Properties in Nigeria And Real Estate: Predictions and Effects of Covid-19 and Lock Down



In the past 4 weeks, states in Nigeria have been lock down, how will properties in Nigeria cope?

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Real Estate is capital intensive and only for a bracket of income earners, with Nigerians at home, their businesses on close down, their earnings reduced, definitely these would affect properties in Nigeria, and these are our predictions.

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Nigeria Real Estate Companies would be shaken, their capital would be affected, with most of their property buyers defaulting on their installment agreement, since they are not working, some might ask for a refund.

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With the increase in currency exchange, and Naira continuing to crash, cost of construction materials would once again increase, leaving property companies in Nigeria to either increase price of their properties or cut down on quality.

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Nigerians abroad are also mostly at home and not working, the few working would be a bit reluctant to go into big investments currently, depriving Nigeria and the real estate industry it’s biggest investors.

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I’m predicting a property glut, with businesses on close down and some Nigerians likely to lose their jobs, most will look to sell off some of their properties to recoup funds, with more properties thrown into the market and less buyers, it would be a matter of who’s willing to sell cheapest.

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Therefore, if you have a property in Nigeria, this is a bad time to SELL, if you are a property investor, this is a good time to BUY, so choose where you belong wisely.

source

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