Given the interplay of demand and supply in the housing market especially in a fast expanding city like Port Harcourt where there is much pressure on both residential and commercial accommodation, an expert in the real estate sector, Mr. Bestman Ariobiobara has predicted the conversion of more residential houses to commercial ones in the city.
Speaking to The Tide on the issue in Port Harcourt, Bestman explained that the demand and supply of commercial houses in certain areas in Port Harcourt is fast growing with the influx of people into the city and the quest to undertake one form of business or the other.
He said that some houses in certain areas of Port Harcourt that were built as residential houses before now, would not have been considered, if what is obtainable now had been projected by the owners of such houses.
According to him, “As professional, I always advise people to first of all consider the nature of the environment in which they want to develop, whether or not such building will be good for residential or for commercial purpose.
Ariobiobara, who also is the estate manager with Pabod Finance and Investment Company Limited said that houses in some areas in Port Harcourt like Aba Road, Ikwerre Road and Aggrey Road among others, are being converted from residential to commercial buildings.
On why it is so, the expert stated that the market forces will cause it to be and that it is natural, and quickly gave an instance of what obtains now on the Lagos Island where businesses have taken over the area and streets.
He said that landlords will even be ready to give out their houses for commercial purposes, since they will make more money from commercial tenants than those for residential purposes.