Lagos collapsed building dampens property market, as agents foresee apathy for high-rises | The Guardian Nigeria News - Nigeria and World News

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The 21-storey structure in Lagos that went down is likely to dampen the property market and may worsen problems in the country’s embattled real estate sector, professional agents said.

They also anticipate some apathy on the short-term from investors in the purchase of real estate on multi floor developments, with regulatory authorities paying more attention to approval granted and monitoring of project to ensure they meet building codes.

Specifically, the agents, who are members of the Nigerian Institution of Estate Surveyors and Valuers told The Guardian that the market will slow down, as investors will query developments within these neighbourhoods. They also expect more robust requirement for due diligence from investors. “However, with this recent occurrence, people will need more quality assurance than previously. I also believe this will cause attitudinal change in the general public toward government physical planning and control agencies.

Mr. Sola Enitan agreed with Okosun on the temporary setback, “The market will cool off for six months and up to about six years. Once again, low-rise buildings would see a surge in demand across board with detached buildings being the darling of the market.

 

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