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Slow Market Causes Real Estate Experts to Establish Objectives for the FCT

There is a growing concern that the absence of a well-defined policy framework from previous administrations in the Federal Capital Territory (FCT) may have a detrimental impact on investor confidence in the real estate sector. Meanwhile, professional organizations are advocating for increased funding, the establishment of suitable structures, and a reorganization of existing institutions related to city planning, basic infrastructure provision, and urban services.
 
These apprehensions have cast a shadow over the once-thriving real estate market in the Federal Capital Territory (FCT), leading to reduced investments in both commercial and residential properties. The situation was exacerbated by the recent pronouncement of FCT Minister Nyesom Wike, who conveyed his intentions to demolish structures and revoke land titles for properties that remain undeveloped or were obtained through illegal means from the Federal Capital Territory Administration (FCTA).
 
Wike's stern warning to property owners stated, "If you know you have constructed in areas not designated for development, your building will be subject to demolition, irrespective of your status, even if you are a minister or an ambassador. Those who hold Certificates of Occupancy (C-of-O) but fail to develop their properties and engage in land speculation will also face the revocation of their titles."
 
Prior to these developments, the Abuja housing market had experienced robust growth, with property prices steadily climbing. This price increase could be attributed, in part, to rising costs of construction materials such as iron rods, cement, and roofing sheets, which constitute a significant portion of overall construction expenses.
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In prime districts, the high-end market witnessed aggressive pricing, and new construction projects were in high demand. High-profile sales of luxury units garnered significant attention, and properties in premium locations attracted strong interest from investors.
 
Currently, concerns persist that the lack of a coherent policy framework from past Federal Capital Territory administrators may erode investor trust in the real estate sector. Notably, some land allocated for low-income housing developments remains unused, as it was sold to the highest bidders. This leaves low-income earners with limited housing options, often located in areas lacking essential infrastructure.
 
While many anticipate relief from the FCT following the minister's remarks, uncertainty still lingers. Nathaniel Atebije, President of the Nigerian Institute of Town Planners (NITP), emphasized that the city was originally planned to facilitate rational development but has suffered due to a lack of adherence to the master plan and an inadequate response from city authorities to the growing population's needs.
 
Key challenges include daily traffic congestion, insufficient urban services, overcrowding of existing infrastructure, and the competition between vehicles and animals on the roads. Other issues encompass poor waste management, the absence of public restrooms, flooding, the emergence of slums, limited access to affordable housing, illegal developments driven by impunity, arbitrary land use changes, insecurity, and a surge in crime.
 
Atebije highlighted the need for collaboration between government ministers and professional bodies to implement recommendations. He also stressed the importance of continuous planning and re-planning, increased funding, the creation of appropriate structures, and the provision of basic infrastructure and urban services.
 
Effective urban management institutions, engagement of professional staff, staff training and retraining, involvement of consultants for in-depth city problem analysis and solutions, political support, and the provision of equipment for effective service delivery were also recommended by Atebije.
 
Enyi Ben-Eboh, President of the Nigerian Institute of Architects (NIA), added that the distortion of the original masterplan and the growing infrastructure deficit have increased housing demand in the city center and its immediate surroundings, further straining limited infrastructure.
 
Ben-Eboh stressed the need for professionals to advocate for best practices in city administration and for the government to prioritize urban planning and infrastructure provision to prevent the transformation of cities into urban slums.
 
Furthermore, Yemi Adelakun, Managing Director and CEO of NISH Affordable Housing Ltd, urged the completion of ongoing projects, the refurbishment and activation of existing buses, and the purchase of new buses, particularly electric or gas-powered ones, to alleviate the city's transportation challenges.
 
He recommended declaring a water, sanitation, and hygiene (WASH) emergency to provide clean water, manage waste, and establish public toilets, particularly in slum areas, to address open defecation. Adelakun also called for the promotion of low-cost housing by allocating land for mass housing and expediting building approvals and land title processes.
 
In conclusion, these experts collectively emphasize the urgency of addressing infrastructure deficits, enforcing urban planning standards, and promoting affordable housing to ensure the sustainable growth and development of Abuja.
 
Source: TheGuardianNg

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