REAL ESTATE TRENDS TO KNOW BEFORE YOU BUY PROPERTIES
The real estate industry is one of the most productive and profitable investment channels generating billions in revenue annually.
Though previously affected by the pandemic in 2020, it is no surprise that it has bounced back rather quickly.
With the economy in high inflation mode and other previously stable investment channels becoming more volatile, more investors are turning to the real estate market because of its historic resilience for some much needed stability. Yet, to get the most out of the real estate market, an investor/ buyer needs to understand how to spot trends.
Over the last three (3) years, the real estate market has seen a lot of changes from how realtors do business to how people buy houses. Even rental properties are affected by these trends.
So today, to help both newbie and rusty real estate investors, we’re letting you in on a few industry secrets with four (4) real estate trends to note;
- The Rise of Upcoming Developments- Due to the rising and sometimes exorbitant cost of properties in more established areas, more and more investors are turning to new developments. Inspired by the rapid growth and development of the Lekki Corridor and other areas like Magodo that were once simply promising opportunities, a lot of investors are pumping in funds to these new developments in the hopes or calculations that their investment in these locations will deliver to them the Lekki and Magodo of tomorrow. One of such corridors that keeps attracting a lot of investment is the ibeju- lekki axis where we ourselves are investors.
- Higher Standard of Amenities- While in other climes, there is a rise in interest in outdoor amenities, Nigerians in particular are more interested in complementary amenities that speak to their lifestyle and represent a higher standard of living. Increasingly, Nigeria’s upwardly mobile population will invest in estates and communities with things like; Grocery Stores,
Gyms/Sports Centres and even restaurants as these things provide them with the insulated lifestyle they desire by keeping luxuries close to home.
- Security Consciousness – A natural response to the security crisis in the country, more Nigerians, particularly upwardly mobile Nigerians are extremely conscious of security when choosing both properties as well as areas, and smart developers like us understand this. Gated streets and estates with 24hrs security and security plans have become high priority requests when investing in lands or housing. With this reality, staying ahead of the curve for us means the development of more security conscious estates with 24hrs security in secure and residential locations like our Haven Court and Royal Haven Garden Estates.
- Single-family housing*– One of the more exciting trends is the rise in demand for Single-family housing. Due to affordability, and the desire to own properties at an earlier age among the new generation, more people are investing in 2-3 bedroom apartments as their first homes. From high earning Bachelors and Bachelorettes to young families, these types of homes have become a trend thanks to their budget-friendly. Our understanding of this and foresight is part of what inspired the development of the Haven Residences with 3 bedrooms that retail for a little over N30M. Fantastic isn’t it? So, while investing in properties is a generally good idea, understanding and paying attention to real estate trends in a constantly changing market goes a long way in helping you invest more strategically and maximise your returns.