Home values are constantly rising in Lagos Nigeria. House prices have grown about 100% in the last 3yrs in many locations in Lagos Nigeria. I can tell
you with certainty that this is the right time to invest in Nigeria real estate.
The truth is . . . while home values are collapsing in many countries of the world due to global economic melt-down, the value of Nigeria real estate is skyrocketing especially in Lagos Nigeria.
The reason is not far-fetched.
Lagos Nigeria is the centre of commerce in Nigeria. All the industries are represented here.
With the growth of industries came the growth of population because the presence of the industries prompted many people to abandon their remote villages in search of work in Lagos.
The result is that today, Lagos population is put at about 15 million people with an estimated growth rate of 250,000 people per annum.
The population is growing faster than the housing sector is growing. This means that demand ìs greater than supply. And when demand exceeds supply, prices go up. That is exactly what is happening in the housing industry in Nigeria. Prices are constantly on the rise.
For example, a friend bought a 3 bedroom bungalow at Sparklight estate on the Lagos Ibadan expressway in late 2007 for 6.5 million Naira. In January 2009, another colleague bought the same 3 bedroom bungalow in the same estate for 13.5 million Naira. That is about a 100% growth in investment in about 2yrs.
In 2007, a 4 bedroom bungalow in Northern Foreshore in Lekki Lagos Nigeria sold for 18 million Naira. Now, early 2009 the same bungalow sells for 35-40 million Naira. That is about 100% growth in investment in 2yrs.
No doubt about it. House prices are constantly on the increase in Lagos Nigeria. And it's not limited to home values for properties for sale. Even
apartment for rent in Lagos Nigeria are constantly on the increase in terms of price.
So, if you're an investor interested in about 40-50% increase in your investment year in year out, Lagos Nigeria is the place to invest. And Nigeria
real estate is the perfect deal.
Will house prices continue to increase in Lagos Nigeria in the foreseeable future?
I think, Yes. Why?
Simply put, the population is growing faster than the housing industry. And the government does not yet have a concrete plan for bridging the housing
Every man fends for himself in Lagos Nigeria. And when the mega city project in Lagos goes full swing, even more people will troop to Lagos in
search of the golden fleece. More people translates to greater need for houses and, hence, even higher prices.
Now is the time to invest!