Several parts of the economy experienced sudden volatility as a result of the pandemic. The real estate market is no exemption from last year. People are panic buying houses because of the global price increase in properties, according to a CNN article, but the situation is unique on the Nigerian real estate market. People realized and prioritized their privacy, protection, health, and security as a result of the #ENDSARS protest and the pandemic’s effects.
Are people panic buying homes in Nigeria? Certainly not in the Nigerian market. Rather, people are taking advantage of the slight decline in property prices during the pandemic to invest in real estate. Because of the high interest rate, inflation, rising exchange rate, and shortage of forex in the country, the cost of construction materials has risen dramatically since then. In the Nigerian market, property prices are expected to rise.
Despite the uncertainty, the real estate market remains optimistic, especially in the luxury market segments, where prices are steadily rising. The demand for more secure and private homes is gradually growing. Expatriates who left the shores during the pandemic are returning and business activities are showing positive signals.
It is certainly not a panic buy as home buyers and investors are seeking the best deals in the real estate market. The real estate market is showing more improvement since the economy and activities are beginning to adjust.
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