Diaspora Nigerians are providing a cushion for the country’s real estate sector, as the falling value of the naira against the US dollar raises their purchasing power in naira and provides an incentive to invest in the properties market at home.
This follows a marked slow down in investment in the property market by locals, hard hit by the economic recession and struggling to meet basic needs.
As the economic recession continues to bite hard in Nigeria, with headline inflation now at 17.8 percent, sucking up family incomes, real estate developers still put products on the market with remittances from Nigerians living outside the shores of the country in mind, for uptake and also for credit facility.
Before now, to supply products to the market, most developers had to approach banks for credit, but with the Central Bank of Nigeria’s tight fiscal and monetary policies, banks have become cautious and credit shy, especially for real estate, which has long gestation period.
CHUKA UROKO
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