What’s trending in the real estate sector now?
This is something I’m sure many investors are interested in knowing, after all before diving head first into something new, you need to be up to date with the new trends to grow.
Like every other sector, the real estate market is one which has grown and will in fact keep growing as it has become one of the most lucrative sectors in the world today, because more people are acquiring properties, thus creating an increase in the demand for home units.
I guess you can say real estate is pretty HOT right now.
So here are some of the most popular trends in the Nigerian real estate sector that investors need to know;
- Exchange rate; I can’t you tell how ridiculously low naira has fallen in the previous years as I’m sure we are all well aware of it. This has not only affected foreign investors but also indigenous Nigerian investors as well. The naira depreciation will definitely have you wondering why you should invest in real estate considering the visible difference in the naira to dollar rate. With all this in mind you should know that real estate investment is one that when done right can give you excellent returns. The reason for this is because the exchange rate affects the cause of rents, mortgages and properties.
I mean with everything going on where else can you get better returns on investment?
- Interest rates; Interest rates are important on an individual level. If you’re buying a home, mortgage and interest rates play a big role in the affordability of your monthly mortgage payments.
If you’re a homeowner looking to refinance, they’ll have a direct impact on your ability to lower your payments. And if you’re in the market to buy or sell a home, knowing what interest rates are doing can help you make more strategic decisions about when is the right time to pull the trigger.
- Rent; did you know that rents have gone up 78% in recent times?
Due to the massive increase in inflation in the country, the prices of houses and apartment have risen significantly in places like Ibadan, Lagos and Port Harcourt.
Given the current rate of inflation in the country, its not very far fetch to assume that the prices of properties in general will continue to rise in the coming years. It is only smart as an investor to tap into the market now so you can benefit richly as the years go by.
It is very important to keep in mind that as times change so will the trends. And I know sometimes keeping up with all the new trends can be hard, but all you need do is follow our blog closely as we will be keeping you updated on the new trends as they come.
Afterall knowledge is key.