surveyor also highlighted another reason for the abundance of empty, finished houses in highbrow areas of Abuja: the influence of unprofessional agents who inflate rental and sale prices. She explained that property owners often depend on these unprofessional agents who mislead them about market values, leading to overpriced properties that deter potential renters and buyers.
Housing gaps are estimated at 17 million to 18 million in Nigeria, though several professionals dispute the official data.
The International Human Rights Commission (IHRC) says more than 28 million Nigerians lack access to decent and affordable housing.
Nigeria has 42.8 million housing units but 75% of them are substandard, according to the Federal Government data read by former Vice President, Prof. Yemi Osinbajo.
The way forward
The issue of empty, finished houses in the highbrow areas of Lagos and Abuja is a growing concern. Experts in the real estate sector, particularly those managing high-end properties, have provided suggestions on how to mitigate this issue.
Ugwu, earlier cited, recommended that developers and property owners broaden their target market to include other potential renters who can afford the high rents but do not fit the specific profile of high-net-worth individuals.
He noted that this approach can help increase occupancy rates by tapping into a larger segment of the rental market. He also suggested government intervention through incentives and policies, such as offering tax breaks or subsidies to developers who rent out properties at competitive rates, to encourage more balanced pricing.
Additionally, Ugwu proposed implementing competitive pricing strategies that balance rental income with market demand to attract more tenants. Property owners should conduct regular market assessments to adjust prices based on current economic conditions and demand, he noted.
The Abuja-based real estate surveyor, earlier quoted, told Reporters that the issue of unprofessional agents who inflate rental and sale prices, which keeps properties unoccupied, should be addressed. The surveyor recommended that property owners hire professional property managers and estate surveyors to handle property management.
She emphasized that these professionals can provide accurate market valuations and ensure properties are priced competitively, avoiding the pitfalls of overpriced listings that deter potential renters and buyers.
Regarding vacant high-end buildings left unoccupied for prestige reasons, Emmanuel, a real estate consultant with A. A. Babarinde & Co., suggested balancing prestige with practical considerations to enhance property utilization.
He recommended that owners evaluate the long-term benefits of maintaining occupied properties versus keeping them vacant for status. He also called for implementing regulations to prevent property hoarding for prestige purposes, which can help increase the availability of high-end
By Caleb Obiowo for Nairametrics
