Real Estate Trend 2022: Impact of Covid-19 on the Real Estate Industry.

Oneland Africa has in its recent trend diagnosed the negative impact that  befell the real estate industry that has triggered the expensive nature of land properties despite demand surge.

According to the trend, In the last few years, Real estate has become one of the steadiest investment alternatives in Nigeria, and acquiring land or property in Lagos state right now is said to be a viable and smart investment.

However, the challenges of affordable housing are a thing of the past since housing prices are going over the roof these days.

There is also anticipation for strong home growth this new year as more property sellers are expected to enter the real estate market even though buying competition will still stand fierce.

Excerpt from the released survey: “Increase in demand for properties in suburban areas. The COVID-19 pandemic has changed the outlook of potential home buyers. The need to buy properties in a busy city or town environment which is close to places of work is becoming not much of a priority, especially when looking at buying a permanent home residence.

“The demand for quiet and less crowded neighbourhood is the ideal place to start a family this new year.

“So while there is demand for properties in the suburban neighborhood due to its affordability, property sellers like Oneland Africa Limited are making that goal possible this new year.

“Millennials are eager to own homes. Most are eager to show their individuality and design freedom, millennials are even more eager to express freedom this coming year, and one of the ways they choose to express that freedom is through property investment.

Aged 26 to 35 will be falling within prime first-time home buyers this coming year.

Homebuyers appear undeterred by higher financing costs and home prices.

“Increasing Property Prices. At this point, the big reason why Lagos is a great location for investments is investors can get their return on investment on real estate properties in a short period as compared to other states. The Lagos State Market Analysis has shown that Lagos has Nigeria’s most competitive estate prices. The Lagos estate industry remains buoyant and, in some cases, flourishing even when the value of the real estate in other states across the country plummeted due to the recent economic recession and the covid-19 impact. A plot of land purchased for 5 million in Ikeja in 2006 could go for an average of 65 million now. It’s no surprise why real estate transactions occur dozens of times daily as lots of people seek to take their share in the blossoming city.

“Strong Rental Market. The rental rates in Nigeria especially in Lagos is in a steady rise are rising rapidly, which stands to promote the fact that many Lagosians can only afford to rent properties than buying out properties; this is a reflection of the supply-demand gap of affordable housing in Lagos and is mainly due to the cost of property ownership, high cost of land, and staggering cost of building construction which is where Oneland Africa Limited comes in to play, they have seen this challenge and have decided to roll out affordable lands for potential investors looking at building their dream homes.

“Best Areas in Lagos to Buy Real Estate. Before buying land in Lagos, you need to know some basic things, and one of the things to consider is location when investing in real estate. This is because the return on investment one makes is tied to the location one invests in real estate.

“Whether you are a first-time real estate investor or investing before while considering location before buying land and properties, you should consider price appreciation of the property. Here are some lucrative locations in Lagos that guarantee a high return on your real estate investment in 2022: Lekki, Sangotedo, Ibeju Lekki, Epe, Badagry.”

Oneland Africa Limited is committed to providing the best investment and living experience by acquiring hassle-free properties and developing landmark buildings and expansive residences in record time, ensuring the most fulfilling lives for aspirational African families.

Source:Vanguard