BY EBI NIEKETIEN/CHIKA KWAMBA
A real estate consultant and Chairman of Fex Homes Limited, Mr Felix Obuye, has urged the Delta State Government to set up an appraisal committee to evaluate property values as a measure to regulate housing and rental prices.
This suggestion comes on the heels of the prevailing harsh economic conditions and the rising inflation affecting housing and landed property values in the state, stressing the need for proper monitoring of activities within the housing and property sector.
Speaking to our correspondents in Asaba, Mr Obuye noted that the stability of the real estate sector lies largely in the hands of the state government, property owners, and house agents.
According to him, “We have two major realtors’ associations in Asaba, and I belong to one. Within the association, you find registered realtors and agents with verified home addresses and phone numbers. In the event of any fraudulent deal, such persons can easily be traced.
“It will be good if the government monitors the activities in housing and property transactions. There should be an appraisal committee so that, before a property or house is put on the market, the government evaluates its price.
“This will prevent property owners from arbitrarily inflating prices. The committee should determine the value of the property; the owner may sell below the valuation but not above its actual worth,” he said.
Obuye also identified additional charges as a major contributor to the rising cost of house rents. “One of the major causes of the hike in house rents is the accumulation of agency fees, lawyers’ fees, and other charges. If the state government can regulate these fees, I believe house rents will become more affordable,” he added.
He further revealed that public servants bear the greater burden of the prevailing economic hardship.
According to him, while private businesses can adjust prices or explore alternative strategies to remain afloat, public servants largely depend on fixed salaries that hardly reflect the realities of the current economic climate.
Additionally, he commended the Governor of Delta State, Rt. Hon. Sheriff Oborevwori, for what he described as his unrelenting development strides, noted that the administration’s efforts have attracted high-profile investors into the state and positioned the real estate sector as a viable tool for wealth creation.
