The Nigerian property scene has become a hot cake in recent months, diverting global attention its way with its constant activity and immense profits. If you are toying with the idea of getting onboard this lucrative bandwagon, here are ten ways you could make money off the native property market:
1) Flipping land
You can choose to buy local land and hold on to it until it significantly appreciates. It’s always on an upward trend in the country, and you can realize insane profits in the region of 50% (sometimes even up to 80%!) in under a year for a good location.
2) Trading properties
Akin to land flipping, you can also acquire properties for future sales with incredible profits. Buying and selling houses is riveting business in a country with a large population that’s always on the hunt for a place to call home or start a business. Such investments can pay off with profits of up to 20 or 30% of the purchase value.
3) Property shares
Real estate stocks are in plenty in the local stock exchange, and if you know who to place your trust and money on, you’ll reaping the rewards every year. With enough shares, profits could be in the millions of naira. You’ll need a financial consultant well-versed with the native real estate industry by your side to help you make the right calls.
4) Land survey earnings
If you have a career in land surveying, the Nigerian real estate market is your oyster. By investing in it, you’ll be privy to notable meet-and-greets and come across new opportunities to expand your client base.
5) Fabrication and welding services
Door protectors, overhead tanks, scaffolding, and whatnot ensure fabrication technicians and welders have plenty of work at their disposal. And they earn a respectable amount per project, making it an excellent career choice.
6) Legal services
As with real estate industries everywhere, legal representation is necessary to get deals over the line. With a market seeing thousands of property transactions each month, you’ll have plenty of clients to offer legal counsel for a percentage of the sale.
7) Carpentry opportunities
From the roofing to kitchen cabinets and everything in between, there’s a lot of carpentry work to go around with house sales. You can help with renovations and installations if you are in this line of work, and make more than decent earnings off ever-shifting property ownerships.
8) Construction deals
Construction companies are the backbone of the real estate sector, and they earn modest incomes for clearing vast lands, setting up buildings, or renting out their equipment. While a construction company is a pretty hefty investment, it pays off for the brave of heart.
9) Agent commissions
A property agent gets about 10% of the sale totals, and it’s not hard to carve out such a career path in Nigeria. A population upwards of 190 million means there’s no shortage of people in need of the services of an agent.
10) Renting opportunities
Did you know that close to eight out of ten Nigerians rent houses with only 20% boasting homeownership? Well, that’s good news to real estate investors as this means a constant supply of renting demand.
Nowhere but up!
It’s looking good for Nigerian real estate investors, as all the signs point to the industry only getting more profitable. The market may have taken a dip three years ago but it has come back stronger than ever thanks to improving economic conditions. There’s no better time to invest in the local real estate industry than the present!