The Nigerian economy, going through her second recession period in history, has witnessed a massive crash in the price of stocks and shares in the stock exchange market. Indeed, the real estate sector is not exempted from this economic hardship. This is further worsened by the fluctuation in the value of the Naira against the Dollar/Pounds. Thankfully, there has been an improvement in this regard due to the intervention of the Acting President Prof. Yemi Osibanjo. This fluctuation has made it difficult for some people to consider the possibility of investing in real estate at this time. It is thus safe to say that, with the current low investment in the real estate sector, which has seen housing prices dropping at near historical lows, this may be the perfect time to invest in real estate.
The resultant effect of this is that there has been a thinning out of disposable incomes of the bulk of the citizenry.. And as such, purchasing power has drastically reduced. Thoughts about real estate investments seem more like luxury. Except the high end citizens, and even these are few in number. Ironically, real estate in most climes during recession periods do not flow with the tide of ravaging inflations.. it is one of the sectors that help maintain balance and sanity to the economy. In economic recessions, the world over, there seem to be more property agents (maybe due to job losses) than actual would-be buyers. Elementary economics states that whenever the supply is higher than the demand, price begins to fall. An example of this is the properties around the prestigious Chevron drive in Lekki Lagos Nigeria. The prices of an average detached 5 BR duplex ranges between #50-#60 million both before and during this recession period.
In view of the above, investors may do well to consider taking advantage of the cheaper property prices, and the abundant array of great deals to be found from motivated sellers, distressed sales, foreclosed properties amongst other incentives, to increase their real estate portfolio. As other investors are obliged to sell their assets, this is an opportunity for potential investors to step in and pick them up for a fraction of their real value. The current economic situation presents an opportunity for Nigerians in Diaspora to invest in the real estate sector by acquiring more properties back home, by searching out credible real estate companies.





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