UN-Habitat Report Calls for $3-4 Trillion Annual Investment to Address Global Housing Crisis

By Abass Ganiyu

A recent UN-Habitat report, “Unlocking the Potential of Cities: Financing Sustainable Urban Development,” reveals that $3-4 trillion is needed annually to address the global housing deficit. With an estimated requirement of 28.25 million new housing units per year, achieving adequate housing for all by 2030 demands substantial investment. The report highlights challenges such as high land values, rising construction costs, and labor shortages, which exacerbate the difficulty of providing affordable housing, particularly in urban areas.

Rapid urbanization and demographic shifts, including longer lifespans, delayed marriages, and an increase in single-parent families, are driving higher housing demand. UN-Habitat estimates that 830 million people currently live in slums, with an additional 2 billion urban dwellers expected by 2030, necessitating housing for about 3 billion people.

The report underscores a significant global infrastructure investment gap, ranging from $1.1 trillion to $1.5 trillion annually in developing countries. The Asia Pacific region faces a shortfall of $180 billion per year, Latin America $24 billion, and Africa more than $93 billion. Fragile African states need to invest over 37% of their GDP in infrastructure.

The Organisation for Economic Co-operation and Development (OECD) estimates a global infrastructure investment requirement of $30-40 trillion over the next two decades. The World Bank notes that over a billion people lack access to safe water, electricity, sanitation services, and basic roads, highlighting the critical need for enhanced investment in infrastructure to support sustainable urban development.

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