Developer tasks diaspora Nigerians on real estate investments
A Lagos-based real estate developer, Messrs Convvy Estates has urged Nigerians in the diaspora to take advantage of various real estate investments in the country.
The firm said lack of trust, which used to be a challenge to such investments, could be overcome if investors deal with credible developers who are trustworthy and make integrity a central policy in their businesses.
The Manager, Convvy Estate, Mr. Ayodeji Alade, stated this while speaking with journalists in Lagos. He urged practitioners to ensure credibility in transactions, adding that Nigerians in the diaspora are willing to invest in the property sector if operators shun unethical practices.
Alade said: “Notwithstanding the nation’s harsh operating environment, coupled with the high cost of funds, poor policies, high inflation and logistics cost, many Nigerians in the diaspora have continued to invest massively in the housing industry back home. Diaspora Nigerians from Canada, the United States of America, the United Kingdom and Australia have been buying into the real estate sector through trusted developers.
“Over 85 per cent of our subscribers are diaspora Nigerians. The confidence they have in us is based on what they can see. We operate in Alagbado-IItele area of Ogun State. Apart from the trust, which the company has built over time, the firm does not joke with documentation. Before selling any land or house, the company would ensure that all the documents have been perfected.”
Also speaking, the Managing Director/Chief Executive Officer, Convvy Estates, Mr. Samuel Oni, said the management has implemented strategies, ranging from mass construction of buildings to introduction of the instalment payment plan, bulk purchase of building materials, instant allocation of houses or plots of land and flexible mortgage plans to boost investors’ confidence.
The strategies, he said, boosted the development of buildings in the Alagbado-IItele and Awoyaya-Lekki estates, less than one year of coming on board.
“We have always been a pacesetter in instant allocation to allow and enable our clients to carry out developments. Our house prices range from N33 million to N60.5 million, while land prices are between N9 million and N15 million, depending on the size.
“The estates are made of standard buildings materials, ample parking space, roads’ network with walkways, green area, recreational area, basketball ball court, film house, power supply, gatehouse, play area, shopping mall, gym centre, security post, good water supply, and facility management house,” Oni said.