Prospect of an average Nigerian owning land and houses is waning speedily following the unstable and harsh economic situations, which have greatly affected many businesses.
As a result of that, most companies can barely pay salaries, while salary increments are becoming a lot more difficult. Even as dysfunctional mortgage system and salaries increase rate are getting much slower, buying a property has become harder for most people.
However, Mr Franklin Chibuzo Nwafor, a real estate agent in an interview with our editor stressed that owning a land can be somewhat lucrative. He added that every individual, regardless of class, should consider owning a land property as it can be a life time investment that will change their lives.
“In Nigeria, people complain about the hard economy. Even during lock-down, people still feed. The situation in Nigeria and possibly anywhere in the world can never be ultimately perfect. There must be lapses to fill but this should not be an excuse for not exploring chances”.
Stressing further on the issue he said, “Coming from a middle class family, I know first-hand the challenges of owning a house in Nigeria, especially in Lagos where I was raised. However, land and home ownership shouldn’t only be for the rich, because in developed countries, almost everyone owns a home, however small. So this fact is what drives our vision at Frank realtor limited, to deliver affordable life-changing land properties to the middle and low-income earners in choice locations of the country, one city at a time.
According to him, many real estate firms, like his company are now adopting installment packages which now allow an average Nigerian between aged 20- 25 to access lands with N20,000 deposit monthly.