Improved economic policies will encourage investment, say experts With continuous dependence on importation, inflation is hitting the building market as prices of construction material rose by over 50 per cent between January 2022 and January 2023, according to The Guardian survey. The unabated rise in cost of materials is impacting rentals and delivery of affordable […]
Improved economic policies will encourage investment, say experts With continuous dependence on importation, inflation is hitting the building market as prices of construction material rose by over 50 per cent between January 2022 and January 2023, according to The Guardian survey.
A fresh cause for concern is the 2023 elections, which experts fear might make real estate investors to adopt a ‘wait and see’ posture before investment. A tonne of 8mm reinforcement sold for N350, 000 early 2022, presently goes for about N488, 800. The same is applicable to paints and other components in the building material market.
In highbrow locations of Lagos, a one-bedroom flat for rent is as high as over N1m yearly. Rentals for two bedrooms start from N850, 000 to over N1.5 million. Before now, landlords charged between N650, 000 and N900 for a two-bedroom apartment. Ilesanmi observed that it would take an act of God and a determined mind to continue construction projects with current prices of building materials, adding that the development is a sad story for the industry.
The former Chairman of Lagos Chapter of Nigerian Institute of Quantity Surveyors Jide Oke, said the instability in dollar to naira rate has not helped the construction sector, which is predominantly dependent on importation of building materials.
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