Estate Valuer Seeks Upgrade Of PABOD Finance

An estate  surveyor and
valuer in Port Harcourt, Bethel Alikor, has added his voice to calls to the Rivers State Government to upgrade the PABOD Finance and Investment Company Limited, to a well established mortgage institution.
He  said that this has become very necessary in the state, given the level of demand for development financing, with little or no access to such funds.
Alikor, a member of the Nigerian Institute of Estate Surveyors and Valuer (NIESV), Rivers State chapter, in an interview with The Tide in Port Harcourt, Monday, said that there is serious need for a mortgage  institution in the state, as there is much demand on funds for property development.
He stated that the “state government can upgrade the PABOD Finance to a full mortgage institution and monitor  its activities. Presently, the potential of the company is not fully tapped, and I believe that when more attention is given to it in terms of funding and other legal backing  to undertake every aspect of mortgage  operations, development in Rivers State will receive  a boost.”
According to him, property development should be a continuous exercise, and that development should have a targeted projection plan every year.
The real estate valuer posited that real property appreciates in value over  years, adding that if the house does  not appreciate in value, the  land  must appreciate in value.
He said that fuel subsidy will not affect property   development because people will need accommodation, pointing out that  rent and price will fall if there are  many houses.
Alikor maintained  that the existence  of a mortgage institution cannot be over emphasised  because of its numerous benefits in development of housing in the catchment area.

Corlins Walter