(Business in Cameroon) - The second edition of the Finance Mornings, organized by the Professional Association of Credit Institutions in Cameroon (Apeccam), is set to take place in Yaoundé on November 24 under the theme "Real Estate Financing." The objective is to conduct a diagnostic analysis of the real estate financing structure in Cameroon and propose solutions aimed at enhancing the involvement of credit institutions in financing this sector "through an inclusive strategy," says Apeccam.
The event seeks to "propose innovative financial structures that Credit Foncier du Cameroun (CFC), commercial banks, and microfinance institutions can adopt to, to enable the majority of the population to access real estate financing for personal, professional, or commercial purposes," the organizer said. The challenges faced in the Cameroonian real estate sector have resulted in the country's decades-long housing deficit. According to estimates from the Ministry of Housing, the current deficit of decent housing in Cameroon stands at more than 1.5 million units. Despite the existence of Credit Foncier du Cameroun (CFC) since 1977, the situation of housing financing has not improved.
The 2019 report from the Technical Commission for the Rehabilitation of Public and Para-public Sector Enterprises (CTR) revealed that the CFC granted credits totaling CFA420 billion for real estate projects in the country. This has led to the construction of 85,000 housing units and the acquisition of 16,342 land plots.
"The financing needs for the housing production forecasts from the DSCE (Strategic Document for Growth and Employment) amount to CFA115 billion per year for an average housing price of CFA15 million. To bridge the housing deficit estimated at 1.5 million over 10 years, it would be necessary to mobilize CFA22,500 billion on the same basis," Apeccam explained, stressing that the housing question, and specifically its financing, has not been resolved and remains more relevant than ever. Hence, the need for credit institutions to increase their funding to the sector.