Foreign investors swoop on real estate opportunities in Nigeria ...

Interestingly, despite the recent global meltdown and turmoil in Dubai where property prices are coming down, discerning investors, with eyes on the future are building more portfolios in real estate.

And following the approval of a new National Housing Policy and a new Urban Development Policy by the Federal Executive Council last June, foreign capital has been flooding into the country for housing development under the Private-Public Partnership (PPP) through which the federal government intends to build one million housing units annually under the new housing policy.

The reason for the blossoming real estate sector in Nigeria, according to Seyi Oyetunde, Managing Director/Chief Executive Officer, Continental Estates, is because ?real estate cannot crash, it stabilizes. Demand is higher than supply in real estate. I tell you there is nowhere else like real estate. The richest men in the world, if you look at their wealth, the bulk of it comes from real estate. I can?t remember exactly now but I know about 90 per cent of the world?s richest men thrive in real estate. Even when they do other things, it is based on their stock of real estate. They own corner shops everywhere, corner shops that enjoy appreciation. Because they own their own shops, they don?t rent and if at all they?ve got to rent, maybe it?s out of compulsion. But 90% or 95% of their locations are out rightly owned. People whose wealth is phenomenal and will last about four generations without effort are in real estate. I tell you it is exodus syndrome that happens in Nigeria. With the direct foreign investment into the Nigerian market too, many shops are opened, so many people globally are beginning to realize that the local market in Nigeria is attractive for their various businesses. One of the first things they will need is commercial real estate and then maybe back it up with one serious luxury apartment for the CEO and then the other managers can be given housing allowances and the rest of them.?

Source: http://peoplesdailyng.com/foreign-investors-swoop-on-real-estate-opportunities-in-nigeria/

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