Business
‘High-rise Buildings Shortage, Compounds Housing Problems’
Stakeholders in the real estate sector have hinged the problem of shortage in housing stock especially for the low and medium income earners in Port Harcourt on lack of trust on the side of developers, as well as shortage in high-rise building.
Speaking in a chat with The Tide in Port Harcourt a Practitioner in the real estate sector, who is also a management staff of the Nigerian Ports Authority (NPA) Mrs. A. Odukwu said that the attitude of property owners in Port Harcourt does not encourage development of high-rise building.
She said that rather than develop high-rise buildings like two, three and four storey’s, property owners only build bunglows which only cover the land, but provide fewer accommodation.
Observing that in Lagos there are many high-rise buildings, which have provided much accommodation for the people, Mrs Odukwu explained that there will continue to be high demand in housing accommodation until issue of high-rise building is being addressed. She called on both government, private and corporate bodies in the state to wade into the matter.
Mrs Odukwu stated that the activities of militants actually discouraged developers who had wanted to invest on such venture, and many of them were advised to only put up just a small structure which they can afford to abandon in case of crisis.
Meanwhile, a property analyst and a researcher in Port Harcourt, Mr. Ndu Ogbonda has said that the issue of abandoned properties that was introduced in the state in the time past had actually created the issue of trust and that some non indigenous developers and investors who would have invested in high-rise buildings, on a second thought abandoned it, especially in the wake of militant activities, and resorted to building small bungalows for themselves and few other tenants.
Apart from the issue of trust, he also remarked that many private developers do not want to invest their income on low income housing where there is high demand but would always develop high income houses where they can recoup their income and make gain very fast. He urged government to provide funds for development of low income or low cost housing in the state.
Corlins Walter
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