In our last two blog publications, we looked into the challenges in Nigeria’s property market. Four prevalent challenges in the property’s market were discussed. Today, we will be discussing additional two challenges to conclude this topic:
- Bribery and Corruption
Bribery and corruption have a negative effect on the Nigerian real estate sector. There have been various instances where developers who have not satisfied preconditions or who simply do not qualify for the allocation of land are granted allocation, while those who are qualified are denied. More often than none, some staff of regulatory bodies prefer to take bribes rather than ensure that developers obtain the necessary permits and conform to statutory construction standards.
Real estate investors are usually subjected to multiple taxes. Some of the taxes levied against them include development levy, income tax, building plan approval levy, property tax, land use tax, and we even have instances where real estate investors are expected to pay renovation tax whenever they want to renovate their properties.
All these issues listed above and more, hinder the development of this thriving and highly potential sector of the economy. The government, its agencies, the financial sector, local and foreign investors and even developers can curb these issues by taking deliberate steps to mitigate the effect of these challenges in the Nigeria property market.
Hence, there is need for prospective property owners to get reliable advice when they want to acquire a property. This is why we provide a reliable platform for every prospective property’s owner to successfully acquire their dream properties. For affordable properties all across Nigeria, contact South and Sttes Properties Limited NOW!!!