Although there are limitless opportunities for turning in huge profits in the real estate a market in Nigeria, it also suffices that serious limitations are plaguing the market. Some of these factors have been responsible for the industry’s slow growth over the last few decades. Anyone planning to invest in this business should reflect on these issues and think of how they can get past them. This article will be reeling out some of those factors for you to be aware of.
Liquidity
The ability to quickly convert real estate investment into cash whenever necessary is one thing that keeps motivating investors into this market. However, the story is slightly different because converting your investment into cash is not as easy as what you get in other climes.
Trying to source basic info like deal prices, leasing activity, property ownership, and supply can be quite challenging. In Nigeria, you might end up spending a great deal of time converting your investment into cash because of how information is disseminated. That’s the more reason you cannot afford to work with a quack real estate agency.
Omo-Onile
This is another factor that has managed to set the industry back by many years. These guys can be a real pain in the ass. They appear to be more pronounced around the western regions in Nigeria. These guys will make you pay a certain amount of money at almost every stage of the building project. From the foundation level to the plastering to the roofing, you have to pay specific levies. Otherwise, these guys will stop the job.
Unfortunately, this ugly trend has negatively influenced the costs of completing any building project within such locations. However, with an experienced real estate company, you can be properly guided about where you can invest your hard-earned money without inviting this nightmare to yourself.
Advanced fraud
Countless people have fallen to real estate fraudsters in Nigeria over the last five years or so. Individuals who were only looking for property for their personal use have made the bulk of the victims. Sometimes these guys make their services look so genuine by taking you to sites that are not theirs.
Gone are those days where you throw your hard-earned money into real estate investment in Nigeria. This is not the time to do a real estate transaction with an agency without any record with the authorities. Instead, you can patronize agencies that have had a good track record to their name. Patronize a trusted and experienced company like Oakwood Heights Limited and a host of others, and you can be sure of getting good value for your money.
Conclusion
The Nigerian real estate industry is where the good, the bad, and the ugly are all in attendance. Don’t try to cut corners by walking with the wrong guys. And just because a seller is offering you a good deal doesn’t mean it is worth it. Oakwood Heights Limited ensures you follow the right channels in acquiring any property in Nigeria.
For inquiries, please reach out to us on 07047214004 or send us a mail at info@oakwoodheights.com.ng