Experts see no negative impact of flooding on property value

Despite the impact of flooding that submerged the highbrow locations in Lagos – Victoria Island, Ikoyi, Parkview Estate, Lekki Phase 1, Osborne Phase 2, the value of properties in these locations may not go down in the foreseeable future, residents and real estate experts say.
The reason, according to them, is that properties in these locations are still in high demand and people who live in these locations are not going to relocate as a result of the flooding incident, which they believe does not last forever.
Lagos, Nigeria’s commercial nerve centre and an emerging mega city, was at the weekend shut down as flood submerged the low-lying and expensive locations in the city, paralysing all economic and social activities.
In most parts of the state, especially in Victoria Garden City (VGC) in Ajah, Amukoko, Okokomaiko, Shibiri, Apapa, Ojo, where our correspondents visited, residents were seen bailing water out of heavily flooded homes and complaining that the government had not been proactive in addressing drainage challenges in the state.
“People live in Ikoyi, Lekki Phase 1, Osborne or Parkview Estate for reasons of nearness to their offices, security and better infrastructure which they cannot get in other locations, especially in most parts of the mainland”, said Chudi Ubosi, an estate surveyor and valuer, in a telephone interview.
MKO Balogun, MD/CEO, Global PFI Limited, agrees, stressing that what has always happened in these locations are what he called flash flood that goes away after some hours of the rain. “What made Saturday morning a spectacular case was the volume of rain which was too much”, he said.
Balogun does not also see the incident lowering or increasing the value of property in these locations as a result of people leaving for other locations. “Where will they be going to?”, he queried, recalling that when Parkview Estate had flooding issues a couple of years ago, some of the residents relocated to Lekki Phase 1 only to find out that it was not any better, prompting some of them to return to Parkview.
Some of the worse affected areas including Victoria Island, Lekki remain lockdown with the residents unable to move out of their homes. Some major roads in the metropolis including Ahmadu Bello Way, Adeola Odeku, parts of the Apapa-Oshodi Expressway, Ikorodu Road among others were taken over by flood leading to heavy traffic congestion as motorists were seen wading through the waters.
But the Lagos State government through the commissioner for the environment, Babatunde Adejara, also blamed the flood situation on illegal dumping into water channel by the residents. He, however, called on the people to remain calm and vigilant in the wake of the flood.
The commissioner allayed fears of residents, assuring that the government has activated its emergency response system to respond efficiently where necessary. He said most of the flooding would recede after a period of time, attributing the cause to the high tide of the lagoon, slowing down the flow of rainfall water from drainage channels.
“We are on top of the situation. The government is concerned by the recent occurrence of flooding in some parts of Victoria Island, Lekki, Oniru and its environs and our emergency lines 112 and 767 are open 24/7 for residents to report any emergency situation,” he said.
A resident of Ira Quarters in Ojo area of the state, Sulaiman Ojo, said the area has the challenge of collapsed drainage system which the government had not attended to for many years.
Adejare also expressed concerns that despite the vigorous campaign by the government on the dangers of dumping refuse indiscriminately, some people still engage in such act.
“The lagoon is swollen up, there is high tide, so it would lock on our outfalls, the water would not recede or go into the lagoon as fast as it used to be, so that’s one of the main reason why we are having flooding all over the place and coupled with our own man made problems such as people blocking the drainage channels, people even building on drainage channels, that’s what has also been causing all these problems.

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