Lagos is future of real estate in Nigeria – Entrepreneur Omoha Nduka
Nigerian real estate sector recorded the fastest growth yet since 2016 at -2.36 percent for the year ended December 2019, the fourth-quarter report by the National Bureau of Statistics (NBS) shows. The growth reported by the property sector this year was 4.5 points better than the -6.86 percent recorded in the comparable period of 2016, the year NBS started collating data for the industry.
The adjustment to the new balance between property buyers and sellers was one of the factors why the property industry outperformed its growth performance in the last three years, as compiled from an industry survey. For real estate entrepreneur/investor and Group Chief Executive Officer of Prince Luxury Group, Omoha Nduka John a.k.a “Prince Omoha” the growth will continue at a faster rate given the rising population of Lagos and the available housing per the population which is still in a huge deficit.
According to him, “Lagos is an incredible city with inspiring people and wonderful places. The likes of Banana Island, Lagos Island, Ikeja, Gbagada, Ajah and others make it a unique city. Statistics say that there are over 20 million people living in Lagos today. 20 million people? How many households are available for these 20 million people? Let’s do some calculations : There is an average of about 2.5 persons to one household, with over 20 million people we should have about 8.4 million houses but unfortunately this is not the case.
“In Lagos today, there are about 4.75 million houses available. Look at that wide difference, the deficit for housing is too much and this is why the demand for good housing is increasing and the real estate business is growing richer. Statistics also projects that in the next few years, the Lagos population would double. How wonderful is that? I can say the best thing you can do to accumulate wealth is to work with the best Realtor with enough experience and the right knowledge on the best places to invest and establish a rich future. And also Nigeria government should consider investing in real estate as well to be able to provide a household for homeless Nigerians who we can simply see under the bridges and the motor parks.”
“Real estate is a form of investments and business as well. I see it as a generational wealth and the passive income and cash flow makes it a business. Investing in real estate does not require any particular entity, and some people even begin a real estate investment company simply in their own name as a sole proprietorship. Once you find financing and purchase your first property, you have the beginnings of a real estate investment company,”Omoha Nduka John added.
Omoha Nduka John was born on September 3, 1995 in Abakaliki, Ebonyi State. He hails from Umuebe, Ezzamgbo in Ohaukwu local government area of Ebonyi State of Nigeria.
He did his primary education at Practicing School and secondary at Victory comprehensive Secondary School, both in Ezzamgbo before proceeding to Ebonyi State University (EBSU) where he bagged a Bachelor’s degree in political science.
After a business sojourn in Hong Kong, Prince Omoha returned home in 2016 to establish Prince Luxury Group company, which has blossomed to a leader in the real estate sector in Nigeria. He is also the founder of Prince Omoha Foundation.
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