Residents of the Federal Capital Territory, FCT, Abuja, feel powerless in the face of the escalating rental prices in the nation’s capital. This dilemma is exacerbated by some property owners attributing the steep rise in rent to the exorbitant cost of construction materials.
Landlords are expressing concerns over the substantial increase in the cost of erecting new buildings in Abuja, which has surged by over 200 percent in recent months. Furthermore, the upkeep of existing properties has become increasingly burdensome.
The affordability of construction, development, and maintenance materials has dwindled in Nigeria. A survey conducted by DAILY POST at various building material markets in Abuja reveals that essential items like cement, sand, granite, and wood, among others, are now beyond the financial reach of ordinary citizens.
For instance, the price of a 50kg bag of cement has surged to between N9,000 and N15,000, marking a significant escalation from previous prices. This surge has led to the abandonment of several construction projects due to the prohibitive costs.
Mr. Jov Richard, a property owner in the Gudu District of the FCT, emphasized the palpable economic challenges, stating that the current state of affairs regarding rent is self-explanatory given the prevailing economic conditions.
Aliyu Wamakko, the National President of the Real Estate Developers Association of Nigeria, attributes the soaring rent prices in Abuja to the exorbitant costs of building materials. He highlights the ripple effects of the economic downturn, exacerbated by factors such as currency fluctuations and housing deficits.
The absence of regulations governing rental prices in Nigeria is underscored by Tony Ogunleye, the Director of Press at the Federal Capital Territory Administration (FCTA). He notes that high rent in Abuja has been a longstanding issue, with property owners within their legal rights to leave buildings unoccupied as long as they fulfill their obligations to the government.
In essence, residents of Abuja find themselves grappling with the harsh reality of skyrocketing rent prices fueled by various economic factors, with little recourse available within existing regulatory frameworks.