A Real Estate Consultant, Simon Adozi, has revealed that the real estate business was more affected by the nationwide lockdown than the COVID-19 pandemic itself.
Nigeria went into a total lockdown in March in Lagos, Ogun and Abuja, as part of measures to curb the spread of the deadly virus that has affected millions across the globe.
The economic effect of the virus has been damning on many nations including Nigeria, as many have been rendered jobless while companies had to cut jobs/cost due to its effect.
Speaking with our correspondent, Adozi who is an expert majorly in Commercial and residential properties in Nigeria and Dubai said that they “recorded more sales in May than in January and February.”
As a real estate solution provider, Adozi assists individuals and families in the purchase of Real Estate properties and investments without hassles.
“I felt so pained seeing people being scammed, their hard-earned monies lost due to bad decision making i.e buying properties that are not genuine from untrusted Real Estate or property agents and also, buying properties that they do not need. I had to step into the Real Estate business in order to rescue same from such bad investment decisions and also, educate intending investors so as to prevent recurrent losses,” he said.
For Adozi, life as a real estate consultant is not a bed of roses. He revealed that “in a bid to source for cheaper lands and property investment, innocent investors fall prey to these fake Real Estate Agents, unprofessional and unqualified Brokers who rip them off their hard-earned funds as decisions taken may lead to loss of lands, investment properties and loss of tens and millions of Naira (funds) in most cases.”
Speaking on the effect of COVID-19 on his line of work, he said that “Real Estate wasn’t directly affected by the COVID-19 Pandemic but rather affected by the LOCKDOWN as we recorded more sales in May than in January and February. More properties were sold after the LOCKDOWN than before. The only roadblock was that physical site inspection could not be achieved.
“Soon, the normal movement will begin and site inspection will become possible.”
Adozi also predicts that “after the Pandemic, the Real Estate sector will definitely be a hot cake because in RECESSION, Real Estate is the surest form of investment! In the Pandemic, it is also the surest form of investment! Therefore, to the Real Estate sector, the pandemic is a BIG advantage. The Pandemic sent Nigerians in Diaspora back home, making them purchase more houses and in turn, this increases the value of Real Estate sector.”
The real estate sector also has other challenges apart from the coronavirus pandemic. According to Adozi, such problems range from regulation to marketing and so on.
“Non-regulation by the Government of all Real Estate companies who are involved in Real Estate Business and marketing Real Estate properties is a very huge challenge because untrusted companies pose a high risk to intending investors. The Government should regulate the Real Estate Sector in order to protect the interest of property investors and limit or eradicate fraud in the Real Estate sector,” he said.
For Nigerians planning to invest in Real Estate e or purchase land and property in Nigeria, Adozi believes that “there are properties that sell for as low as N50,000 and can be affordable by many.
He, however, noted that “real estate investment is actually intended for those who want to be rich and not just for those who are rich as is perceived by some.
“So, if you do not have a Real Estate Property Investment, you have no real claim to being a citizen in Nigeria. Pastor Paul Adefarasin made a statement about his father’s long term investment such that when it was liquidated was enough to start them up in life and also saw them all through school.”
To guide upcoming Realtors, Adozi revealed that he has written a book titled ’10 DEADLY MISTAKES TO AVOID IN REAL ESTATE INVESTMENTS’ which “will guide you through the process of acquiring an investment or properties in the Real Estate sector in order to help you make wise investment decisions and this book will also resolve the major challenge of ‘IGNORANCE’ which some intending investors who lack knowledge of Real Estate investments and processes possess.”