Property sales in Lagos, Abuja thrives despite fiscal austerity

International Guardian, Houston – TX- Amidst market skepticisms over its strict fiscal management of the economy, property sales in Nigeria’s two major cities, Lagos and Abuja might not be as bad as being perceived, according to the Chief Executive of Keeraa Koncept Properties & Real Estate Investments, Ms. Joy Nwabunike. In a paper presented to a consortium of Nigerians in the Diaspora seeking property acquisition and development back home, Ms. Nwabunike admitted that the Nigerian real estate sector had been dogged by the on-going foreign exchange crisis, but stated that individuals self-financing their investments or paying cash still thrives with specific benefits.

“A lack of mortgage financing and cost of funding may have drastically prevented effective demand in both commercial and residential housing market, and this has also led to reduction in prices. The advantage is that  this abnormal market environment benefits those buying with cash,” she said. With the Dollar rising crushingly against the Naira, Ms. Nwabuike indicated that prospective buyers living abroad stands the opportunity to invest in affordable housing and commercial properties. “Most of our prospective buyers now are those living outside the country,” Ms. Nwabunike said.

Currently, Nigerians living abroad are most likely to invest in real-estate than automobile and consumer goods, International Guardian investigations reveal. “Things are so hard now that people hardly spend money buying cloths, perfumes, and computers,” noted Paul Ndubuaku, a Texas-based merchant who normally procures assorted consumer goods and sells in Nigeria. “It is frustrating when you carry those items home and have to sell them off because people are not buying. I am actually looking into rental properties, or may be commercial properties in Abuja – depending on costs and the area,” he said.

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Ndubuaku told International Guardian that he was already looking at two properties in Dawaki and Maitama extensions in Abuja respectively. Buying houses through individuals and acquaintances could be risky because of process regulations and documentations.   Ms. Nwabunike noted that there were many attractive properties within and outside Abuja, but advised prospective buyers, especially those living outside Nigeria to seek the help of credible real estate companies to avoid service complexities.