Nigeria waterfront real estate endangered, losing property values

For many prospective home-owners, living in waterfront properties is a life-long dream because of the luxury and exotic views of the ocean.

In some Nigeria cities like Lagos, Warri and Port Harcourt, some of the most prized waterfront real estate is disappearing into the ocean, despite deep-pocketed homeowners spending enormous sums to put off the pain of losing their homes.

Initially, waterfront homes are sought-after haven by the wealthy and commands a significant value in terms of investment and rental income.

But all these seems to be in the past as erosion and sea rise put houses in peril, some owners vow to stay and fight, and some communities are spending millions.

Consequently, affluent home buyers in search of coastal property gravitated to the ocean are decreasing. As most of the cherished waterfronts in most Nigeria cities are disappearing to the chagrin of many.

According to a property expert and estate surveyor and value, Mr. James Anifowoshe, the sudden disappearance and degradation of waterfronts in most Nigeria cities could be traced to government insensitivity to its master plans and laws.

He stressed that Lagos is fast going the way of unplanned cities as the original master plan is being thwarted giving way to arbitrary developments that further compounds the problem of the city.

He complained about the arbitrary allocation of residents’ waterfronts to unscrupulous individuals for sand filling as one of the off-plan moves by the state that scares investors.

Source :- https://guardian.ng/property/nigeria-waterfront-real-estate-endangered-losing-property-values/

By Bertram Nwannekanma, 08 July 2019 for Guardian Nigeria