How insecurity is threatening real estate investment –NIESV
The Nigerian Institution of Estate Surveyors and Valuers ( NIESV) has alleged that hightened insecurity in Nigeria is threatening investments in the real estate. NIESV said insecurity is scaring both foreign and local investors away from the country, stressing that most investors will practically evaluate the level of the country’s economic stability before making financial commitment.
NIESV President, Rowland Abonta, stated at the valedictory meeting of the Council ahead of the 50th anniversary of the institution. Abonta insisted that inadequate housing facilities was responsible for poor health condition of Nigerians and also the high level of criminality, especially in the Federal Capital Territory (FCT) Abuja.
He said: “The hightening insecurity in the land which is likely scaring every possible investors that were suppose to be made in the sector, foreign partners and others are now waiting . They want to see how stable this economy will be before coming to invest, even Nigerians.
“Real estate industry crisis in Nigeria are so numerous for us to start counting but the greatest in the housing crises. The growing number of people that live under the bridge and walk around the streets everyday and have nowhere to retire to after the day’s activities, particularly in a mayor city like Abuja is challenging.
“It is crisis because these are same people that commit most of the crimes we see in Abuja. You cannot drive late in the night and have a reason to break without being molested or robbed. A nation that does not care for the way his people live is particularly going to face many more crisis which may extend to health, when people are not living a decent environment. If coronavirus gets to Nigeria, the value will be high because of the way we live. Housing provision is the major factor.”
He added that the real estate industry have a hetch over inflation, though they are still affected by the economic situation because they deal with Nigerians and its products are capital intensive projects.