Buyers, sellers meet to set prices as Northcourt hosts Property Auction

House buyers and sellers will be meeting one another physically to set prices as Northcourt Real Estate, an award-winning real estate brokerage, management, advisory and valuation firm, hosts the first Property Auction of international scale in Lagos.

The Auction already slated for 6pm on November 29, 2019 at Four Points by Sheraton Hotel Oniru, Lagos, is the first of its kind and is being organised to bring the buyers and sellers together in an environment of trust. It aims to revisit and, possibly, reset accepted property prices.

Properties up for auction have gone through rigorous checks by a team of lawyers. Pictures on display are the most recent and accurate depictions of the property’s true state.

Tayo Odunsi, CEO of Northcourt Real Estate, says there is need for price corrections in Nigeria’s real estate market as the economy recovers.

He explained in a statement in Lagos at the weekend that an auction allows the market to set the price to each auctioned property.

Ayo Ibaru, the company’s COO/Director, Advisory, noted that leading property market indicators, including vacancy rates, development pipelines and real estate stock, have not changed over the last 18 months. “This could reflect a period of stagnation or slow recovery,” he said.

Ibaru said there was need for external stimulation to the market which was what the Lagos Property Auction aimed to do. The event is free to attend to the general public, especially those looking to buy or invest in the auctioned properties.