Demolishing Properties In Lagos Raises Worries About Property Stability, Investments - Emmanuel Obiutom Jonah, CEO/Founder of Obiman Group

Posted by Thandiubani on Fri 01st Dec, 2023 - tori.ng

Emmanuel Obiutom Jonah, Chairman/Founder of Obiman Group spoke in reaction to the several palatial houses in various estates within the Amuwo Odofin Local Government Area marked for demolition.

The Chairman/Founder of Obiman Group, Emmanuel Obiutom Jonah has raised alarm over the impact of demolishing properties in Lagos state.

This is as he advised fresh developers, especially those of Igbo descent in Lagos and other parts of the country to conduct thorough market research, stay updated on local regulations, and build a reliable network within the real estate community to avoid losing properties to the government.

Jonah was reacting to the several palatial houses in various estates within the Amuwo Odofin Local Government Area which were a few days ago pulled down by officials of the Federal Housing Authority for allegedly contravening housing and development regulations.

He said: "House demolitions in Lagos State is a concern for both investors and Nigerians. It raises worries about property stability and investments. As a realtor company, navigating this situation involves staying informed, reassessing risks, and adapting strategies to address uncertainties in the real estate market."

"For fresh developers, especially those of Igbo descent in Lagos and other parts of the country, my advice would be to conduct thorough market research, stay updated on local regulations, and build a reliable network within the real estate community. Understanding the unique dynamics of the Lagos real estate market, having a solid business plan, and fostering good relationships can contribute to successful development ventures."