Following persisting unfavourable policies and a full-blown foreign exchange rate crisis that has brought Nigeria’s economy to a halt, property developers and experts have warned that real estate sector would be worst hit, if the situation persists.
Apart from the effects on construction cost variations on projects that may force investors to shift completion, a significant part of the nation’s labour force in building and construction industry, mostly artisans from neighbouring countries such as Togo, Benin Republic and Ghana, may leave in droves.
They said this will further compound housing affordability of average Nigerians, whose purchasing power has been eroded by the depreciated value of the naira.
However, it should be expected that Nigerians, both at home and in Diaspora, in possession of United States of America dollars would take advantage of naira depreciation to buy existing property stocks before price adjustment.
The Managing Director, Affordable Housing…
Source: Guardian Newspaper