Prospects and Challenges of Crowdfunding Financing Model for Housing Delivery in Lagos, Nigeria

Abstract

Presently, there is a growing clamour for alternative financing models for housing development. This clamour is due to the perceived issues associated with traditional debt and equity financing models. Therefore, this study presents an attempt to assess the prospects and challenges of crowdfunding financing model for housing delivery in Lagos, Nigeria. The study adopted a survey approach by administering questionnaires to Estate firms situated in Lagos. The study found that the awareness of the concept of crowdfunding is the factor that presents the greatest challenge to the practice. Other important factors are by the perceived benefits that will accrue from achieving the project, availability of extant laws, regulatory framework and agency, state of the economy, and time taken to pool funds together.