A report by Northcourt, a real estate investment solutions company, on the effects of flooding in the real estate sector has predicted, “a rise in insurance claims and an increase in premiums for properties in flood-prone areas.”The report, which was titled “When Deep Water Rise: The impact of the floods on the Nigeria Real Estate Market,” obtained by THISDAY at the weekend, also projected that, “international investors will likely take a wait-and see approach for the short to mid-term.
It stated that, “on the flip, locations not impacted may see an increase in demand and rental pricing due to relocations from flooded areas, but this is not likely to impact capital values.” It stated that institutional investors, both foreign and local, “will take a cue from the short to midterm responses of public leaders and agencies related to infrastructure and housing development.”
Therefore, “large amounts of surface water can be produced by prolonged or heavy rains, which can overwhelm drainage systems and raise the danger of flooding. “Floods will also have a severe effect on agricultural fields, further complicating the nation’s ability to feed itself and sustain broader economic growth.”
The report noted that more than 1.4 million people have been affected and 790,254 have been forced to relocate due to flooding, which has caused havoc in 34 states.
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