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Analyzing the Common Causes of Real Estate Investment Losses in Lagos, Nigeria

The Strategy Officer and Co-founder of Hirart Int’l, Yusuf Wahab, has said lack of knowledge about the technicalities of real estate is making investors lose money, He stated this when he was invited to address the audience at the recent annual seminar of the Lagos State Cooperative Federation, LASCOFED, at their head office in Lagos. Speaking at the event, he mentioned the fact that a large number of the well-to-do Nigerian population have in the past years caught the bug of real estate investment as a way of kick-starting their wealth creation journey.
 
Wahab also mentioned that the Diaspora Nigerians are not left out as a huge portion of Diaspora remittances have been going into real estate investment.
Fielding question on the challenges faced before the advent of Hirart Int’l, Yusuf explained that the real estate business in Nigeria is faced with a lot of wrongdoings like investors buying government committed zones, the genuineness of documents given to investors after the purchases like the survey document and several other issues. He shared a recent experience at their office of a client who wanted to perfect the title of some landed properties she keyed into a few years ago in Lagos. “Sadly however,” he said, “after they started the process, it was realized that four out of the five properties were Government Committed zones which simply means no return on investment, and what she has been seeing as an Investment over the years is not an investment at all.”
He further reminded the audience of the recent demolitions in Lagos State and explained that it all started like this because the very scary thing about buying a government-committed zone is that government won’t come for such land immediately.
 
“It’s until there is a need for it before they do. And it's only those who have made efforts towards perfecting their title that would have figured out the actual status of what they call an investment or those who probably did proper due diligence before buying the property.
“We guarantee value for every of our client’s money. Hirart Int’l is set out to let investors own genuine properties affordably and also get access to title perfection while the affordability status is maintained.  “Real estate is the new oil, and we assure our clients of top-quality services,” Yusuf added
 
 
Source: vanguardngr.com
 

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