Insecurity bane of real estate business in Abuja –Osatuyi

Insecurity bane of real estate business in Abuja –Osatuyi

14th February 2020

Simeon Mpamugoh

An Abuja -based real estate manager, Sunday Osatuyi, has expressed concern over growing insecurity in the country, saying that property business in the nation“s capital was no longer what it used to be because of insecurity and economic challenges of the country.

He spoke to Daily Sun in his Jebba close, Area 2, Garki based office where he argued that those who have money are now affraid to buy property because of government policies. He said, “Those who have the money are also not spending it because the laws the Economic and Financial Crime Commission (EFCC) have in place are there to to catch up with anyone found buying property with huge amount of money.

“EFCC officials have reportedly been planted in so many banks, and the use of Bank Verification Number (BVN) had made it easy to trace and apprehended persons acquiring property with suspicious income. So, people are scared of buying property in Abuja and different parts of the states“ capitals, he said. He stated that government“s avowal to stamp out corruption in the country does not allow people to spend their money freely. “And this is seriously affecting those of us who are into property and real estate business, ”he lamented.

On what it looks like for an average income earner to live in Abuja, Osatuyi said, “The civil servants are now lobbing for transfer to their various states because of the challenges of accomodation. Abuja is now becoming more unbearable for people to live in. And hardly hit by this developments are the civil servants who have to wait till month end before they get their pay. The pay is not even proportionate to high cost of renting appartments in the city.

“In the past, civil servants lobby to be transfered to Abuja, but these days the story has changed because the loopholes for stealing money have been blocked by government. Majority of them now live in the hinterlands of Abuja like Gwagwalada, Nyanya, Karu, Jikwoyi, Kubwa, Lugbe and other outskirts of the municipal where housing seems to be cheap and better. In those areas, one can get self contained appartment at N250,000 and N300,000 per annum but in Abuja municipal like Gwarinpa, Asokoro, Maitama, and Wuse 2, one bedroom flat goes for N1m and N1.5m respectively per annum but if you want to rent three bedroom flat in those areas, you have to be ready to pay N3 milliion per annum.

Source : https://www.sunnewsonline.com/insecurity-bane-of-real-estate-business-in-abuja-osatuyi/