How COVID-19 Has Impacted the Real Estate Market
The worldwide pandemic has impacted the way we ‘meet, work, eat, shop, and socialize’. Within the real estate industry, COVID 19, has brought highs, lows and opportunities.
Akin Olawore & Co has collaborated with Versa Research (a research company) to write an insightful piece on the impact of COVID-19 on the Real Estate market in Nigeria.
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Shock according to free dictionary refers to a psychological reaction emanating unexpected occurrences. Most people would agree with us that there’s nothing as shocking as a sack or retirement letter which spells doom not only to the immediate beneficiary but also to his or her dependants. In a country where the government only feeds you for thirty five years or fourty if you’re in the legal profession, real estate investment is one of the required shock absorbers that anyone who hopes to leave a legacy needs to get right abinitio.
One of the major benefits of being a landlord in present day Lagos asides the respect the name accords you is a secured source of income inform of rent being a periodic sum payable to a landlord by a tenant for the use and occupation of a given property. Irrespective of the economic situation rental properties are tangible assets that provide ongoing and periodic income which is far more reliable upon than salaries.
In 2016, the national population council put the state’s population at over 21 million and currently ranks as the 8th fastest growing city in Africa with an annual growth rate of 8.50%.
According to UN Statistics (2010) 85 % of 17million Lagos residents live in rented houses implying that a larger number of the migrants and working population preferring to live in rented apartments thereby indicating a ready market once you lay the foundation.
BEHOLD THE REAL ESTATE WONDER OF AFRICA IN LAGOS
In case you are wondering where the real estate wonder of Africa is, it is located within the shores of Lagos State Continue reading
THE NIGERIAN SITUATION
It is common knowledge that Nigeria is in a recession. With Nigeria recording two quarters of negative GDP indexes and possibly another Continue reading
- Know your objective for buying the house?
Whether you are buying as a first time buyer or you are buying for investment purposes it is important to know what your objective is. Continue reading
Nigeria is a country with a population of over 173.6 million people according to World Bank’s 2014 estimate. In addition to being Africa’s most populous nation,