Firm sees 25% increased uptake in real estate from diaspora investors
With Nigeria’s recent indicators showing a measured sense of certainty returning to the economy, a real estate marketing firm, Fine and Country, West Africa saw approximately a 25 per cent increased uptake from diaspora investors within the last 18 months.
Nigerians living abroad remitted between 20 to 35 billion dollars annually for various purposes in the country, including investments. The weaknesses of the naira gives diaspora investors an advantage, especially in the real estate sector, where millions of Nigerian professionals and entrepreneurs continue to tap into the favourable exchange rate.
Fine and Country, West Africa Business development and Sale consultant, Nonye Mike-Nnaji, who spoke to the media on the forthcoming Refined Investor Series to be hosted in London, traced the successes recorded to the efforts of Trade Ministry and the current administration have made improving the ease of doing business a top priority.
She explained that the leading Premium Real Estate forum for astute and aspiring investors to receive accurate and current market insight, will this year lead conversations addressing the myths and misconceptions about investing in Nigeria while exposing, and connecting investors with safe, pre-qualified real estate opportunities from the leading and most reputable Nigerian developers.
The two-day international edition themed ‘“Take Nigeria to the World” will attract leading Nigerian Diaspora professionals, sports stars, entrepreneurs, family office administrators, wealth advisors and real estate enthusiasts.
“The Refined Investor Series will showcase current and upcoming projects in the residential and commercial segment, at both the luxury and mid market segments,” Mike-Nnaji said.
Apart from harnessing the untapped potential of high net-worth diaspora investors, an exclusive dinner, music and recognition will be hosted, to celebrate Nigeria’s 57th independence, which would attract visionary leaders, showcase projects and the current advancements shaping the Nigerian real estate sector.
“It’s a perfect opportunity to showcase the best of Nigerian real estate and related services, especially those who have a compelling vision and story line with solid organization and services as core values. As diaspora investors have high standards, it is expected that only those projects that pass the most exacting due diligence will qualify to participate,” said.
To encourage more real estate activities by Nigerians in diaspora, she suggested an improved and transparent/automated title system, a more efficient legal system, and the availability of week-structured mortgages and construction loans.
She said: “Investment in infrastructure and tax reads for specialized real estate, will also boost the confidence of high-level investors. It’s noteworthy that Lagos State as the nation’s main gateway to real estate investments, is leading the way in improving its real estate titling system. We hope that other states will follow.”