Proliferation of Estates that people cannot afford

[Ralphjoe]

The rates at which Estates are springing up in my country's capital city is alarming, the most painful aspect of it is that people cannot afford them and so they mostly remain occupied.
This is a problem of estates in my area and it somehow seem like the development of estates there is no more beneficial to the city except for beautification purposes.
Does estates still have benefits in this case?

 

[Sariana23]

Properties always have benefits. If the owners cannot sell them because of their high cost, they can plan payments with potential buyers, who can deliver an initial and the rest of the payment in drafts. Otherwise, you can rent these farms, while new buyers arrive with enough capital.

 

[Alexandoy]

Here we have the opposite. The big land near our home is already selling townhouse unit even before the construction. Yesterday a guy came to ask if our place gets flooded. He is buying a unit in the still to be constructed townhouse compound. All I can see is a grassy land, nothing more, no improvements. There is a big demand for housing now because the economy is somehow stable even if the unemployment is higher than before the pandemic era.

 

[IamDozzy]

This is a major problem in developing countries as the estates being built by real estate companies aren't what the citizens can afford. I saw a documentary on ghost estates in Angola.

 

[Victor72]

If people in the environment cannot afford to buy or rent the estate I don't think the estate is important at that point in time and I suggest they should reduce their price so people can occupy it.

 

[Wiser]

No matter what, there would still be individuals who would be able to afford those estates, this is what makes the owners to not reduce the price.

 

[btaliat]

Real estate is not a business of short term investment. For the fact the estate has not be occupied now doesn't mean it won't be occupied later. It is a matter of time.

 

[GIFTMICHAEL]

Some estate structures are mainly on purpose. Anyone can build an estate apartment and decide to high up the price and targeting those that are wealthy to rent or hire it out.

 

[Kelly5]

It may seem they are not been able to sell these properties in your estimation at the present moment, but believe me, these properties do often than not get sold. Properties in such areas of the city you said always get sold in the long run

 

[tyrim88]

The reason most times why some of these houses are not occupied is because of the high cost of rentage.A situation where a salary aerner would use a huge percentage of his earnings to be paying for rentage,instead he would prefer to get a mortgage and get his own house.

 

[Shigobad2020]

The rates at which Estates are springing up in my country's capital city is alarming, the most painful aspect of it is that people cannot afford them and so they mostly remain occupied.
This is a problem of estates in my area and it somehow seem like the development of estates there is no more beneficial to the city except for beautification purposes.
Does estates still have benefits in this case?

It's almost the same every where where rich people build estate and the price is too high tonthe point people cannot afford them and the estate is just there for beautification purpose.

 

[Setho]

When you dig deep into this mess, you can draw a straight line to the land use act which makes it very difficult to obtain land and another reason is the exploding population.

 

[Jumoke12]

The rates at which Estates are springing up in my country's capital city is alarming, the most painful aspect of it is that people cannot afford them and so they mostly remain occupied.
This is a problem of estates in my area and it somehow seem like the development of estates there is no more beneficial to the city except for beautification purposes.
Does estates still have benefits in this case?

one problem about many real estate companies nowadays is that their prices for land and building is very high and so only very few rich individuals are able to buy into their products, they have to bring down the price for the masses

 

[Ralphjoe]

one problem about many real estate companies nowadays is that their prices for land and building is very high and so only very few rich individuals are able to buy into their products, they have to bring down the price for the masses

This has always been what I have been canvassing for all these years and most people think that the prices of those estates are mainly supposed to be for the rich and I will say that the number of the rich in the society are so few so it will be in the best interest for all these estate owners to bring down the price of their properties so that they can get patronage.

 

[tyrim88]

Properties always have benefits. If the owners cannot sell them because of their high cost, they can plan payments with potential buyers, who can deliver an initial and the rest of the payment in drafts. Otherwise, you can rent these farms, while new buyers arrive with enough capital.

What i observed lately in my clime is that why most big properties remained unocupied is because of the high rentage,we have in my country not much of the high class individual,as most of them instead of leasing a property they woul opt for their own property.so if the properties in focus is design into smaller units that are affordable for the middle class,then you will have those properties occupied.

 

[Kelly5]

Estate properties doesn't have to be bought and sold instantly to be of value. They are even of more value when they are sold after so many years as the location you have described will continually have an increase in demand for real estate apartments

 

[Sariana23]

What i observed lately in my clime is that why most big properties remained unocupied is because of the high rentage,we have in my country not much of the high class individual,as most of them instead of leasing a property they woul opt for their own property.so if the properties in focus is design into smaller units that are affordable for the middle class,then you will have those properties occupied.

That's exactly what I was going to say when I started reading. The best way in these cases is to divide the interior of the property into several apartments and rent them separately. By making the internal divisions of the structure, it can even be rented to students, if it is in areas close to universities or study houses.

 

[eLdavis]

In such cases i believe the owners have only two options. Its either they reduce the pice so they can sell or rent it off, which would lead to losses on their part based on the amount they have invested in building or buying. Or they could sign a legal agreement with a serious buyer who would be ready to pay little within a reasonable period of time

 

[Trexxxy]

Well, I think if the city is populated and busy, then estates will definitely be profitable. However, the real estate industry isn't very profitable for low-income earners.

 

[Kunkun]

Lots of estates indeed but not so many people can afford them especially in Nigeria here and in the capital city you takes about this seems more rampant compared to other places