Property Value - News & More - Nigeria Property Centre

Posts with tag "property value"

Like the start of a whirlwind, the heavy downpour came; when it settled eight hours later last Sunday, virtually all properties in every part of Lagos was inundated with water, leaving luxury homes submerged and inhabitants counting losses. But today, with the list of ‘victims’ growing, incident exposing and ridiculing the under belly of the city’s drainage master plan, real estate experts are singing different tunes on the probable effects on rents and property values on the affected areas.

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It’s like the real estate agents’ mantra: location, location, location. You’ve certainly heard the phrase enough and may wonder what possesses agents to say it three times. Or you might think it pertains to three different types of locations — perhaps an excellent location, a mediocre location and a lousy location.

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The 1004 estate in Victoria Island, Lagos offers home seekers decent accommodation with basic facilities and simple luxury like a swimming pool. 800 two and three bedroom flats (80%) of the 1004 flats in this estate entered into entered the Victoria Island market almost the same time in October 2010 with very high rent tags which market analysts viewed as unrealistic in the circumstance. Apparently responding to the credit crisis in the financial system however, landlords of the various flats at the estate have slashed the rents considerably. A two-bedroom flat which was ₦2.75 million per annum now goes for ₦1.7 million per annum. Three-bedroom flat have come down from ₦3.5 million per annum to ₦2.2 million per annum.

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Experts within the real estate industry expect the value of property in Surulere, Lagos to increase following the delivery of some major development schemes by the Lagos authorities. These projects include the Gbaja Shopping, Mall, the upgraded Adeniran Ogunsanya Street and Adeniran Ogunsanya Shopping Mall, amongst others.

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