helinues:
Se property dey depreciate Ni?

Which lazy mods moved this to fp..

The headlines is Nigeria while the Contents is talking about UK

MOD pushed the wrong story actually. but a house in my area in Abuja was 22 Million 4 years ago.

since January this year it was put on sale for 16M and no buyer till date

houses do depreciate. i have witnessed it myself

[quote author=AsomArchitectNG post=79956326][/quote]

Maybe. But it won't happen again

Prices can never fall in abuja,Nigeria infact it is a taboo.....depression won't fall prices in Nigeria. Nigerians are one hell of unique people.

vacanci:


a house in my area in Abuja was 22 Million 4 years ago.

since January this year it was put on sale for 16M and no buyer till date

houses do depreciate. i have witnessed it myself

Dilapidated house you mean?

If you think this will happen in Nigeria under Buhari supervision, you're someone with a kid's brain.

It isn't happening!

9. Don't use Nairaland for illegal acts, e.g scams, plagiarism, hacking, gay meetings, incitement, promoting secession.

Mods seem to have have special bloggers

This mod wey seun employ no know him work abi him no sabi read.

Op post this thrash on englaland.

the mode that push this kind news to front page need to be bound for life,then send op to sambiasa forest for researching of news

helinues:
Se property dey depreciate Ni?

Which lazy mods moved this to fp..

The headlines is Nigeria while the Contents is talking about UK

the op is a very useless entity

obembet:


Maybe. But it won't happen again

Sorry no offense intended but it breaks my heart to see that people still fall for these cheap scams

This is a house in Ikotun..
Moreover price will fall only when the land Lord no dey greedy....

Abeg who bring this here the story is talking about UK while we are here in Nigeria are telling me to go and buy house there now and secondly who put that picture there

This is total rubbish. This story is as far back as 2003 and 2006. Secondly it's talking about housing in IK and not Nigeria. Pls always check before posting in order not to mislead the populace.

Everything rises in nigeria its only slay queens breast that falls

Seun and his moderators. When did the UK become Nigeria? And talking about prices in 2004, 2005 and 2006?
Nairaland can do better.
Copy and paste mod and blogger

Hotzone:
This OP need a sucker punch...

Only the OP............

RZArecta2:
the op is a very useless entity

Thou shall not blame the OP alone..............Rule

Two pages of rubbish post from nairalanders.

This one na dream o


My brother double your hustle if u want to leave in a good home.

helinues:


Dilapidated house you mean?

2 bedroom duplex in FCDA Kubwa. Very correct house. With perfect road network and drainage. Steady power supply. Ask any real estate person around there.

Your article is about house prices in London and not Nigeria.

I sensed something was wrong by just the headlines alone.

Also, there were inaccuracies about dates. Instead of 2003 and 2004, I'm sure you meant to write 2023 and 2024 respectively.

Please make the necessary changes. Thank you.

house rent is still on the rise, faulty statistics.

helinues:
Se property dey depreciate Ni?

Which lazy mods moved this to fp..

The headlines is Nigeria while the Contents is talking about UK

The fact that we haven't really experienced it yet doesn't mean its not possible. Economies operate in cycles - the boom and the burst. The boom may be sustained for a long period but eventually the burst must come (even if its for a short period). It's a self correcting mechanism. There are number of possible causes but that is beyond this comment.

While many had made fortunes, a lot of people didn't know anything about it until the market crashed in 2006/2007. People were badly hurt that they are unwilling to step back into ring even till now 2019. That was a stock market correction. Likewise, there can be real estate market correction.

What I don't understand however is how the write-up is mixing the UK up with Nigeria.

TheStarsAlign:


The fact that we haven't really experienced it yet doesn't mean its not possible. Economies operate in cycles - the boom and the burst. The boom may be sustained for a long period but eventually the burst must come (even if its for a short period). It's a self correcting mechanism. There are number of possible causes but that is beyond this comment.

While many had made fortunes, a lot of people didn't know anything about it until the market crashed in 2006/2007. People were badly hurt that they are unwilling to step back into ring even till now 2019. That was a stock market correction. Likewise, there can be real estate market correction.

What I don't understand however is how the write-up is mixing the UK up with Nigeria.

Barring military takeover or war, it won't happen in Nigeria because most people buy their houses outright hence they dictate the price it sells. Coupled with the fact that most building commodities rise yearly such as cement, iron, etc, there will always be demand for already built houses especially when the cost of building one from scratch continues to rise.

abbey621:


Barring military takeover or war, it won't happen in Nigeria because most people buy their houses outright hence they dictate the price it sells. Coupled with the fact that most building commodities rise yearly such as cement, iron, etc, there will always be demand for already built houses especially when the cost of building one from scratch continues to rise.

I understand you sir but you are using emotional analysis but I'm talking economics. When the time eventually comes you will remember this conversation.

Pls note that neither the military nor war was responsible for the stock market crash.

TheStarsAlign:


I understand you sir but you are using emotional analysis but I'm talking economics. When the time eventually comes you will remember this conversation.

Pls note that neither the military nor war was responsible for the stock market crash.

No I'm using historical and economical context. Stock market is a true market dictated not by individuals alone but market indices, real estate in Nigeria is not bounded by these factors. Sure you can score cheap deals from sellers who are desperate but overall prices will either stay stagnant or increase like they've done every 3 to 5 years or so. When you look at it from the micro to macro level, e.g prices of building materials to price of lands to price of rent or actual building construction, you'll easily see the correlation. You don't even have to look at it from real estate alone, what was the price of Gala 5 years ago? Price of bread or rice? This is 9ja, where some economical theories have met their demise

You must be sick in the head....
Are we in England

Mrakeli:


House prices could fall by as much as 30 per cent over the next four years, it has been predicted. That could wipe out all the increases brought by the buying boom since April last year.

The thousands of buyers currently risking 100 per cent mortgages and borrowing up to five times their salary could be plunged deep into negative equity.

The warning has extra force because it comes from a respected expert in the field rather than yet another monthly report from a mortgage lender.

Roger Bootle, managing director of Capital Economics, was formerly chief economist at HSBC and one of the Bank of England’s ‘wise men’ who advised Chancellors under the last Tory government. He said: ‘The message is clear. Houses are now so over-valued that a prolonged period of falling prices is on the cards.’

Analysts at Capital Economics say it would take a fall of 22 per cent to bring the cost of homes back into line with what buyers can afford. A more serious slump, with prices collapsing 30 per cent, cannot be ruled out if there is a 1980s-style ‘boom and bust’ cycle.

Some London ‘hot spots’ have already seen prices marked down in recent weeks, which has been attributed to lower City bonuses and Stock Market uncertainties.

But the analysts at Capital Economics suggest that the most serious and widespread effects will not begin to be felt until late next year. They are forecasting increases of 12 per cent in 2003 before falls of 5 per cent in 2004, 10 per cent in 2005 and 7 per cent in 2006.

That would see the average price rising from around £117,000 now to £128,000 by the end of next year, then falling to £102,000 by Christmas 2006.

Such a shift would push thousands of new and recent buyers into trouble – only last week lender Bristol & West unveiled a new mortgage allowing young people to borrow up to 110 per cent of a property’s value.

The wider economy would suffer as consumers tightened their belts, spreading the gloom into the High Street and beyond. There would also be social effects, with young couples locked into small homes without the space to raise children.

https://www.akelicious.net/2019/07/house-prices-to-fall-by-30-in-nigeria.html

I thought building materials prices will fall ni

We procreate like rodents. Housing fundamentals remain eternally strong in Nigeria. Surest investment forever.

The thousands of buyers currently risking 100 per cent mortgages and borrowing up to five times their salary could be plunged deep into negative equity

Please what does the bolded mean? Does it mean 100% mortgage interest? If so, wow! That is complete rip off by the lenders.