RECESSION: Estate agents lament drop in prices of property




Estate agents have decried the drop in the price of landed property across Nigeria as a result of the economic recession plaguing the country.

Some agents and developers who spoke with PREMIUM TIMES said that the property market was seriously affected by the economic downturn, leading to huge drop in the prices being offered by potential buyers.
Seyi Sodiya, a Lagos-based estate developer, said there is a lull in the market also because the cost of production has increased.
He said even though people still build houses and buy property, production cost has doubled while the cost of workmanship has remained stable. He however expressed optimism that the market situation will change in the first quarter of this year.

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