Dennis Isong: Tips to Help Newbies Navigate Real Estate Business in Nigeria

In 2020, during the height of the COVID-19 pandemic, Ahmed, a car dealer in Lagos State, faced significant challenges due to the lockdown. His business heavily relied on imports, which were greatly affected by the pandemic. This caused him to suffer from depression. When the lockdown was lifted, severe inflation hit, causing many business owners to struggle and even close down. Ahmed had to put his car business on hold to find a way forward.

By early 2022, Ahmed switched to real estate on a small scale and invested in a detached bungalow located in a profitable area. He put in a lot of effort and hard work, living in one room and renting out the other parts of the property. Currently, Ahmed is considering purchasing another property.

The issue of economic shifts in Nigeria is not a problem to a sector but a problem to all. Many people are looking for a more profitable business that ensures financial stability and security. Investing in real estate can be a lucrative venture, and Nigeria offers many opportunities for those looking to build a real estate empire. As with any business endeavour, success requires careful planning, market knowledge, and strategic execution. Although real estate investment is not by magic and going back to Ahmed’s determination, he invested with sweat because he knew the advantages that come with property investment. Would you like to also be like Ahmed?

Do a thorough market survey 

Begin by conducting thorough research on Nigeria’s real estate market. Understand the demand and supply dynamics, regional variations, and innovations. This knowledge will help you make informed decisions and identify lucrative opportunities. Real Estate investment isn’t a business you rush into. You need to take your time and effort to stand out.

Find your way to the hearts of the country

Nigeria is a vast country with diverse regions presenting unique real estate prospects. Focus on locations with high growth potential, considering infrastructure development, economic activities, and population growth.

Spread your wings and dig into different aspects of real estate investment

Don’t put all your eggs in one basket. Diversify your real estate investments across residential, commercial, and industrial properties. This not only spreads risk but also maximises your potential returns.

Find people that can relate to your journey

Forge strong relationships with real estate professionals, government officials, and fellow investors. Networking can open doors to valuable insights, partnerships, and access to exclusive opportunities.

Be completely informed

Ignorance is costly. Nigeria’s real estate sector is subject to various laws and regulations. Ensure compliance with land acquisition, property development, and tenancy laws. Seek legal advice to navigate complexities and mitigate risks.

Be financially ready to grab any opportunity

Explore various financing options, including bank loans, private investors, and real estate crowdfunding. Understand the terms and conditions of each option to choose the most suitable for your investment strategy. Stay updated on industry trends, market dynamics, and new regulations. Continuous learning will give you a competitive edge and enable you to adapt to evolving market conditions. As tough as Nigeria is currently, some investments are still very much sustainable and one of such is the real estate investment. Don’t wait till it passes you by; there’s no time to check time.

***

Featured Image by Edmond Dantès for Pexels