Real Estate

Consultant blames weak mortgage system for abandoned buildings

A town planning consultant, Mr Joseph Akande, on Friday attributed weak mortgage system for the high rate of abandoned buildings in the country.

Akande, who is the Chairman, Town Planning Consultants Association of Nigeria, made the observation in an interview with the News Agency of Nigeria (NAN) in Lagos.

He said that no one would abandon his building except there was litigation over it or lacked funds to continue.

Akande advised the Federal Government to revamp the mortgage system or provide alternative facilities to assist developers financially.

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He stressed that there was the need for that sector to be revamped if the country’s housing deficit must be bridged.

Akande, however, expressed regret that aside from funding challenges, some individuals would deliberately abandon their uncompleted buildings.

He suggested that government should confiscate such buildings and other structurally defective buildings to ensure sanity of the environment.

The expert said that the rate at which buildings were abandoned across the country was high and some punitive measures should be taken to discourage the trend.

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“Traditionally, Nigerians are not acquainted with stage by stage mode of construction due to lack of credit facilities and viable mortgage system to assist with the construction costs.

“That is why some developers, private individuals and organisations can spend years to construct a single structure.

“But if a building is abandoned for more than three years, I think it is preferable the government does the needful by confiscating such structure.

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“The government can convert it to a meaningful project that will add value to the economy,” he said.

Akande said that uncompleted and abandoned buildings constituted hazards to the environment and human beings.

He said that abandoned buildings were mostly hideouts for criminals and other social miscreants.

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