Following flooding of residential and commercial property in several states, experts have predicted up to five to 10 per cent drop in demand and property value in affected areas.
There are also concerns that property owners, who are victims of flooding will see a rise in home insurance premiums and increase in maintenance of houses in flooded towns and villages, particularly in 18 states of the country.
No fewer than 44,099 houses are partially damaged; 45,249 houses totally damaged; 76,168 hectares of farmland partially damaged and 70,566 hectares of farmland are completely destroyed by the flood. A 2009 Royal Institute of Chartered Surveyors report states that flooding can negatively affect a property’s value, with the impact ranging from negligible to severe , however, value usually recovered three years post flood.
Phillips said the effect of the flood on property sale is high because many people that acquire lands where the floods have taken over now lack confidence to go back to the areas affected to develop any longer. “Some of the highly affected areas are Alagbolo new layout, Gadumo settlement, Ganaja area, Natako, Bada-around the Airforce Base, and the water works area in Lokoja. What makes the situation so devastating is that the two Rivers meet in Lokoja, River Niger and Benue.
The Chairman, NIESV, Kano State chapter, Abdulatif Abdulaziz, said the flooding has a tremendous impact on the real estate sector in Kano because a lot of developments were not properly carried out in line with the building regulation. “Kano is also reputed for not constructing good drainage on most roads. When constructing buildings, one would have expected that we take into cognisance the elevation of the road vis-à-vis the building constructed. One also expects that the supervising agency approving the buildings will call the attention of developers to the rules and regulations.
Nigeria Latest News, Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Rivers evacuates trapped victims as flood ravages councils | The Guardian Nigeria News - Nigeria and World NewsCouncils affected by flood in Rivers State are frantically rescuing stranded residents, as flood rises above 14 feet. Chairman, Ahoada West Council, Hope Ikiriko, making the disclosure, yesterday...
Read more »
Xi hails China's rise, demands unity at Congress | The Guardian Nigeria News - Nigeria and World NewsPresident Xi Jinping hailed China’s rise as a global power and demanded unity around his leadership on Sunday, launching a Communist Party Congress that is set to rubber stamp his bid to rule for a historic third term. In an opening address to 2,300 delegates gathered at the Great Hall of the People, Xi promoted and […]
Read more »
Baobab begins aggressive campaign to grow Nigeria’s market | The Guardian Nigeria News - Nigeria and World NewsBaobab, a francophone Africa-focused micro-lender, has commenced an aggressive campaign to increase its operations in Nigeria, which it sees as a very strategic market.
Read more »
Reforming the rank of senior advocates | The Guardian Nigeria News - Nigeria and World NewsI have read many comments on this topic highlighting different opinions on the reformation of the Rank of Senior Advocates of Nigeria. The goal of this exercise was originally to commend the Legal Practitioners Privileges Committee...
Read more »
FRSC confirms 11 dead in Bauchi auto crash | The Guardian Nigeria News - Nigeria and World NewsThe Federal Road Safety Corps (FRSC), has confirmed the death of 11 travellers in an auto crash at Hawan Jaki village on Alkaleri-Gombe Road in Alkaleri Local Council of Bauchi State.
Read more »