Foreclosure And Repossession Laws Retard Housing Development — Experts

[Shola Sholaz]

MR. Abdul Adesanya (not real names) owns a multi- tenanted property in the Orile Iganmu area of Lagos.
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Having had some torrid experiences in the hands of his tenants, majority of who were defaulting in the payment of their rents, Mr. Adesanya decided to sell the property to a woman who wanted to use it to run a private nursery and primary school.
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One year after buying the property, the lady who hails from the Niger Delta, is yet to take possession of the property. In fact, most of the tenants have vowed not to pack out of the building.
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Frustrated after several efforts to persuade them to. leave, the woman decided to approach the court to effect the eviction.
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But to her consternation, the lawyers are using technicalities to frustrate her the more.
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Stakeholders who spoke to Vanguard Homes & Property on alleged that foreclosure and repossession laws have contributed to the staggering housing deficit in the country. They posited that these laws constitute disincentives to housing investors.
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President of the Nigerian Institution of Estate Surveyors and Valuers, NIESV, Mr Emeka Eleh explained that although it will not sound populist because you can easily be branded anti people, he asserted that "our laws make it difficult for people to invest in real estate".
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"The enabling laws- the foreclosure laws, the power of repossession laws, make it difficult to invest in real estate. Let me give you an example. If you look at the issue of the housing deficit that we have been talking about, which ranges from 15 million to 20 million depending on whom you are talking to, that deficit relates more to the low income end. Why are people not investing in that end? It is because of the challenge of repossession in case of default.
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The challenge is immense; you can be in court for five to eight years," he noted.

[Folami David]

This is very true I must say so I agree with this totally! Housing development is something very important nowadays in this country!