What real estate trends should you look out for in 2022
Despite the slowdown in the economy, which reduced household income and crippled consumer purchasing power, the real estate sector has seen increased investment interest with individual and institutional investors raising capital and deploying the same into the sector.
Last year, house prices in Lekki, Ajah, Gbagada, Surulere, and Yaba rose continually due to a higher demand and this year, experts expect the trend to continue. Another trend that experts expect to continue in 2022 is the rising cost of rents. Rents in buildings with higher number of bedroom houses (3-beds or more) have been fairly stable while smaller apartments such as 1-beds and 2-bed flats experienced price increases. This is because they’ve been in greater demand.
With Nigeria still finding it’s feet from the negative effects of the pandemic, it’s safe to agree that gone are the days where developers demanded for a two-year upfront payment for residential rent. One-year upfront residential rent payments will remain much more rampant.
As the Lagos state government kicking off the monthly rent policy in January 2022, Developers are likely to be much more flexible on payment plans and prices to accommodate their target market.
Finally, With the Lekki free zone expected to launch in 2022 coupled with the directive by the Lagos state governor on the processing of land titles in Ibeju Lekki, Cost of land in Ibeju Lekki is going to increase significantly.
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