Addressing the Impact of Nigerian Emigration on the Real Estate Market: Insights and Strategies for Real Estate Coaches in Nigeria | Prestige Real Estate News 

by Oladipupo Timothy Clement

The trend of emigration in Nigeria popularly known as “Japa” has a significant effect on the real estate market in Nigeria. This situation has both difficulties and opportunities for real estate coaches and other practitioners in this all-important niche. This research work explains explicitly the adverse effects of this trend on the housing market and presents a strategic approach to real estate coaches on how to navigate through this landscape.

Demographic Shift and Market Impact

According to the Global data, a study shows that there has been a substantial increase in the emigration of Nigerians. CEO of the Advisory Power Team, Dr. Ayo Teriba emphasizes that a large number of the workforce in Nigeria is relocating abroad which poses a danger to the demand and supply in the real estate sector.  This is well noticed in the medium-income housing market, leading to reduced accommodation demand in several major cities in Nigeria as researched by an Urban Planning researcher from the University of Lagos, Professor Bola Habibat.

Opportunities and Challenges

The trend of emigration continues to give rise to vacant properties which real estate experts can either gain or lose from. This can lead to the occurrence of buyer’s market and lower acquisition costs, which is beneficial to the investors. These vacant properties can be refurbished into student hostels, short-term apartments or co-living spaces. Moreover, there are also challenges like maintenance costs, non-flowing rental income and unavailability of property sales at a valued rate.

Market Trends and Future Outlook

The lack of enough data in Nigeria is one of the difficulties in studying the effect of emigration on the real estate market. However, experts like Mr Tunde Balogun the chairman of the Nigerian Institution of Estate Surveyors and Valuers ascertain that there will be a persistent in increase in vacancies, especially in medium-income housing. This is periodically influenced by both global and local economic conditions.

Strategic Guidance for Real Estate Coaches

The success of the real estate sector is solely dependent on the adoption of some strategies and database skills. Real estate experts need to dedicate time to market surveys to get familiar with the high vacancy rates area, which will help advise investors on where to target. The population will determine how large the investment will turn out. Other strategies such as joint ventures, and property flipping are advantageous but investors need to do comprehensive research.

Risk Mitigation Strategies

In the real estate sector, risk Mitigation is one of the expedient ways of navigating through emigration effects. Experts should advise on market adaptation by starting with fewer investments to give way for market dynamics and avoid overexposure. It is advisable to seek knowledge from experienced real estate professionals and stick to proper management. All these can reduce risks and give way for decision-making.

Conclusion

Navigating the Changing Landscape Real estate coaches get a compelling yet complex environment from the trend of emigration.  In achieving sustainable growth, expert guidance is required for investors to do market surveys, employ data-driven decisions and adopt mitigation of risk strategies. Continuous research and relentless analysis are also important in staying informed and making decisions in the face of complex market dynamics

Oladipupo Timothy Clement is a highly accomplished Real Estate and Business Coach with a career spanning over two decades. He is the Founder and CEO of  Lifepage®️ Property & Investments Limited, a leading real estate company in Nigeria.

• Nigerian Tribune