Unoccupied Houses: Experts Seek Establishment Of Rent Control Agency, Kicks Against Taxation

| Leave a comment

Experts in the real estate sector have called on the federal to set up Rent Control Agency that would monitor unoccupied houses even as they kicked against taxation in such properties.
Checks by LEADERSHIP revealed that unoccupied houses are mainly found in the highbrow areas of Abuja like Maitama, Asokoro, Wuse II while the satellite towns like Kubwa, Lugbe and Karu are highly populated due to cheaper rental fee.
Aside the cheaper rental fees, the satellite towns are bereft of social amenities compared to the city centre where there are massive amenities and facilities.
In an exclusive interview with LEADERSHIP in Abuja, the National Publicity Secretary, Nigerian Institute of Building (NIOB) Bldr Musa Yakubu noted that Rent Control Agency would checkmate the increasing number of unoccupied houses dotting the landscape of Abuja.
This is even as he revealed that the agency would regulate rental value on each property and checkmate the excesses in the real estate market.
He observed that such category of properties could be found in highbrow areas such as  Maitama, Asokoro, Wuse II and among others.
According to him, “The reason for the vacant houses is that individuals felt that the easiest means to hide looted funds is to invest in property, so whether such property is occupied or not, the owners are not bothered”.
He noted that another reason is that the value attached to a property at the time of purchase was higher than the actual or present value in the market.
Also speaking, the Principal Consultant of AA Abdulfatai & Co, ESV Abdulfatai Abdulrauf kicked against taxation of unoccupied properties since such category of houses were not generating income.
“There are already law of taxation in place like the ground rent and tenement rate which makes it easy for people who live in an apartment to pay such rates”.
He noted that federal government could do little to checkmate unoccupied houses stressing that Abuja property market is driven by law of demand and supply.
“The market is also driven by the law of demand and supply because when there is no demand; the value will depreciate and when there is high demand, the market will appreciate”.
“Some people who cannot continue with their artifical lifestyle are moving to suburbs where there are cheaper lands to build or rent at a cheaper rate.”

comments powered by Disqus

Daily Columns