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Uncertainties in Nigerian Property Market

Uncertainties have continued to trail the nation’s property market as the sector has defiled all-known predictions. Long before this fiscal year, industry experts had predicted that the year would afford investors the opportunity to acquire property at low prices. It was also noted that the emergence of a new administration under President Mohammadu Buhari would witness large volume of activities, even as experts predicted high returns on investments in this fiscal year. However, contrary to the predictions, the industry appears to be witnessing low returns on investments amid serious lull.

Currently, the nation’s real estate market is dwindling, thus defiling all positive predictions in the all-important sector. Pundits had noted that several properties would be up for grab, even as the market forces would make the price to crash, since much cash would be available for few properties. Ironically, investors have expressed displeasure over their inability to access funds to buy property, groaning on low cash flow. A property consultant, Mr Femi Ojudun said while some people are still complaining of cash squeeze in the market, others are busy building mansions and estates. According to him, those investing in the market should wait for some time to see how foreign exchange market would impact on the sector, saying, as it stands now, there is a mixed hope for property investors.

I must tell you that everybody is scared of investing in the sector. Some investors are not keen to invest in the market due to the dwindling economy, even as some sellers are not willing to bring their property to the market, as uncertainty over government policy direction continues to trail them’’, he added.

Source: National Mirror

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