House Rents and Recession

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It has been reported that so many houses lie empty and vacant on the Island part of Lagos state. It’s not like if there are no clients to rent this houses. It’s just that the prices are no more affordable for Lagosians anymore.

HousePalava.com decided to research more into this by investigating what could have really gone wrong. Is it that these house are not equivalent to their prices or just that the houses are lacking one thing or the other that could have made them be left unoccupied.

Presently in Nigeria, if you ask a 2 year old kid to give you his or her candy, don’t be surprised if he or she refuses. And if you try to ask why, he or she might eventually answer you with this pidgin phrase “recession dey o”. It may sound funny but that’s what we all have been facing for the past months now. Prices are going up everyday like rockets while incomes remain the same. To less of our surprise anyway, this recession has bitten Nigerians so hard, Real estate developers and landlords are also increasing their own prices of houses. Nobody can blame them thou, especially the developers. Most of them take loans to build this houses. While most of the landlords and landladies on the other hand use their houses as their own source of income.

Houses especially located on the Island has become something else. The bad economy has forced so many families living on the island back to the mainland. This in one way or the other is really affecting the Real estate business on the island.

While this latest development is bad news for some, it is also good news for some house agents. Since houses are becoming vacant on the Island, the families and individuals moving down to the mainland have been using the services of mainland agents. Especially house agents in Yaba, Surulere, Shomolu and Gbagada. This locations being closer to the Island but with much lesser house rent value has been a quick but effective escape plan for most families living on the Island but now, planning on moving back to the mainland. Don’t be surprised as a house agent in this area when so much referrals starts rolling in.

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