Banks shun real estate as lending rates near 36%

Banks shun real estate as lending rates near 36%

Nigerian banks are pulling back from extending credit to the housing sector leading to a gradual rise in landing rates for real estate and construction. “Local real estate and construction lending rates are hitting new highs of up to 36 percent,” says Munach Okoye, CEO, MCORE, in their third quarter report on the real estate…

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