PROPERTY MARKET SPECULATION

There are so many views on the property market. I was speaking to a property professional, who is of the opinion that the market has remained the same as last year; another says it is picking up. I personally believe that it is all a risk and you just have to take the plunge whenever you feel comfortable to do so. Banks should inject some mortgage incentives into the property market and reduce the high interest rates which are being charged at the moment, the conditions that also come with them are unrealistic. This high pay back rate is precisely the reason why so many people fail to take out mortgages or to make their existing repayments.

I was surprised to see a block of flats in Ikoyi back on the market after I had been told earlier this year that it had been taken by a corporate client. Apparently the client promised to take all the 6 units if the landlord carried out some remedial works to the apartments before they moved in. The landlord proceeded with the works, and then the clients decided they did not want the apartments anymore! After a prolonged battle with the clients, the landlord had to put the properties back on the market. Landlords should never proceed with extra works requested by clients unless a commitment has been made in writing and a deposit paid. I have also noticed a trend of new developers excluding boys quarters in their properties and instead build an extra room within the house, which is referred to as ‘the maids room’ or provide nothing at all. This can be quite limiting if you have staff as there is the lack of privacy on both sides as well as having to install extra security in the house because you have a stranger living with you. It helps when you have a BQ outside the house as drivers etc may need to use the bathroom or sleep over if they have been working late or you travel.

I must mention that on the Lekki Expressway, though the VGC roundabout has opened wich is a blessing for the residents, the entrance into Ikota Shopping centre has been removed, creating a bottleneck of traffic. People going to Ikota shopping centre now have to go all the way to Ajah roundabout, which for some strange reason is always gridlocked even though it is always fully manned by traffic police, and have to turn back round at the roundabout to come back all the way to Ikota, wasting so much time. It is unreasonable that VGC residents who need to shop in Ikota, which is a few yards away from their gate, have to take a trip all the way to Ajah first! The road works being carried out by LCC has caused misery to the lives of Lekki residents for years and seems to be getting worse. I will admit that some parts of the road have improved, but it is safe to say that the works remain uncoordinated. As for the toll gates, that is a chapter for another day!