Nigeria’s population is expected to reach over 228 million by 2024, according to the reliable website Worldometers. This means that real estate investment opportunities in Nigeria would be abundant. Investing in real estate or starting a banking company in Nigeria has the advantage of providing steady cash flow and passive income. Even for your generation, you can have a never-ending pathway to wealth creation with a good real estate investment.
Many well-known figures from a variety of fields, including technology and music, have taken use of real estate investment opportunities to earn money that will last for generations. According to Forbes magazine, people such as Donald Bren, Stephen Ross, and others became billionaires just through the real estate business.
You will almost definitely increase your net worth right away whether you market yourself as an agent, flipper, or investor in real estate. I’m going to take you through how to invest in real estate in 2024 in this piece of writing. Previously, it was reported in the media that Governor Sanwo-Olu listed five reasons for Nigerians to put money into Epe, Lagos. He pointed out that Epe is currently the most sought-after location in Lagos State because of its social infrastructure, which includes restaurants, colleges, and even international airports due to the influx of foreigners.
Below are three major ways you can invest in real estate in Nigeria in 2024
Real Estate investor: You can purchase a property as an investor in real estate to turn it into a profitable rental. There are verifiable cases of land being sold for N10 and now selling N100 million or more. John Rockefeller once said, “He who works all day has no time to make money.” Keep that in mind. This quotation emphasizes how crucial it is to work both hard and intelligently. An intelligent real estate investor does not occasionally consider labor as the solution to wealth creation. As a real estate investor, you become the person who exchanges money for time rather than time for money. You can buy land today, and keep it for a particular time, after it is ready to be sold you see back your return on investment (ROI).
Real Estate Flipper: Here’s what a real estate flipper does, in case you weren’t aware. Being a real estate flipper means that you go out and purchase a property for a low price, typically less than the market value. You then renovate the property and add more features—that is, you remodel it—and sell it for a higher price while keeping the profit.
Let’s take a case study where a house was built in the 1990s, but the owner chose to build it near a location that subsequently received many social amenities, such as good roads, electricity, schools, colleges, and others. The location also gained even more international recognition due to the presence of international airports, which brought in more foreign visitors who attended global churches like The Synagogue Church of All Nations.
The building in question was constructed in the 1990s, and although foreigners have seen it, they have not succeeded in settling there or purchasing the property. Although the building had good features like spacious rooms and durable building blocks, it had not been remodeled to the standards of what a house should look like in the modern digital age. Now, a tech guy named Tunde noticed the building and approached it with the mindset of investing in real estate. He found that most of the rooms were filled with cobwebs.
After purchasing the property from the owner, clever investor Tunde decided to renovate it by repainting it and adding smart home technology, which enables homeowners to remotely control a variety of features in their homes, such as the smart door lock, automatic blinds, smart security, and others. Also, the house has a POP ceiling and 3D wall designs. After the renovations were completed, Tunde had numerous offers to purchase the home for a whopping 200 million naira, which he had purchased from the owner for just 5 million naira. Each offer exceeded his wildest expectations. This is how a Real estate flipper makes his or her money.
Real Estate agent: This is another way you can invest in a real estate business in Nigeria, a lot of people are in this category. Their job involves obtaining a license, which allows them to approach clients and earn commission-based compensation for their sales. As a real Estate agent, you don’t need to invest much penny into it, what you need are the following set of skills good negotiation, communication, networking, listening, and marketing. However, in Nigeria, as a real estate agent, you can legally work for buyers and sellers in real estate without a license. For instance, a house at Epe costs 1.5 million naira, and the agent commission is just 10%, meaning the real estate agent would earn a sum of 150,000 from the transaction.
