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The 21st Century Real Estate Industry in Nigeria

The real estate business in Nigeria has developed from being a roadside business to a big industry.

This development may be due to the increasing housing deficit in Nigeria. According to statistics, Nigeria has a population of 170 million people and 17 million housing deficit. Indeed, this has created a need for development in the real estate industry.

As far back as the early twentieth century, Real Estate was a business that involved Omo oniles. These are those who sell properties. Rent was not common. Nigeria was dominated by communism, unlike individualism that dominated this century. Most sons lived with their parents and get married in their father’s house.

The Nigerian Real Estate Industry in the 21st century

At the dawn of the 21st century, the emerging life of individualism created a need for the development of the real estate industry. Young men and working-class ladies now think of when it is right to leave their parents’ house. Urbanisation has made many people leave their loved ones to cities, especially Lagos.

It is in this same Lagos that we come across a lot of fraudulent agents. Apart from Lagos, there are issues of fraud in other parts of Nigeria. These ranges from buying properties to selling a property to ten people.
Also, when it comes to renting, some agents would collect money from five to ten people for a flat, without remitting the money to the landlord. These issues have become a source of worry to many – including landlords and prospective tenants.

READ  What should I consider when renting my first office space in Lagos?

ALSO READ: Housing Fraud Stories are Traceable to Roadside Agents

In recent times, so many companies have emerged due to the need to end this increasing challenge in the real Estate industry. However, these companies are not without their own shortcomings, as most of them focus on sales without paying attention to rent.

Statistics show that in Lagos over 70% of people are willing to rent than buy a house. Thus, those who desire to rent apartments are usually denied the opportunity.

Some people contact agents who put their posters on the roadside. In some cases, these agents abscond with their money.

In February 2013, ToLet.com.ng was founded with the goal of providing home seekers with the opportunity to access houses for rent online. Today, it is a platform for both rental and sales of properties. The platform also gives Landlords and agents the opportunity to post their properties online.

All properties on the website are verified through area specialists to avoid cases of the fund. Indeed, the Nigerian real estate industry has gone a long way, thanks to the founders of ToLet.com.ng for the beautiful innovation.

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