Nyesom Wike, the Minister of the Federal Capital Territory (FCT), recently spoke about the growing concerns over rising rental prices in the region. In his remarks, he responded to suggestions to cap rents for two-bedroom flats at N50,000 or N100,000, arguing that such measures would discourage investors from entering the housing market.…..For More READ THE FULL ARTICLE HERE ▶▶...CLICK HERE TO CONTINUE READING.>>
Wike highlighted that costs for building materials and general living expenses have increased significantly. Therefore, he believes it’s unrealistic to single out rent increases since they reflect a broader trend of rising prices across the board.
Thank you for reading this post, don't forget to subscribe!He emphasized that developers need to make a profit from their investments, which justifies rental price increases. Wike reassured the public that the government understands the challenges but maintains that setting strict rent limits would not help the housing sector in the long run.
According to Premium Times, Wike said, “I don’t agree with people always complaining about rent increases. There are increases in everything today. So, rent should not be singled out.
“You want us to make a law and say that a 2-bedroom flat should not be more than N50,000 or N100,000 for example. I don’t think that will encourage investors.”…..For More READ THE FULL ARTICLE HERE ▶▶
