Risk Profile of Customary and Statutory Property Rights: Implication for Real Estate Development in Port Harcourt

Abstract

Real estate developments are characterised with risk and uncertainty. The more knowledge of the environment, unique characteristics and experience of a location, the easier it is to manage risk and reduce the possibility of unpleasant situations occurring. This article considers the risk profile of customary and statutory property rights in order to inform developers, investors and stakeholders on issues that need to be understood while dealing with such property rights in Port Harcourt. Litigations arising from intra-family and intra-communal disputes over boundaries are the main challenges to the security of customary property rights. On the other hand, the fallout of weak governance and conflicts between customary and statutory property rights constitute the major challenges to the security of statutory property rights. This article concludes by highlighting steps that could be taken to make Port Harcourt more investor friendly to the betterment of the real estate sector and the general economy.