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.
Developers or property owners who would like to list their properties in the auction can do so by sending an email to [email protected]. Due diligence will be done on all listed properties to give buyers comfort as well as.
“Detailed investment profile will be made available to show the returns and other important information investors may require.” Ibaru assured.
The Lagos property market remains the most vibrant in West Africa and one of the top investment destinations in Africa. It is yet another laudable indicator of the rising maturity, transparency and activity-levels of the market.
Expected at the Friday evening event are pension funds, investment managers, developers, real estate consultants, property owners and other market participants who will be coming as property listers and prospects for some of the listed properties.
CHUKA UROKO
