The
housing market has in recent times taken a plunge, leading to a significant
rise in vacancy rates in expensive locations, notably Ikoyi, Victoria Island
and Lekki in Lagos, and Asokoro, Wuse and Garki areas of Abuja Federal Capital
Territory, industry close watchers say.
The
vacancy rate which rose to 28 percent in June, from 19 percent in May, does
not, however, translate to an opportunity for prospective tenants and home
buyers to jump to the market and grab homes.
Bismarck
Rewane, chief executive officer, Financial Derivatives Company Limited (FDC),
explained that the vacancy factor was a function of
