Elections and the property market

As we start 2015, we all hope that the New Year will bring in better tidings than the year before. We are all hopeful that our businesses and work will be more fruitful and rewarding; we pray that our lives and health will be spared. We live in hope and prayers. We all hope that the upcoming elections will also be a start to new beginnings for us as well. I feel that everyone is holding their breath until the elections are over.

There is some hesitancy in the air, a comma. However, everyone is moving on with their daily lives as best as they can. In the first week of the year, there were some surprising offers on properties for sale in the Lekki 1 area. A semi detached four bedroom house was put on offer for only N45million naira as a distressed sale, this was a shock.

Prices are falling it seems, this means that bare land is more expensive than the land and property on it. Could it be that as some speculate, property is being urgently sold to fund various election interests? What is clear however is that there is a lot of caution about spending on property investments right now. People are holding on to their money until the economy is a bit more stable and it is clear where the country is headed.

The sale of properties is quite slow and a lot are remaining on the market for much longer especially in high brow areas like Ikoyi, Victoria Island and Banana Island. There is currently more of a demand for rental properties although properties previously renting for upwards of $100,000.00 have to lower their prices this year if they are to get tenants. People are considering properties further outside the traditional old areas which are now seeing the development of very good serviced estates with power and security.

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I have also seen signs that even lower end properties are having to slightly lower their prices to attract tenants. I must seriously put on my marketing cap and get a beautiful detached building behind Mobil Headquarters in Victoria Island rented out. It has been on our books for too long. The property is spacious and open plan on 1500sqm, enough parking for at least twenty five cars. I am sure there are serious businesses out there looking for premium property to rent in VI?

As the trend for smaller accommodation continues to rise with many families now smaller or separated, there is the need for property developers to re-examine what is needed and cater for population specifics instead of just building traditional prototypes in the hope that they will sell/rent. Areas, prices and types of properties need examining if there is going to be an improvement in the property market

Have you got your permanent voters cards (PVCs) yet? Well miracles shall never cease, after tales of woes from other people who had spent days going to their Local Government Offices and not getting any joy, I went to mine, ready and armed for an all day battle. My interest in politics and this election has been sparked because of one man, Prof Yemi Osinbajo, he alone has convinced me by his passion, vision and integrity to vote and has given me some hope that things can be good again in our dear country. I am not into politics at all, so am only voicing my own thoughts.

After only two hours of waiting and feeling like I was in a war zone with the number of people shouting and sweating, I was presented with my card! I still can’t quite believe it and keep pulling the card out to check if there is any mistake. I do hope that everyone will all do the needful and vote for whoever you feel will be best for our dear country. We really do need to move ahead with improvements in housing, maintenance, infrastructure, security, health care, power and education. Some Large estates surprisingly seem to have all these provided within their walls and therefore essential services that should be the remit of government are available to its residents.

Some estates provide well laid out landscaped homes, good security(manned/gates), good roads and drainage, services like recreation centres and parks, 24 hours power, clean running water, schools and clinics, for which a hefty service charge is required each month, but residents pay up in the knowledge that their lives are made much easier. My dream is that these services can be made available to each and every Nigerian soon. We need change!