₦airaland Forum

Buzz me when the rent has reduce to 120000@ 1bedroom flat....

N2.5m dat will be enof for me to start building my own house in Jikwoyi, Abuja.

ok oo

buhari the evil genius

My opinion.. Even if the rent drops how about the income to pay the rent? Work no dey and we dey talk abt drop in rents. It's even worse now

Generalyemi:
if any one want to sell his SUV.. 4 runner or pathfinder, biko let me know

I have 5 runner, u go buy?

Still on the high side..

ManirBK:
Change is here over to you wailers!

So u are happy with d recession?

Good one. Buhari is working

ayusco85:
Lagos landlords should pls follow suit. House rents In Ajah and Lekki haven't crashed one bit. Imagine paying 400k for a self contained in ajah.
Na wa for Lagos landlords

Very soon it will will cos many apartments in ikoyi, VI, lekki, Ajah and environs are now empty properties.Perhaps they are still hoping until reality sets in. Cos guys are moving further island like lekki2 and estates around ibeju. While others simply relocate to mainland. And rent a good apartment for half the price, then buy a good car for the traffic. With time e go reduce for island before e hit mainland. Just wait and see. While cars are getting more expensive.

We are getting there.... Thank you Mr president.Every was over hyped in Nigeria. Waiting for Lagos and Portharcourt and other others will follow drastically. We can now move to other sectors.

The first 4 lines helps me to understand that ur happy that u paid 1.5M instead of 2.5M for a house rent. But i fail to understand how much u have in stock market and what kind of biznes u do. Nigerians like boosting and forgetting that u can build a four bed rooms flat with 2.5M.

ayusco85:
Lagos landlords should pls follow suit. House rents In Ajah and Lekki haven't crashed one bit. Imagine paying 400k for a self contained in ajah.
Na wa for Lagos landlords

No be by force

ayusco85:
Lagos landlords should pls follow suit. House rents In Ajah and Lekki haven't crashed one bit. Imagine paying 400k for a self contained in ajah.
Na wa for Lagos landlords

I swear... Ajah landlords smdh...

specter:
Very soon it will will cos many apartments in ikoyi, VI, lekki, Ajah and environs are now empty properties.Perhaps they are still hoping until reality sets in. Cos guys are moving further island like lekki2 and estates around ibeju. While others simply relocate to mainland. And rent a good apartment for half the price, then buy a good car for the traffic. With time e go reduce for island before e hit mainland. Just wait and see. While cars are getting more expensive.

Oga I am in the island area and many people from the mainland are relocating here in droves.

specter:
Very soon it will will cos many apartments in ikoyi, VI, lekki, Ajah and environs are now empty properties.Perhaps they are still hoping until reality sets in. Cos guys are moving further island like lekki2 and estates around ibeju. While others simply relocate to mainland. And rent a good apartment for half the price, then buy a good car for the traffic. With time e go reduce for island before e hit mainland. Just wait and see. While cars are getting more expensive.

I don't think so o. Lagos landlords are greedy. They are looking for money but will hold out as long as possible before slashing rents. Ikoyi won't drop unless more foreigners move their families out of the country. And traffic seems to be getting worse heading towards Ajah so I don't see people wanting to move further than VGC until they expand the road network. There is more security on the island too compared to the mainland.

The reason for the drop in rent in Abuja given in this thread is not entirely true.

1stof.. recession is everywhere, why is it only Abuja tent that is dropping.
2ndly, Abuja being largely a civil servant town and salaries are not owed... The effect of the recession isn't really as high as compared to other business towns

The real reason... Public servants are beginning to find it increasingly difficult to steal and embezzle govt funds (partly because it's not even there to steal and also govt is abit more vigilant) and for the politicians that do rent for gfs and at whatever prices... The feat of efcc harassment no be here.

Also, Abuja rent has always been unrealistically high... I think when it comes down to it sef.. and the public servants live within their means, it wld even reduce further

Recession or No Reccession...we the mavrodial's don't care...the Apc led gov't through their cruel act and hike in dollar have made us 10x richer....MMM Pays....we rock!.,..No mater the situation of the country....we are financially free....our 30% are sure bet...our mavro grows......MMM doubles ur money...ur 100k turns to 140k afta a month...if you are interested or wana join this MMM world don't hesistate to bleep me on 08069273250...for more details stil call me...feel free to call...anyday anytime...rule your world, MMM PAYS!!

wheriz the forcing down in price? was expecting to see, from 2.5m force down to 300k.


+


self con, 400k? how many rooms is dey inside am?


abuja sha!


Cc: cashmyles

Dsrooftiles:
Ok

But here in Lag... Landlord still dey do yanga oooo..


Current Price of Roofing tiles check here >> https://www.nairaland.com/3364135/roofing-sheets-cost-various-types

no be small o. my land lady with her bag luck dey increase rent.

bootstrap:
The reason for the drop in rent in Abuja given in this thread is not entirely true.

1stof.. recession is everywhere, why is it only Abuja tent that is dropping.
2ndly, Abuja being largely a civil servant town and salaries are not owed... The effect of the recession isn't really as high as compared to other business towns

The real reason... Public servants are beginning to find it increasingly difficult to steal and embezzle govt funds (partly because it's not even there to steal and also govt is abit more vigilant) and for the politicians that do rent for gfs and at whatever prices... The feat of efcc harassment no be here.

Also, Abuja rent has always been unrealistically high... I think when it comes down to it sef.. and the public servants live within their means, it wld even reduce further

That is the real reason why rents went up with the beginning of democracy.

The economy of Abuja was based on procurement scams, which has become more difficult.

In 10 years time many of these empty houses will expire, and require renovation/demolition.

Hmmm.... interesting. .. I would expect the rent to increase since the value of the Naira has been decreasing... the cost of building and maintaining a house is equally increasing and so should the rent. But then.... people can't afford to pay more since their income is not increasing....I guess landlords would have to take the looss.

;Dwhen table turn around nah, some people will be like, whether this landlord wan make we go back to squar one..

in port Harcourt here ikwere man no de look ur face o

ThundrCork:
it hasn't dropped as it should yet, give it another one year and landlords will be on their knees begging tenants for quarter their previous rent i am not cursing but speaking based on reality as it is. everything was over hyped in the past. wise investors should not invest in property now until towards the end of this tenor when price of properties will be at its all time low. i foresee in 2018 individuals with as low as 10M being a able to buy properties which would previously have cost 100M from a distressed seller

true it has not dropped at all, a self contain in kubwa going for 250k what are we talking about, please this post is misinforming seriously go round and see for your self nothing about rent in Abuja has changed don't be decieved

It is better.....

Yeah, this is true...I've heard from a few people that landlords are receiving less just so their houses don't remain empty but my estate is still quite pricey sha.

Make E go down well well.

chubbygal:
Yea! Same here in life camp Efab Estate I got a very good self contain for 300k against 400k I use to pay .

Got a 3bedroom(new building) @500k in Karu..heard the initial price was 800k, d house was empty for almost two years. when the price was brought down, the four flats was occupied sharply.

Onegai:
I don't think so o. Lagos landlords are greedy. They are looking for money but will hold out as long as possible before slashing rents. Ikoyi won't drop unless more foreigners move their families out of the country. And traffic seems to be getting worse heading towards Ajah so I don't see people wanting to move further than VGC until they expand the road network. There is more security on the island too compared to the mainland.

Is not whether they want or not . For the tenant , his income will determine his expenditure. I give you example, a man earns 12m annually, saves 3m while others goes to expenses. Now e earns the same 12.but finds it difficult to save 500k and the family expenses is increasing so what will e do?
Cut cost and one way is reduce housing expenses. Especially if and when the rail system will kick in, rent will drop.it's a natural stuff.

ManirBK:
If there is anything many residents oworld. Federal Capital Territory are happy for about the economic recession, it is that rent has become more affordable and they can now pay for better accommodation. Tenants and estate agents spoke to Daily Trust about it.

Grace Adesewo, 36, with her husband, are expecting the arrival of their first baby. They were living in a two-bedroom apartment in a block of flats in Garki, Area 8, Abuja. The space was too small to accommodate a new baby who needs a cot and a chest of drawers among other items, first time parents would have gone all out for.
Mrs. Adesewo, who resumed work three months after putting to bed, invited her mother to help her nurse the baby. In May, 2015 the couple began house-hunting.

Although the couple had saved N2.5million which was the going rate for a three bedroom flat in the part of Garki they wanted. But in the end they paid N1.5million for a three-bedroom bungalow with two-room boys quarters and an ample parking space for no less than five cars, in Prince & Princess Estate, Abuja, in January 2016.
The house had been vacant for almost a year when the rent was fixed at N2.5million. Over time, the rent reduced as a result of low patronage. The Adesewos’ ability to bargain with the landlord and their willingness to pay for two years’ rent in advance, worked in their favour.

Mrs. Adesewo said: “Although we didn’t have the money to make up the balance for the second year, immediately, we were able to appeal to him and he agreed that we paid it after six months.”

She teased: “There was no way we were letting the house go because the apartment was beyond our expectation and we didn’t have to worry about accommodation for another two years. We can even rent out the boys quarters and use the money to offset our debt.”

The story was no different for Osita Anosike, 33, who moved from Gwarinpa to Ademola Adetokunbo, Wuse 2, Abuja, in September, 2016.

Anosike, who a manager in a departmental store in Abuja, said: “Three months to the expiration of my rent, I began house-hunting. After three weeks of searching an agent told me he had found a self-contain apartment in Wuse 2.
The bachelor who didn’t mind forfeiting two months’ rent in his old apartment, said: “When he told me the location and that it was going for N400, 000, I jumped at it and immediately paid. Not only is it closer to my workplace, the rent is the same as my old place.”

In the last one year, Nigerians have battled with the ripple effect of recession. The one thing that has comforted many of them - especially those in the FCT - is that they can now live in accommodations of their dreams or something close to it. With many houses lying unoccupied and wasting away, landlords are forced to reduce the cost of rent.
Agents have also implored more aggressing marketing strategies and platforms like advertising online and posting advert signs on street light poles and so on, announcing vacant premises.
On a website, , a self-contained apartment in Asokoro was advertised for N600, 000 as against N700, 000 to N800, 000 a year or two ago.

Also rent for office spaces are crashing because some business people like Sefina Idris, who sells shoes and corporate outfits, find it cheaper to trade from their cars, homes or rent a space in somebody’s shop just to display their wares.

Mr. Patrick Obinna, a small-scale estate agent operating from Zone 4, explained the trend.
He said: “If you look around town, you will find several empty plazas which although are tastefully finished, have been unoccupied for at least one year. They are in Utako and Wuse among others. People who have space in their homes make use of that or come together to rent offices. Each person simply demarcates his work space.”
Obinna said: “Landlords want money on their investments and tenants now have choices and don’t suffer as much as they used to. Some office spaces have gone down from N35, 000 per square metre to N30, 000 or N25, 000.”
Ejike Charles, who has been an agent for 10 years specialising in clients who want accommodation in Maitama or Wuse areas, explained how the recession has affected the cost of accommodation as well as landed property.
He said: “Before a Wuse 2 or Maitama self-contain apartment cost between N500, 000 and N600, 000. Two-bedroom flat was N1.5million. But many of them were empty.”

Charles said: “Some landlords, who don’t want to leave their property empty throughout the year, have reduced the rates because they also understand the situation of the country.
“Presently, one can get a two-bedroom flat for N1million, three bedrooms for about N1.8million to N2million, while a self-contained can also go for N350, 000 or N400,000 depending on how new the property is,” he said.
Despite the rent crash, Charles said there were several empty houses in the metropolis as the recession still made it impossible for tenants to pay the rent.

When asked if landed property have also been affected by the recession, he said: “The landed properties have not really been affected because you find out that a land can remain for many years and nothing will affect it. Unlike a house which if you leave empty decays.
“The prices of land are still almost the same except in cases where someone who wants to sell his land decides to reduce the price,” he said.
Rent rates of duplexes have hardly decreased Charles said. “In Wuse, those with five bedrooms and boys quarters still cost between N8million to N10million for rent and around N120million if they are to be sold. In Maitama rent for such duplexes is still around N15million to N20million.”
Do these relocations by tenants mean more business opportunities for agents running these small scale enterprises?
“I wouldn’t say that it means more business, but some of us are making more on commissions,” said Obinna.
He said this is because people who would ordinarily rent houses in Garki or Wuye can now rent in Asokoro, Wuse or even Maitama if they are lucky.
“The rents of some of the properties in prime areas are in some cases almost at par with rates in the less prime areas. We now have more clients renting apartments in these locations, thus giving us more commission.
“Clients, when they compare distance and the prestige of having a Maitama, Asokoro or Wuse address, don’t mind paying the difference and living in these part of town.”
Abdul Muhammad (33) an agent in Lugbe, said the rates of houses there have also reduced as most tenants find it difficult to renew their rents let alone move to new accommodation.
He said: “A two-bedroom flat, two years ago, used to be between N500, 000 and N600, 000. They are now between N400, 000 and N450, 000. A self-contained which was around N250, 000 and N300, 000 now costs between N200, 000 and N250, 000.
Muhammad also added that he observed a lot of people who lived in the metropolis are now moving to the outskirts for cheaper accommodation there. Gana Umaisha is one such who said he moved to Dutsen-Alhaji which is cheaper than Dawaki so that he could begin developing his own property.
Good roads, little or no traffic congestion, beautiful landscapes, street lights and better security are among reasons which have encouraged Abuja residents to move to prime areas and others like Katampe, Jahi, Life Camp and Karasana where they would ordinarily not have given second thoughts to.
Regardless the location in the FCT, estate agents noted that some rents have remained the same, even though the recession has made it very easier for tenants now. They say, many landlords are no longer shylocks and are willing to collect only one year’s rent instead of two as they formerly insisted on in the past.

http://www.dailytrust.com.ng/news/general/recession-forces-down-abuja-rent/170235.html

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Nigerian landlords and landladies are the greediest in the world.

mmm

Some of these landlords don't want to face reality, it's so glaring that's there's no money in the country. I don't know why they still make things difficult, am sure with time they will beg to collect money instrumentally self.