studies for comparative analysis of different strategies and solutions with respect to their efficiency and applicability with regard to cost-saving, mass implementation, and social aspects. Finally, a focus on the world of urban planning and real estate with interviews with professionals in these fields as well as policymakers gave an understanding of possible actual difficulties and opportunities of realizing affordable housing strategies.
Results: The study revealed several key findings regarding effective real estate strategies for affordable housing. Financing models that were discussed in this paper include public-private partnerships and community land trusts showed promising results regarding the possibility of decreasing housing prices and making housing more accessible. Techno-friendly mechanisms such as modular construction accompanied by the use of lightweight building materials were perceived to be helpful in increasing the rate of construction of houses while reducing the effects of the construction activities on the physical environment. Adaptive reuse mortels demonstrated that movement’s ability to re purpose inactive urban areas as viable affordable housing opportunities satisfied both the demand for housing and site redevelopment. In addition, policy interventions like inclusionary zoning and density bonus were useful in enhancing the private sector’s engagement in affordable housing.
Discussion: The research findings highlight the multifaceted nature of affordable housing solutions and the importance of context-specific strategies. Some strategies like public-private partnerships, could be adopted in any city regardless of the type, however the decision on their application depended on the local socio-economic situation and legislation. Effective implementation of sustainable construction depended on appropriate skills by human resources and favourable policies. Architects and developers of adaptive reuse projects encountered issues with code conformity and reception among the population. These findings suggest that the solution to affordable housing must employ the right mix of innovative real estate solutions, supportive public policies, and active community participation.
Conclusion: Real estate strategies offer promising avenues for addressing the affordable housing crisis in rapidly growing urban areas. Innovative financing strategies; efficient construction practices; as well as adaptive reuse strategies provide an opportunity for extending the amount of affordable housing in cities alongside sustainable development. However, the accomplishment of these strategies entails cooperation from public, private, and the community sectors
Affordable Housing; Urban Population Growth; Real Estate Strategies; Sustainable Construction; Green Building Practices; Housing Affordability; Urban Planning; Sustainable Urban Development
Preview Article PDF
Babatunde Bayo Lawal, Lukman Shobowale, Adedoyin Binuyo and Kikelomo Adejare. Affordable housing solutions: real estate strategies for addressing urban population growth. World Journal of Advanced Research and Reviews, 2024, 24(3), 1567-1591. Article DOI: https://doi.org/10.30574/wjarr.2024.24.3.3345