Adeniyi Adeoye, the Chief Executive Officer (CEO) of The Drake Woodworks Limited, in a recent chat with Women of Rubies opened up on the costly real estate mistakes Nigerians make.
According to the real estate professional, Most Nigerians focus on quantity instead of quality. People need to do their due diligence before investing in properties, there is also the issue of buying properties in the right season. We’ve heard of people who bought apartments in some highbrow areas in Lagos only to complain about flooding during the rainy season. Knowing the state of the land before investing your hard-earned money will help you determine the type of foundation and other building factors”,he added.
Speaking further on trends shaping the real estate industry in Nigeria, he stated” Nigeria real estate has improved 150% compared to a few years ago, ranging from top-notch finishing to smart homes. Real estate thrives off the back of strong macro-economic fundamentals and the 25 per cent home ownership rate in Nigeria reflects the challenging operating environment However, technology can be expected to take centre stage in the sector this year, with extremely strong growth prospects for growth in comfort homes, led by demand from first time home buyers, millennials, young families and empty nesters. Nigeria need to build an additional One million housing units annually”.