Housing market Lagos Nigeria: The Lagos Nigeria real estate market is ripe for harvesting. Property investors are making huge return on investment.
Properties that sold for peanuts some years back are now commanding much higher return than the owners originally imagined.
What drives prices in the Lagos housing market? What accounts for the consistent rise in prices in the Lagos property market?
Property values in the Lagos real estate market is driven essentially by demand. As you know, when demand exceeds supply, price rise. That is the situation with Lagos Nigeria real estate at the moment.
Lagos population is put at about eighteen million people. And the population is said to be growing at a whooping 250,000 people per annum.
Unfortunately, the housing market is not growing at the same rate. The state and federal government do not have a structured program to consistently build a pre-determined number of housing units per year.
Yes, private developers are on the prowl unfolding new housing units yearly. Sadly, the number of housing units supplied by real estate investors in the
Lagos housing market is not sufficient to significantly affect the upward rise of property prices.
In simple terms . . . property prices will continue to rise in the foreseeable future because demand is likely to continue to rise. The shift by
property developers to the neighbouring Ogun state due to shortage of cheap land in Lagos has not helped. And the reason is obvious.
Lagos is the commercial centre of Nigeria.
Yes, it is true that the nation's capital has been moved to Abuja and that many state owned parastatal have relocated their headquarters to Abuja. But that has not significantly affected the real estate market in Lagos.
In fact, many people transferred to Abuja because of the office relocations still have their families in Lagos. Some fly to Lagos every weekend while
others do the trip bi-weekly or monthly depending on the individuals' financial capabilities.
Lagos Nigeria is still crowded and many more people are trooping to Lagos in search of the proverbial golden fleece. The major industries in Nigeria
are situated in Lagos. And so, commercial activities are at their peak here. Consequently, the housing need is huge. And so is the opportunities to
make good money from real estate.
Many real estate investors are making between 20-30% return per annum from their investment.
Yes, real estate investors in Lagos Nigeria are smiling to the banks, grinning from ear to ear.
This is a welcome relief especially considering that many investors in the Nigeria stock market lost huge sums to the economic meltdown that almost
brought the world to its knees.
So, if you're interested in earning big from real estate, now is the time to invest. Move your money from countries where real estate have been trash in
the last couple of years and come and invest in Lagos Nigeria.
Lagos Nigeria beckons. Take the leap. Make money big time.
Warning: Property prices change over time. So prices mentioned in this article may have changed substantially from reality. Please do your own price research.