LIVING IN IBADAN #NIGERIA – LAND & PROPERTY PRICES IN IBADAN (REAL ESTATE IN IBADAN)
- April 11, 2021
- Real Estate Business
Real estate in #Ibadan is the next thing. The land mass of the…
Nigerians are in panic mode, some cases of the pandemic are reported already, but what are the effects of Coronavirus on Nigeria Real Estate and impacts on the property market.
Since 40% to 50% of properties in Nigeria are bought by Nigerians abroad, and the Coronavirus is ravaging the European and American countries, crippling their economies, the property market here in Nigeria is set to experience slow growth.
Nigeria real estate companies should also be set for a slow second quarter, with low sales, because of the international economy closedown as a result of the Coronavirus.
As most Nigerians abroad who are the big investors and have the funds to buy some of these properties are currently staying or working from home.
How should we Nigerians react to the Coronavirus pandemic?
1) Don’t panic: the world might evolve and some economies might crash, but we would recover, if you have a property in Nigeria, don’t rush to sell.
2) Study reports not news: study how the Coronavirus pandemic is affecting your business and industry, and the effect of the crippling global economy on our Nigerian economy.
3) Be prepared: Coronavirus will come and go, some business would crash and some will rise, if you’re a Nigerian abroad working from home, now is the time to evaluate and remodel your work to likely working from home permanently.
Our predictions of the Nigeria property market in 6 to 8 months
The entire Coronavirus pandemic has been a wake up to Nigerians overseas, who have been abroad for 10yrs, 15yrs who don’t have any property in Nigeria, some have never visited.
With the ongoing crisis, they’ve realized no where is safe from a crisis, and if they are returning back to Nigeria, at least they should have property, apartment or investment here.
So the next 6 to 8 months would see a rise in property demands in Nigeria, especially properties around N5m to N10m, as most Nigerians returning would be interested to check some of these estates to invest or have a house.