Abuja Residents Anxious Over Escalating House Rent: Stakeholders Offer Explanations

Abuja Residents Anxious Over Escalating House Rent: Stakeholders Offer Explanations

Residents of the Federal Capital Territory (FCT), Abuja, are grappling with the escalating cost of rent, attributing the surge to soaring prices of building materials. House owners point to a staggering 200% increase in construction costs, making both new construction and maintenance of existing structures financially burdensome……….CONTINUE READING

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The affordability crisis is evident in the prices of essential construction materials such as cement, with a 50kg bag now fetching between N9,000 to N15,000, more than three times the cost just weeks ago. Other materials like binding wires, tiles, and roofing sheets have followed suit, pushing overall construction expenses beyond the means of the average person.

As the building and construction industry plays a pivotal role in Nigeria’s infrastructure development and economic growth, the ripple effect of these heightened costs is leaving many construction projects abandoned. Cement, a key ingredient in construction, has witnessed a surge in prices, impacting the progress of ongoing projects.

Mr. Jov Richard, a property owner in Gudu District, FCT, emphasizes the economic challenges facing individuals attempting to embark on construction projects. According to him, the exorbitant prices of building materials, including cement, nails, and blocks, have made building a house a daunting task. He suggests that the current scenario is mainly witnessed among politicians engaged in house construction.

Aliyu Wamakko, the National President of the Real Estate Developers Association of Nigeria (REDAN), attributes the escalating rent to the high cost of building materials. He highlights the economic downturn, currency fluctuations, and the subsidy removal as contributing factors. Wamakko underscores the need for government intervention to address housing deficits, insurgency, banditry, and natural disasters affecting the stability of house rents.

In response, the Federal Capital Territory Administration (FCTA) Director of Press, Tony Ogunleye, acknowledges the high rent in Abuja compared to other cities like Lagos and Port Harcourt. He asserts that there is no existing law regulating landlords’ rent charges. Ogunleye addresses the issue of unoccupied buildings, stating that as long as owners pay their ground rent and comply with government regulations, leaving buildings empty is within their rights.

As residents continue to grapple with the housing affordability crisis, stakeholders emphasize the urgent need for comprehensive solutions to stabilize the housing market and alleviate the burden on Abuja’s residents.

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