Outlook of Nigerian Real Estate market

Outlook of Nigerian Real Estate market

Purchasing a place of accommodation in Nigeria has its prestige and perks, and it also comes with a lot of amenities. However, it has been seen over the past few years that Nigeria is suffering from a housing deficit. There are limited houses in Nigeria that are up to Western standards. That being the case, the cost of quality accommodation or housing is quite high in Nigeria. Finding a sterling place of accommodation without the help of a realtor or can be a tiresome and a challenging task.

TYPES OF ACCOMMODATION IN NIGERIA:

The accommodation type in Nigeria varies with the geographical location.

For instance, the houses in coastal areas are typically made of raffia palm. Moreover, houses made of mud can also be found in the coastal areas of Nigeria.

While on the other hand, the houses in urban areas or big cities are somewhat up to modern housing standards. However, a large number of houses built with low-quality material can also be found in these cities, and they are home to low-income or middle-class Nigerians.

To fulfill the housing needs of low-income Nigerian citizens, the federal government of Nigeria has introduced a housing scheme named NHF(National Housing Fund). It’s primary and sole purpose is to cater to the housing or accommodation needs of Nigerian citizens.

But still, the fact remains intact. And the decent places of accommodation like decent apartments, bungalows, duplexes, are scarce in Nigeria and therefore challenging to find.

COST OR PRICE OF ACCOMMODATION IN NIGERIA:

If you are willing to buy or purchase a decent place of accommodation in Nigeria with all the amenities, it could cost pretty pennies.

A well furnished, decent looking, and a quality two-bedroom apartment can go as high as Eight Hundred Fifty Thousand NGN. Furthermore, a furnished and a decent two-bedroom villa can go up to One Million Five Hundred Thousand NGN.

Moreover, you will have to bear some additional expenses too, such as maintenance and the purchase of a power generator to cope up with the problem of frequent power cuts. Furthermore, in some areas, you may have to bear the expense of security too.

BUYING A PROPERTY IN NIGERIA:

The process of buying a house or a property in Nigeria is not a piece of cake. Many people in Nigeria hesitate while purchasing a property. It is primarily because many people have been scammed in this due process in the past as well. People get scammed due to the lack of knowledge and understanding of the purchasing process. But, looking and purchasing through the right means can save your time and money both. Real estate companies like Mercy Homes, Jiji, Nigerian Property Centercan save your time and money by suggesting property according to your will.

For quick real estate assistance in Nigeria Whatsapp now @ +44 7956 168 784

TIPS FOR FINDING A PLACE OF ACCOMMODATION IN NIGERIA:

1-INSPECT THE NEIGHBOURHOOD:

it is crucial to inspect the neighborhood you are planning to buy the property in. Look for things such as feasibility for commutation to work and the distance from the places you visit frequently. Further, see if you feel comfortable in the area.

2- CONDUCT RESEARCH USING DIFFERENT PROPERTY LISTING WEBSITES:

Using different real estate websites can help you find the property that best suits your needs. Usually, these websites showcase a brief profile of the property, which can help you shortlist the available options.

3- CONSULT A TRUSTWORTHY REAL ESTATE AGENT OR COMPANY:

Taking an expert on board can help you in many ways. It is essential to ensure that the real estate agent you contact is trustworthy. A useful tip is to survey the market before hiring the agent to ensure you get competitive rates.

Share This Post