Why Nigerians In The Diaspora Should Consider Real Estate Investing
As the number of Nigerians in the diaspora increases yearly, the desire to have your own property back home also increases. While some have seen the reasons why investing in one’s country is crucial, others are yet to do so.
Recall that the World Bank had reported that Nigerians in diaspora wired $22 billion home in 2017. This broke a huge record as it was the largest African record remittance and the fifth largest in the world. Just last month, the Central Bank of Nigeria introduced new measures aimed at boosting flow of remittances sent home by Nigerians in the Diaspora.
All this shows the importance of these remittances sent by Nigerians in the diaspora to the country’s economy. If you live abroad or plan to, one of the ways to use your money back home judiciously is to invest in real estate. Some of the things you need to consider are;
It Is Safe To Invest In
Unlike some other types of investments in Nigeria that might be overly risky, real estate is more stable and safer. Properties appreciate over time when invested in and this would offer you double the value for your gain. Real estate is indeed a safe haven for Nigerians in the diaspora.
Home Is Where The Heart Is
Not to be poetic or anything but there is no place like home. You might not like the idea of living in Nigeria but it is still your roots and what better way is there to be connected than to have a home back home. When you have such property at home you can either decide to earn from it or just leave it for your future and your children.
Extra Source Of Income
Another good reason to invest in real estate is to generate a stable source of income. Real estate investments have proved to be a good idea especially as a long-term investment. Nigerians in the diaspora can acquire property for commercial or residential use and easily earn annual or monthly rents based on the agreement.
If you’re interested in investing in commercial properties, it is highly advisable to go for properties in centralized locations. No one wants to rent an office in a declining area. Location is very good in real estate, especially when dealing with commercial properties.
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Land Flipping
You don’t necessarily have to buy a house or build a house in the country just yet. You can actually buy land at a cheaper price and resell after a period of time for a higher amount. This is called land flipping.
For example, you can buy a plot of land at Owode for N700,000 and resell to another buyer at N1.3 million in a space of 6 months. Before considering to flip land, you need to take into consideration the location of the property. Certain areas like Lekki all the way down to Ibeju-Lekki are likely to appreciate faster than other regions.
For Retirement
Knowing you would retire and come back to your country, you need a retirement plan to help you and your family. Owning a property or properties should be one of those plans.
You can invest in residential or commercial apartments or buy land to lease out or resell after a couple of years. This is one of the surest ways of building wealth for your family and as a retirement plan. If you acquire a property now in a growing or developing location, in years to come when you are ready to retire you would be earning a fortune.
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