Nigeria is the seventh most populous country in the world and the most populous country in Africa with over 200 million people. This had made Nigeria a huge market for untapped investment opportunities and real estate in Nigeria. Despite the fact that year 2020 has been very challenging for a lot of Nigerians due to Covid-19 because some lose their jobs, oil prices decline, unemployment increases, Naira was devalued, the value of bitcoin took some hit but yet a reasonable number of Nigerians still invest in real estate.
Furthermore, due to the covid-19 pandemic, there has been a rise in the number of Ponzi schemes claiming to be the best investment solutions to Nigerians in these trying times.
Despite the economic downfall in Nigeria, real estate investment is the only investment that is not affected. Many people tend to have the notion that whenever real estate investment is being mentioned, they think it requires a lot of millions to invest but this is a big ‘NO’ because you don’t need to have multi-millions of naira before you can invest in real estate in Nigeria. This is because there are developing places that have huge investment prospects.
Let us now dive into what real estate is all about and its benefits.
What is real estate? Real estate refers to real property which consists of lands or buildings.
Six(6) Reasons why you should invest in real estate in Nigeria
Below are reasons why you should invest in real estate in Nigeria;
- Financial security: Despite the covid-19 pandemic which affects many investments in Nigeria, the only investment that is not affected is real estate because it’s not volatile. Despite the risk attached to forex, stocks, and other investment, real estate investment differs. Although, while other investment brings growth quickly in terms of its returns real estate investment growth is not quick. The good thing about real estate investment is just that you don’t have to worry about losing your investment overnight.
- A source for passive income: Real estate investment in Nigeria has served a source to generate passive income. You can put out a house or land for rent.
- Appreciation: Real estate appreciates over time. A land you buy for 300,000 today can worth 3 million in two years. This is why location plays an important role when investing in real estate in Nigeria.
- Asset for collateral: With your real estate investment, you can get a loan from banks to execute a project.
- It guarantees financial stability: With the economic downfall in Nigeria during the covid-19. Real estate investment can serve as an avenue to generate income which can make you be financially stable.
- Real estate can be enhanced: Real estate or property can be improved in order to increase its market value. In what sense? You can make few improvements to a property in order to increase its value. For instance, A 2 storey building with a good foundation can be improved to 3-4 storeys.
Also read: Doubts you should clarify when buying real estate in Nigeria
Having pointed out these reasons, real estate investment in Nigeria is the most secure and safest investment you can ever think of because it is an avenue for wealth creation. It is tangible and guarantees financial security if done well. At Thinkmint Nigeria, we have affordable properties with flexible payment plans.