Diamond Estate Property Sales Face Tough Times

The turn out of events in the property market has shown that the sale of high income properties at the Diamond Estate, along the Ada-George/Eliparanwo axis of Port Harcourt is sailing through tough market, as efforts made so far to dispose properties are yet to yield result.

Investigation has revealed that the properties that are developed at the Diamond Estate ranging from three bedroom semi-detached to four and five bedroom detached bungalow were developed for high income earners, and the lowest cost is between N35 million  and N40 million.

The reason for towing this part of development plan, The Tide gathered  was for  the developer, which is, the Diamond Bank estate company  limited to be sure of recouping its capital on investment, which could best be assured through development of properties for high income earners who will be able to pay.

Another reason The Tide gathered that informed the focus on high income  earners property was developers would not want to tie their resources down on a long mortgage, which is very common among the low income earners that will want a mortgage of between  15 to 20 years.

Giving analysis  of the property market trend, the property manager of the PABOD Finance and Investment Company, Mr. Ariobiobara Bestman said that though the high income earner  mortgage  period is low, while some could pay instantly, but that the demand for such property now is low.

According to the property expert the  demand for low cost housing is very high in Port Harcourt because high percentage of the population are paid employees who can not afford such homes, while the few in business already have their  homes.

Corlins Walter