Following a surge in demand in the United Kingdom property market, experts have urged Nigerian real estate investors to maximise the opportunity.
The experts, who expressed optimism about the market’s potential for growth, offered a variety of services that help investors increase their wealth and gain returns on investments. They also provided insights into property financing, current trends, opportunities, and regulatory landscapes of the UK property market.
The experts from an estate surveying and valuation firm, Jide Taiwo and Company (JTC) and associated partners, who spoke at JTC International Property Series held in Lagos, said that investors will gain maximum returns in residential and retail segments of the real estate market in short term, however, targeting long-term investment is crucial for a lifetime yield.
JTC Vice Chairman, Mrs Jumoke Anifalaje, said the firm through the International Property Series is showcasing a range of its UK properties to Nigerian clients, and offering beneficial services.
The company’s Managing Director, Mr Mohammed Ibrahim, emphasised that real estate investments remain the key to business both in Nigeria and the global market, adding that it will appreciate over time and not depreciate as investments are locked in the banks.
He, however, lamented that the nation’s real estate market has been bedeviled with ownership title, government control and regularisation, increase in construction cost, land grabbers and speculators, default in payments, overstayed tenants and eviction of tenants.
Ibrahim reiterated that the firm’s commitment to providing avenues through which investors will add value to their investments and create wealth through multifarious real estate solutions. He urged the government to take advantage of the nation’s housing stock and unlock the wealth in real estate and make mortgage financing easier at the federal and state levels.
The JTC Head, International Market, Olawunmi Olashore, reiterated that the UK firm is focused on helping clients grow their real estate portfolio globally with the showcasing of properties from various cities around the world.
Olashore introduced REIMA by Jide Taiwo and Co, a fractional ownership solution that allows up to four people to buy a property in the UK, particularly for people who are not interested in mortgage services but are eager to earn yield in the property market.
She explained that “while access to information, right sources are challenging for clients, the process of regulation, client’s information, source of funds, and proof of wealth cannot be avoided, hence, a solution was developed for investors.”
According to her, the UK property market is a stable market that continues to hold value for a long-term period and statistics show that over the last 20 years, the value of property in the UK has continued to increase steadily over time, and defied many financial crisis.
She said: “The potential for the UK property market is immense. Our clients can buy flats, houses, properties that are already developed, or under construction and gain from the appreciation when it is completed. We are looking at the UK market where our clients cannot benefit only from the yield but from the value of their properties.”
Olashore revealed that the company is collaborating with Nigerian banks based in the UK for easy transfer of funds. “UK continues to be a financial hub and sought-after location. There are significant regeneration plans all over the UK that continue to show growth plans for the long term and opportunities for our clients to buy. It is a highly regulated market that thrives and resists financial crisis over time.”
The Managing Director, Legacy Investment, Hiren Baker spoke on investing in the UK, while Managing Director, Lara Cameron-Cole Limited, Lara Lape Cameron-Cole discussed the renovation and property refurbishment, sharing their knowledge and expertise, and how the firm can help potential investors make informed decisions.
