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Insecurity deepens housing woes as developers withdraw from sites

The recent surge in kidnapping, banditry, and attacks by herdsmen across Nigeria has significantly impacted private sector involvement in real estate development and professional services.
As Nigeria faces economic challenges, there are growing concerns among industry players that insecurity may exacerbate the housing deficit and impede investments in the real estate sector. The escalation in insecurity is attributed to factors such as youth unemployment, insurgent activities, banditry, and herder-farmer conflicts, resulting in loss of lives and property destruction.
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This insecurity has spread to various parts of the country, including Benue, Adamawa, Kaduna, Katsina, Sokoto, Plateau States, and Abuja, as well as the South-West, South-South, and South-East regions, prompting fear among professionals such as estate surveyors, town planners, developers, and investors. The United Nations High Commissioner for Refugees (UNHCR) reports a significant increase in displaced persons, with millions forced to flee their homes due to conflict and violence. In Nigeria, particularly in the north-east, the Boko Haram insurgency has led to widespread displacement and destruction of private properties, schools, and government buildings.
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Housing Development Advocacy Network (HDAN) warns that without effective government intervention, the real estate sector may suffer severe consequences. HDAN emphasizes the importance of security for real estate development and calls on the government to prioritize security measures to create a conducive environment for investment and economic growth. Insecurity not only exacerbates the housing deficit but also influences home seekers' decisions, leading to increased demand and costs in perceived safe areas.
The Nigerian Institute of Town Planners (NITP) stresses the importance of urban planning and security collaboration to mitigate insecurity's adverse effects on development projects. Similarly, the Nigerian Institution of Estate Surveyors and Valuers (NIESV) urges the government to enhance security measures to safeguard the real estate sector from further disruptions.
 
Source: Guardian.ng

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