Nigeria’s Real Estate Potential
Nigeria is now a real-estate investor’s dream. As the Second largest and fastest growing economy in Africa there is a shortage of all types of modern space, raising the likelihood that the market will favor landlords for years to come.
Nigeria currently faces a serious housing crisis. The shortage of suitable accommodation is pushing up rent and property prices in several cities and towns across the country, making it one of the hottest and most promising places in the world for real estate investment.
The boom in Nigeria’s real estate market is a juicy opportunity for entrepreneurs to exploit and become successful property owners.
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Why Invest Now?!
#1 – Real Estate Offers One of the Highest Returns on Your Investment
The value of real estate has been on a steady rise in Nigeria for a couple of years and is expected to be on the increase for the foreseeable future. Lagos, Abuja, Ogun, Benin are some of the cities currently rated as the hottest property markets in Africa.
Although buying and selling of real estate may not be your main investment goal, it is your insurance that should you need to sell your property sometime in the future (for whatever reason), you will still make a handsome return.
In two of its major cities, Lagos and Abuja, returns are as high as 150%percent are being achieved.
#2 – Nigeria Is Experiencing a Huge Population Boom
The logic here is quite simple – the larger the population, the higher the demand for Land/housing.
Nigeria’s population currently stands at over 160 million and is expected to reach 200 million in just 4years. Over this period, Nigerua will experience the fastest population growth in any part of the world (including Asia).
Over the coming years, millions of Nigerians will need shelter – a roof over their heads. This huge population boom is the strongest underlying reason for the huge demand for accommodation and real estate properties across the country
#3 – Real Estate is a Low Risk Investment
The stock market crash of 2008 is still fresh in our memories with companies losing huge chunks of their assets .Although real estate value sometimes fall; it’s usually marginal losses.
Real estate is physical and tangible compared to stocks, bonds and many other intangible forms of investment. Both in times of high inflation, economic boom and bust, real estate investments remain robust and will most likely continue to earn you income.
Very few other investment options can do the same!
#4 – The Housing Problem is Too Big for the Government
The World Bank estimates that over 16 million new houses need to be provided to solve Nigeria’s serious housing problem. The estimated cost of providing these homes stands at a whopping $350 billion! That’s too much for any one government to handle!
As a result of government’s inability to close the huge gap between supply and demand for housing in Africa, the pressure from the large existing demand is pushing up real estate prices.
As a result, private investors, entrepreneurs and ordinary people like you will do well to take this opportunity to invest in real estate
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WHAT If You Don’t Have The Money?
Many people think they need to have a truck load of money before they can invest in real estate. In fact, we often wrongly believe that the property market is reserved for rich people and large companies who have deep pockets.This is so not true.Like every other business or investment that exists, there is room for everybody in real estate, no matter the size of your capital.
As we always advise, start small.
Start with your savings. Set a target for yourself every year to set some money aside for real estate investment. It may take you months or a couple of years to save enough money to buy a piece of property.
Start with what you can afford. Start with empty parcel of land on the outskirts of a developing and expanding city. These are usually cheaper than properties in developing areas but the potential for high returns is huge.
While Nigeria’s real estate market now sits at a very interesting time in its history, the opportunities that it holds will not last forever. The best time to invest is right NOW.