Where is the safest sector to put one’s money in this era of economic instability? Real estate investor, says Sir Chigozie Okafor, founder, Dynatch Homes, property firm. JOSEPH ESHANOKPE reports.
For a property investor, Sir Chigozie Chukwudi Okafor, the sector is the best destination to put one’s money.
He said apart from the safety of the investment, one is sure to make a good profit on it.
Okafor, who is the founder, Dynatech Homes is opening il Palazzi, a batch of 10 detached duplexes on three floors, Amuwo-Odofin, Lagos soon.
According to Okafor, protecting wealth is a lot more difficult than building it. In times of uncertain financial realities like we faced last year, it is understandable that people would want to choose the safest places to keep their cash.
“The real estate market in Nigeria, particularly Lagos, is a decent place to keep your money. It has become more attractive in recent years. Thanks to the economic shift.
“This is one of the many commercial real estate projects sprouting across Nigeria and Africa. Given that the world is going through a recession that has been heralded by massive layoffs and unemployment, it may come as a surprise to outsiders that real estate is still going strong. For industry players and keen investors, this is, perhaps, one of the best times to invest their money in properties.”
He recalled that the cryptocurrency market experienced what is, perhaps, an unprecedented failure this year. In addition to that, he said, several global giants like Meta and Twitter have laid off thousands of staff to stay afloat in the turbulence of this year’s socioeconomic realities.Yet, somehow, real estate in Nigeria continues to thrive.
Okafor believes that many factors are responsible for this. “Location, Lagos, for instance, is a huge selling point. It makes more sense if a residential project is located in a gated, serene, peaceful and classy environment,” he said.
For commercial projects, he said: “It could work in just about any part of Lagos. The busier the place, the higher the return on investment. Again, there are rail lines under construction in Lagos. These attempts at decongesting traffic is making the region more attractive to people.”
Sources suggest the population of Lagos State is about 20 million, many of whom migrated from other parts and outside the country. They will need shelter and employment. They will also use the roads, malls, as well as public and private facilities, he added.
Besides, the increase in population in other parts of Nigeria has led to a rise in the value of property: from empty low-lying lands to magnificent city skyscrapers. The housing problem is a major challenge. It is fair to say that when the tumultuous waves of recession have floored everything else, the real estate market, as always, will be and remain the last man standing.