The hard biting economic situation ravaging the country is yet to abate as many Nigerians are still struggling for survival. Even, the number of people who relocated from high brow areas of Victoria Island and Lekki, Lagos 2016 due to their inability to pay rent has increased as more and more residents of the areas are still finding it difficult to cope as recession bites harder and harder: hence the need to move to the areas where rent is affordable.
According to property expert, Obi Uzor of Obi and Co, Ogba, Lagos, many houses that were vacated in some of the high brow areas of Lagos state, including Lekki, Victoria Island, Ikoyi are still left unoccupied. Instead, many more people are still relocating from the place, leaving more apartments vacant at the moment.
“Nothing has changed concerning the vacant structures in Lekki, Victoria Island and some parts of Ikoyi. Instead, more people are still vacating their apartments and relocating to the Mainland. Even,when the rent there has also reduced.
“As I speak, I have some in my hand now who’re looking for accommodation in Ogba here, and they’re coming from the Island. One of them said he was paying about N2 m for a three-bed room in Lekki, but can’t cope any longer. So, he had no choice than to vacate the place and move down to Ogba and its environs.
“Now, the worst thing is that most of them still find it difficult to pay the rent here. More houses are still empty now on the Island, no one is ready to occupy them because economy has not improved at all. You can even imagine those that have no job among those relocating from the Island, how will they cope with the rent on the Mainland no matter how cheap it may be?
“In Ogba here, rent has even reduced yet people can’t afford it. For instance, a three-bed room which attracted N650,000 before 2016 was reduced to N500,000 towards the end of last year, yet nobody occupied it. This year, it has been brought down to N400,000, we’re still struggling to get a tenant that can afford the rent, including other charges. To say the truth, the country’s economy has not improved and is really affecting our business. I advise the president to work faster on the aspect of the economy now that he’s back. I pray God will strengthen him.”
Corroborating Obi, Ayo Adedoyin of Trynad Properties and Homes, Ogba said, “The situation concerning the vacated apartments in Lekki and Victoria Island still remains the same. It’s even getting worse. Nothing has changed at all. Instead, more people are relocating from the area to the Mainland where rent is relatively cheaper.
“You can imagine a person working in an oil company, earning over a million naira and paying about N1.5m rent in a year. Then, the person is now out of job, how can he cope with the rent again? And in truth, a lot of residents of that vicinity live big, that high rent is nothing to them but only if the economy is good. So, as they can’t afford the rent any longer, the only alternative opened to them is to come down to where they can cope with the rent. Even, some can’t still cope here among them.
“Now, I have an apartment in Ogba here that the landlord wants just N400,000. I can confirm to you authoritatively that up till now, a lot of people that have come said they can’t pay more than N350,000. After about two months we didn’t see anybody, the landlord agreed to leave it at N350,000. And the funniest thing is that the person that showed up was begging for N300,000 now per year, and he’s just moved from Victoria Island to Ogba here.. So, things are still hard. Only God will help us.”
- TADE ASIFAT