Professionals set target for FCT as real estate market slows down | The Guardian Nigeria News

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There are palpable fears that lack of clear-cut policy by previous Federal Capital Territory administrators may undermine investors’ confidence in the real estate sector, while professional bodies are seeking increased funding, creation of appropriate structures or re-organisation of existing institutions for city planning, provision of basic infrastructure and urban services.

Rising fears have dented the momentum of demand in the real estate market in the Federal Capital Territory , lowering commercial or residential investments in the housing sector.

Before now, the Abuja housing market had been robust and house types have witnessed rising prices, resulting largely from the rise in cost components such as iron rods, cement and roofing sheets, which constitute about 5-10 per cent of overall building costs. While many anticipate a relief from the FCT after the minister’s comment following abuse in the implementation of the masterplan and housing allocations, apprehension hangs in the air like a mist.

“Other challenges are shortage of basic urban services, undue pressure on existing infrastructure, the competition for road usage between cars and animals, poor refuse management, lack of public toilets, flooding, slum development, lack of access to affordable housing, illegal developments underpinned by impunity, indiscriminate change of land use, insecurity and increased wave of crimes.”

“There is really no excuse for the lack of a robust mass transit system comprising of an intra-city metro line and a network of buses to ease the pressure of commuting from the satellite communities to the centre of activities in such a manner as to make it attractive for people to live around the satellite towns and work in the city centre. This infrastructure imbalance has to a large extent contributed to the deteriorating state of the city.

He further called for effective urban management institutions, engagement of professional staff, training and retraining of staff, engagement of consultants for deep analysis of city problems and proffering remedies, giving adequate political support, providing equipment for effective service delivery.

 

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