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Low activities define property market despite approaching elections

Contrary to expectations that Nigeria’s property market would be characterised by high transactions in a pre-election year, the market is currently clouded with low activities even as preparations for the next general elections in 2015 continue to gather steam.

 
The country’s highly rewarding real estate market which boasts of about 10 to 20 percent year-on-year capital appreciation on prime properties have continued to hold sway as one of the surest investment haven for savvy investors including politicians whenever they need lush funds.
However, with barely four months to the general elections, activities in the market have remained sluggish, defiling analysts’ earlier prediction of an expected vibrant market, where choice properties will be rushed into the market at relatively low prices, as pressure to raise funds among the political class mounts.
BusinessDay investigations reveal that prices at the market remain quite high. For instance, a plot of land measuring 6,794sqm in a waterfront location on Banana Island is currently selling for as high as N1.9 billion, meanwhile the asking price of a 3,600sqm land on Glover Road, Ikoyi is N900 million. Likewise, a 1,315sqm of land on Alexander Avenue, Ikoyi sells for N400 million, while a 7-bedroom mansion on Lekki phase 1 is placed at N600 million.

(Culled from http://businessdayonline.com)
November 12, 2014

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