Now Is The Best Time To Invest In Affordable Real Estate In Nigeria

Now is the Best Time to Invest in Affordable real estate in Nigeria

In a real estate market like Lagos where the market cycles fluctuate due to the ever-growing population and economic factors, taking advantage of a downturn can be a way to save money while securing a promising investment.

Investing in real estate has always been considered a smart financial move. 

In Nigeria where the property market continues to evolve and expand, there’s a unique opportunity currently presenting itself that makes now the best time to invest. 

Here, we will show you why you should take advantage of this opportunity not only to own this asset but also to earn a lifetime of income from it.  

The Current Economic Climate 

In recent years, Nigeria’s economy, much like many others worldwide, has encountered significant challenges. With less favorable exchange rates and persistent concerns about inflation, many are seeking avenues to safeguard their finances. Amidst these uncertainties, one asset class stands out as a reliable investment: Real Estate. 

Every day, the demand for real estate in Nigeria continues to soar. According to Statista, an economic data site, Nigeria is witnessing a surge in requests for short-term rentals, office spaces (driven by the rise in remote work), and residential properties for rent. This escalating demand underscores the enduring value of owning real estate. 

With fluctuating economic conditions plaguing businesses and individuals, real estate emerges as a secure pathway to preserve and grow wealth. Regardless of market fluctuations, owning property remains a great way to ensure financial stability and a prudent investment choice. 

By investing in real estate, you not only secure a tangible asset but you position yourself to benefit from ongoing rental income and potential property appreciation. In essence, amidst economic uncertainties, real estate in Nigeria offers a steadfast means to protect and enhance your financial portfolio. 

Appreciation Potential 

According to economic data site, statista, the real estate market is expected to reach a value of US$2.26 trillion in 2024. The largest part of this market is residential real estate, which is projected to be worth US$1.93 trillion this same year. By 2028, experts estimate the real estate market will expand to US$3.02 trillion. 

What does this mean? Owning a home in 2024 puts you in the pool of homeowners bound to make even more money as the years go by. 

If an average house in Nigeria can cost between ?50million Naira to N80 million naira  depending on proximity to major cities and housing types, imagine how much they will be worth in 2028. 

According to Section 1 of the Land Use Act of 1978, you have the right to use the land you own for a specified period, which can be up to a maximum of 99 years. 

And with homes in prime locations, you are in for an influx of cashflow. This is because they tend to appreciate at a faster rate compared to average homes. This is due to their superior construction quality, high demand, and the desirability of their locations. In Lagos, areas like Lekki, Ikoyi, and Banana Island in Lagos, have seen significant appreciation in property values.  

These areas are not only prestigious but also offer excellent amenities and infrastructural development, making them highly desirable.   

This growth reflects a promising future for Real Estate in Nigeria, offering opportunities for investors, developers, and homebuyers. Whether you’re looking to invest or find your dream home, these numbers highlight the potential and dynamism of Nigeria’s Real Estate sector. 

Urbanization and Population Growth 

Nigeria is changing fast. More people now live in cities than in rural areas. According to the World Bank, 53% of Nigeria’s 213 million people live in cities. Experts predict this number will rise to over 70% by 2050. 

Lagos, Nigeria’s largest city, already has over 15.9 million residents. The country’s cities are growing at a rate of 6%, while the overall population grows at about 2.4% per year. 

With the population expected to continue growing, the demand for affordable homes, especially in great locations. Investing now allows you to take advantage of this growing demand, positioning yourself to benefit from both rental income and property appreciation. 

Conclusion 

Investing in affordable homes in Nigeria right now offers a unique opportunity to capitalize on a growing market with substantial potential for appreciation. The combination of favorable economic conditions, urbanisation, government incentives, and technological advancements creates an ideal environment for real estate investment.

By acting now, you can secure properties in prime locations at competitive prices, ensuring significant returns on your investment.  

Don’t miss out on the chance to be part of Nigeria’s real estate success story.  

Whether you’re looking for a home to live in or an investment property, the time to invest in affordable luxury real estate in Nigeria is now. You can begin this journey with us.