How to overcome the issue of high price of houses that leads to unoccupied houses

[Ralphjoe]

This is a very serious thing in my country currently especially the capital city where several Estate houses where built that so many people can't afford their prices and so the owner of such houses leaves the house empty and unoccupied for as long as he can.
Going through the highbrow area of Abuja the capital city of Nigeria, you will notice a silhouette of beautiful arranged similar houses, if you check them, they are all empty because of the outrageous prices put on them.
Now this issue is generating a buzz right now, how can we remedy the situation, how can the government remedy this situation? Please Iets discuss this.

 

[Niftyyem]

The bitter truth is that those estates were not built from hard earned money but from proceeds of corrupt practices and embezzlement. No business minded individual will build and leave it unoccupied for years without a care.
The best the government could do is to start heavily taxing those properties so as to bring a little reluctance to those who just own assets because they needed a way to launder funds embezzled.

 

[Abibatabosede]

The problem with some of the owners of houses is that they do not know that the money used in buildings of houses can not be made at a lease.

 

[Ralphjoe]

The bitter truth is that those estates were not built from hard earned money but from proceeds of corrupt practices and embezzlement. No business minded individual will build and leave it unoccupied for years without a care.
The best the government could do is to start heavily taxing those properties so as to bring a little reluctance to those who just own assets because they needed a way to launder funds embezzled.

I support this stance, they need to be taxed, the government can bring up a policy than any house that is empty for a year will be taxed till it is occupied, this way their head will reset, they will surely crash down the outrageous prices they are putting on those properties.

 

[Josemendez]

This is a very serious thing in my country currently especially the capital city where several Estate houses where built that so many people can't afford their prices and so the owner of such houses leaves the house empty and unoccupied for as long as he can.
Going through the highbrow area of Abuja the capital city of Nigeria, you will notice a silhouette of beautiful arranged similar houses, if you check them, they are all empty because of the outrageous prices put on them.
Now this issue is generating a buzz right now, how can we remedy the situation, how can the government remedy this situation? Please Iets discuss this.

The issue is basically the effect of real estate marketers and owners . When the owners set $1 as the price , the marketers put extra 0.5$ ,and this will continue to make the price costly.

 

[Ralphjoe]

The problem with some of the owners of houses is that they do not know that the money used in buildings of houses can not be made at a lease.

That is also true, the money used in building the houses are not easy to come by but would the money come when the houses are empty? Why not reduce the outrageous prices and get some money atleast for their investment?

 

[Kayzzy3]

This is a very serious thing in my country currently especially the capital city where several Estate houses where built that so many people can't afford their prices and so the owner of such houses leaves the house empty and unoccupied for as long as he can.
Going through the highbrow area of Abuja the capital city of Nigeria, you will notice a silhouette of beautiful arranged similar houses, if you check them, they are all empty because of the outrageous prices put on them.
Now this issue is generating a buzz right now, how can we remedy the situation, how can the government remedy this situation? Please Iets discuss this.

I'm very familiar with this issue, generally the government is very culpable in this matter in that there are no laws to discourage this act.
One of the laws would have been property tax, this will compel owners of such properties to pay tax to the government yearly, so house owners will have no choice but to let them.
Moreso, most of the said properties are owned by government officials, because most corrupt officials invest in properties.
So the solution by government would be making laws that will compel owners of those house to pay tax on them.

 

[Sincerem]

This is a very serious thing in my country currently especially the capital city where several Estate houses where built that so many people can't afford their prices and so the owner of such houses leaves the house empty and unoccupied for as long as he can.
Going through the highbrow area of Abuja the capital city of Nigeria, you will notice a silhouette of beautiful arranged similar houses, if you check them, they are all empty because of the outrageous prices put on them.
Now this issue is generating a buzz right now, how can we remedy the situation, how can the government remedy this situation? Please Iets discuss this.

That is the choice of the house owners. If individuals can't afford the rent fee, they should look else where. That's a private business affair, their is nothing the government can do about it. That's business for you, you can't advice someone why he put up his asking price that amount.

 

[Niftyyem]

That is the choice of the house owners. If individuals can't afford the rent fee, they should look else where. That's a private business affair, their is nothing the government can do about it. That's business for you, you can't advice someone why he put up his asking price that amount.

I absolutely disagree with you on this. Remember that he mentioned the capital city, that is enough to make the government do something about it. Why build a house and have it uninhabited leaving it as possible den for thieves and miscreants.

 

[Richard92]

One important way of overcoming high price which leads to unoccupied houses is simply, allowing the buyer of the house to pay instalmentaly, this help them to pay for the house without really feeling it. This is how the government encourage their citizens to get house at an affordable price mostly in Nigeria.

 

[Kinglegend01]

This is a easy one, overcoming high price tags for buildings by the owner to avoid unoccupied houses is completely in the hands of the house owner, he or she has to take into consideration the reason why prospective tenants are not renting or leasing his property. If it is the price he should lower it, at least it is better than leaving the building unoccupied.

 

[Nma]

Leaving the houses unoccupied by tenants is to the detriment of the owners but they are the one's losing money.... most of these houses are outrageously expensive and the average man can't afford it.... if the house owners really want tenants to rent their houses they should cut down the prices

 

[Sariana23]

I can speak of a solution that was temporarily in my country, I say temporary because the matter has no longer been heard. Here there was an impressive landslide due to heavy rains, thousands of people were affected. The government made the decision to buy the vacant houses at that time, paid an agreed amount for the properties, and handed it over to the homeless population. Those who were given a period to pay the initial and the rest would be paid in monthly installments. I believe that if governments reach agreements with homeowners , the housing problem could be solved in many cases.

 

[gammarays]

The bitter truth is that those estates were not built from hard earned money but from proceeds of corrupt practices and embezzlement. No business minded individual will build and leave it unoccupied for years without a care.
The best the government could do is to start heavily taxing those properties so as to bring a little reluctance to those who just own assets because they needed a way to launder funds embezzled.

You're very right. These monies were dubious money stolen from government coffers. They were built to a very high standard and in highbrow areas. The best thing to do is to convert those houses into hotels and guesthouse. They can also subsidize the cost so that normal people can afford it. It's so bad wasting a lot of resources on buildings when the masses are living below the required world standard.

 

[Niftyyem]

You're very right. These monies were dubious money stolen from government coffers. They were built to a very high standard and in highbrow areas. The best thing to do is to convert those houses into hotels and guesthouse. They can also subsidize the cost so that normal people can afford it. It's so bad wasting a lot of resources on buildings when the masses are living below the required world standard.

I would support hotels and guesthouses if I was not tormented by the hordes of individuals who live on the streets and makeshift homes because they came to seek greener pastures in the urban areas but are unable to afford the rents. The jobs they pick up if the pay was saved up for 20 years may not even pay for a year's rent of these houses.

 

[Kelvin7656]

This is really a serious issue faced by people but I would advice the people dat own those houses to at least reduce the cost of it.

 

[Erik4150]

The real estate investors should reduce the price of their houses so it can be affordable. If they don't do that, finding tenants to occupy those houses will be hard and the real estate investors will eventually not earn profits. That is why it is important to survey the location and the purchasing power of the populace before building residential homes .

 

[Doradorwa]

Well... About the houses at Abuja may I point out that the rich don't change their house every year and unfortunately only 30% of Nigerians are super rich to afford 10 million rent fee per annum....Those houses are there for the rich and their cohort not for middle class people and the owners don't feel bad cos they know more people are going for government post so in the nearest future the house ate gonna be occupied....either by their children or their many mistress.

 

[Zanekhan]

This is a very serious thing in my country currently especially the capital city where several Estate houses where built that so many people can't afford their prices and so the owner of such houses leaves the house empty and unoccupied for as long as he can.
Going through the highbrow area of Abuja the capital city of Nigeria, you will notice a silhouette of beautiful arranged similar houses, if you check them, they are all empty because of the outrageous prices put on them.
Now this issue is generating a buzz right now, how can we remedy the situation, how can the government remedy this situation? Please Iets discuss this.

In my point of view, taxation is the best solution to overcome the prices issues. This step can only be taken by Government. This is the state responsibility to charge high tax on that properties that will definitely help in let down the prices.

 

[Alexandoy]

I wonder why my post is not credited when the 1 hour gap has passed. This is the first time this happened.