The average Nigerian wants to own a home, I mean who doesn’t? Aren’t you aware that landlords and tenants are not mates? Ask Mr Debo Adejana (MD, RealtyPoint).
Real Estate investment is one of the guilty pleasures for top millionaires and billionaires because they all love it, see it, stand on it and experience it…..why wouldn’t they? When owning a home is a keystone to wealth…..both financial affluence and emotional security as stated by financial advisor and motivational speaker, Suze Orman.
The reasons are not far-fetched: it also generates an income, and if held long enough, multiplies your money. The sector however, the sector has been in the doldrums in recent past owning to the inherent relapse of the economy, slowly taking away the popular interest. But some die-hard enthusiasts are still bullish about this asset class, which is why many are upbeat about investing in emerging cities which potentially offers two important advantages: price and growth potential.
Buying property in prime cities goes out of the budget and this is the reason why so many people prefer to move to the emerging cities, like the Ibeju Lekki axis where investing in property still comes relatively cheap. After all, real estate investment is all the same whether one invests in a prime or an emerging city.
Here, we are looking at investing in emerging cities and if you are still sitting on the fence, here are some pointers to look out for:
- The intrinsic characteristics of the property and its location.
- Developer’s track record and location.
- Amenities in the project.
- Price of the property and potential long term return on investment.
- Level of infrastructural and economic activities.
- Government’s focus on smart cities.
However, there are many opinions as a lot of people are not optimistic about the emerging axis but hey! If you can afford the prime areas…… then why not? We cannot overlook the fact that there are certain level of risks involved and the need for you to take extra precautions if you are planning to invest.
We would look at this in our next article but remember, instead of waiting to buy land……buy land and WAIT!