Housing Sector Experiences Shift

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A shift in the demand of certain categories of properties has been recorded recently in the housing and estate sub-sector, as compared to a few years ago.

Investigations have shown that the level of demand in certain categories of houses like Onne, two and three-bedroom apartments as well as self-contained has reduced tremendously, as compared to the level of demand within two to five years ago.

A property agent that operates within the Choba axis, ThandGod Loveday in a chat with The Tide has said that it has been difficult to get new tenants to occupy some vacant self-contained apartments and some flats within the Choba and Alakahia axis in spite of the presence of the University of Port Harcourt along with its teaching hospital within the area.

The Tide’s visit to some areas within the Akpor community reveals that some mini-estates and compounds that had a lot of tenants, who occupies these apartments, now have very few occupants with a lot of vacant apartments.

It was gathered from one of the compounds visited that some of the apartments have been vacant for over a year now, while several notices of rental had been made by the landlords, unlike before where people come to solicit for such accommodations.

The low demand in flats accommodation did not, however, affect the single room and the two-room apartments, as there are potential occupants waiting for such opportunities to open.

Although, the immediate and major reasons for the low demand of these categories of housing have not been made known, but when contacted, a property expert in the state, Mr. Ariobiobara Bestman, said that what is happening now is the housing and property sector is not the result of any change, but a shift in demand.

Ariobiobara, confirmed the null demand in certain category of apartment, as he posited that some advert had been made in newspapers for sales and lease of properties for some months running, but that no one had actually been rented or sold, unlike before where people will just come to buy or rent.

He attributed the problem to non release of needed fund from the government side, as virtually everything depends on funds release from government, adding that some people have lost their jobs and business and can not longer meet up with high accommodation.

 

Corlins Walter