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The real estate business is booming in Nigeria as people are slowly investing in it. Gone are the days when property purchases were only linked to a person’s desire to find a home. Now, real estate investments are seen as a money-making business.
The real estate market in Nigeria is undergoing a massive expansion, as diverse portfolios are emerging in the landscape. This allows people to enjoy an array of opportunities and, hence, use real estate as a form of making lucrative profits.
Is It That Simple?
Everything which allows you to enjoy profits may seem attractive on the surface, but the question that should arise in your mind is, is investing in real estate in Nigeria straightforward and easy or is it marked by difficulties?
When you compare the process to the act of buying stocks, you will find that real estate investment is not a piece of cake. This is because purchasing property in Nigeria is quite complex owing to the various rules and regulations.
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Risk of Investing in Nigeria
What makes purchasing property in Nigeria more complicated than in other countries are some of the laws that are present here. If you are planning on buying a property in Nigeria, here are a few of the things you should be wary of.
Expropriation of Property
Many find themselves being subjected to the seizure of assets without receiving any compensation owing to a mixture of law and corruption. The two laws that make things difficult are the Petroleum Act of 1969 and Land Use Act of 1978.
Both these ordinances provide the government with the autonomy to take control of any given land. This is because, under the Land Use Act, all lands which are in Nigeria are state lands. Thereby, it gives the right to the government to seize any land when they deem fit. This law makes long-term investment risky, especially if you consider that when your land is taken from you, you will be only compensated for the improvements you did to the property and not for the property itself.
Multiple Taxation and Lack of Loans
Another issue with investing in real estate in the high amount of taxes that have to be paid to the government. This makes the act less profitable than it is painted out to be. After all, what good is the money you make when you have to give a significant chunk of it in taxes?
Moreover, owing to the recent downturn in the economy, banks in Nigeria do not feel confident in giving out loans for the purchase of houses. This means that if you do not have your own resources, it will be hard for you to get funds from banks.
Ways to Invest in Nigeria’s Real Estate
Despite all the difficulties faced by individuals, many still find the act of spending in real estate in Nigeria to be a fruitful and profitable investment. Here are a few ways via which you can earn money in the real estate business.
Rent It Out
Rather than buying a land and living on it, if you become a landlord and rent the property out to a tenant, you will be able to enjoy profits, here are tips to get a good tenant
This is because, in such a scenario, you will be only responsible for the maintenance of the property which you could cover with the rent charged. Moreover, you will be provided with a steady source of income while your property appreciates in value. Therefore, you will reap rewards of a more valuable asset than before on top of being provided with a monthly inflow of rent.
Real Estate Investment Trust
These trusts are regulated by the SEC and work by pooling resources from various capitals and using them to invest in various real estate assets and mortgage. Opting for investing in REITs allow you to reap enhanced benefits since you will be provided with professional help. Moreover, since these trusts pool resources, they can invest in better proposals than you would have had you been alone.
These trusts invest your money in different types of estates. This portfolio diversification works by reducing the risk for investors. Moreover, when you compare this to investing directly in real estate, you will find that REITs are reasonably liquid since you can sell your investment quickly when in need of money.
If you approach the real estate business with a sharp mind, you will end up making money. It is true that you will face risks and complications along the way, but that is what makes the rewards worth it.