When it all started, real estate business was considered a business that can only be done by the rich but now, the story has changed. Starting and building a fledging real estate business now is easy.
In recent times, we have seen a rise in the number of real estate businesses especially in big cities and that can be attributed to several changes we have been witnessing as a nation.
Real estate may not be top on the list of businesses contributing to the country’s gross domestic product due to the domineering influence of petroleum however; it has contributed its quota to the overall economic growth of Nigeria. Real estate business if properly done is sustainable, has high prospects and is reliable. Despite the economic crunch in the country, high rise buildings, large malls, schools, churches etc have been springing up in all parts of our urban centers. This goes to show the surge in real estate.
This article covers 5 amazing facts about the real estate business in Nigeria focusing on its viability and economic prospects.
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Rapid and Consistent Growth in Nigeria
Rapid and Consistent Growth in Nigeria Real estate offers a glimpse into future business prospects. Consider the current population of Nigeria, which continues to grow steadily, with people constantly in need of and searching for a place to live. We are witnessing this phenomenon unfold as the demand for rental properties continues to rise. What will likely transpire in the next decade? It remains uncertain. However, it is abundantly clear that investing in real estate stands at the forefront of investment opportunities in Nigeria.
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Embrace Collaborative Approaches
Real estate is not a solo endeavor. It’s advisable to engage in joint ownership, as it safeguards your investment outcomes. Collaboration is essential, and you don’t need to be wealthy to embark on a real estate venture. Furthermore, consider forming partnerships with individuals, regardless of your current financial constraints.
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Conduct Thorough Research
As a real estate investor, it is crucial to conduct comprehensive research before taking any action. The rationale behind this is that change is a constant factor. Several variables undergo continuous changes, and if you fail to keep up, you might end up making an investment mistake. Stay updated on the current housing market conditions, the locality, and also be aware of any developments happening in the area before contemplating any form of investment.
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Be Strategic in your approach
The economy has minimal impact on real estate. A downturn that affects virtually every other sector may still have a significant impact on the real estate industry. However, you must approach it strategically to avoid a poor investment. Your investment, if made wisely, can yield a high return on investment.
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Identify High-Value Properties
In line with being strategic, targeting expensive properties offers the potential for higher and more substantial returns. Lagos and Abuja are renowned for having the most expensive lands and properties in Nigeria. In Lagos, Banana Island is a residence for individuals, both Nigerians and foreigners, with substantial wealth. You can strategically focus on either of these two cities for your real estate business.
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Ensure Continuous growth in co-working spaces
In recent times, co-working spaces have experienced a surge in popularity, driven by the evolving preferences of individuals seeking optimal office solutions for businesses and startups. These shared workspaces have emerged as sought-after environments, as they offer a dynamic and collaborative atmosphere that caters to the diverse needs of modern professionals.
As the demand for co-working spaces continues to escalate, real estate investors have recognized the immense potential in this market niche. Consequently, they have significantly increased their investments in either constructing purpose-built co-working facilities or repurposing existing buildings to meet the specific requirements of these shared office environments within the Nigerian real estate landscape.
