Monday
There are estates being developed on the outskirts of Lagos and within
the Lekki expressway axis that are already showing signs of distress. A few
years ago there were communities along the Lagos Ibadan expressway that were
touted as the next big investment opportunity since Dubai real estate
development. Plots of land were being sold for as low as N250,000.00 with
payment plans arranged. It all seemed just too good to be true. These estates
were advertised as having infrastructure like tarred roads, running water,
security and dedicated transformers for electricity provision.
Some who had always wanted to get on the property ladder but never
thought they would be able to afford it at the rate of property price
increases, saw this as their opportunity to build a home for their families.
Investors bought numerous plots, thinking they would sit on it till prices
appreciated, then sell them at a fantastic profit.
What do we have years down the line? Sold out plots with no
infrastructure provided, no maintenance, pot hole ridden dirt roads that flood
when it rains, no drainage, no running water, residents at the mercy of armed
robbers, electricity a long forgotten dream, and to top it all, residents are
learning that the plots they bought, may not even belong to them afterall as
there is a dispute over landownership and they may have to re purchase their
plots all over again! Residents have appealed to the relevant government
offices to step into this matter, but no clear answers are being given. Their
dreams have crumpled like a pack of cards. The future for these estates is not
good at all; already they have deteriorated into slum dwellings at best.
Tuesday
It is sad to see that disputes over land and property sit in courts for
years despite receiving titles and deeds from government agencies. Going about
buying land the “right” way, unfortunately seems to offer no protection against
your land being taken over by someone else. Buyers need to be cautious and try
not to buy land directly from land owners unless a genuine Certificate of
Occupancy is produced.
Wednesday
It is crazy that some developers would rather cut corners than employ
legitimate professionals to construct their properties. Some go as far as
employing artisans from the villages who are not as expensive as the city
professionals and do not have a clue on safety measures for construction,
electrical wiring and plumbing. Unfortunately this only results in the construction
of properties no better than village huts.
Thursday
A lot of properties in the Alpha beach area are falling in
value due to the ocean rapidly encroaching on to the surrounding land. Owners
of properties that sprung up in the last 5-10 years and had been doing well in
terms of sales and renting can only sit back and watch helplessly as the ocean
creeps up to their door steps. This has been in the media constantly with the
government officials for waterways and environment making numerous visits to
the area and promising that measures will be taken to stop the encroachment, yet
nothing has been done! No one wants to buy there anymore.
Friday
As we all know security in our homes and in general
is a big issue in Lagos and the country as a whole and some people will take
any measure necessary to protect their property. I came across a funny joke
about this which I will share.
A security firm receives a phone call enquiring
about the varying types of security measures provided? The receptionist answers saying” please what
kind of security would you want installed? We have Voodoo, Remote control, Juju,
Charms, Spirit gatemen, Touch and start sweeping, Fall asleep etc” If you let us know which one you prefer,
we will give you a quote….
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