However, the slow growth currently experienced unlike the early 2000’s may be attributed to the general state of the economy and the heightened scares of insecurity.
Chief Executive Officer, Mr. Frank Okosun, told The Guardian that “office real estate, however, has not seen much development, a consequence of the decline in the strength of the overall Nigeria economy and the primacy of Lagos and Abuja as real estate investment decisions – based on their advantages and the perception of Port Harcourt as an unsafe location.
“However, there is more to growth than roads and bridges – however well constructed. And while there may be investments in the state – they definitely have not reached its true potential. A few things have to be sorted out – not the least of which is dealing the final blows to insecurity as this would be critical to attracting large multinationals,” he said.
Rent prices depend on the location and quality of construction. Using the new G.R.A., as a case study. It ranges as follows One bedroom: N600, 000 – N750, 000 per year, while two bedroom: N1, 000,000.00 – N2, 700,000 per year.
Source: News Formal (newsformal.com)
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