I paid my first visit to Ajah in September 2007. I was pretty please with all the residential construction going on and the sheer magnitutde of what the future of Lagos hold for Lagosian.
Real estate investment is summed up as accumulate, for example the old 1004 in Victoria Island is still being impoved and my initial enquires found that a flat is going for around NGN45million, thats close to £180K/$360K. That is a lot dosh for a flat/apartment wherever in the world.
My guess is that prices will continue to rise with demand, and I saw a lot of pent up demand for better housing in the Mainland too. Areas like Omole, Gbagada and Mogodo fetch similar prices for houses but, I'm skeptical about further price rises in the near term (1-3 years).
http://www.castlesweekly.com/ is a good source for properties online, at least they are updated regularly from the weekly magazine of the same name.
09 September 2007
Investment Sentiment in Nigeria
A family visit took me to Nigeria last week, I still had time to look around and gauge the mood of investors.
One thing that stood out was their dissatifaction with the services of brokers, brokers are now fielding calls from investors who wish to liquidate positions for whatever purpose.
This generally is no fault of the brokers, it's the lack of understanding of financial products including stocks by the man on the street.
It seems that since most investors received shares direct from the registrar which aren't easily bought and sold as those shared held in broker nominee accounts.
I tried explaining this to a friend who was desperately in need of cash and expected his shares to be sold within a week by his broker unfortunately he learnt that this isnt the case the hard way.
On the plus side, there is still retail capacity to accomodate further IPO's or rights issues and I suggest you accumulate for the long term.
One thing that stood out was their dissatifaction with the services of brokers, brokers are now fielding calls from investors who wish to liquidate positions for whatever purpose.
This generally is no fault of the brokers, it's the lack of understanding of financial products including stocks by the man on the street.
It seems that since most investors received shares direct from the registrar which aren't easily bought and sold as those shared held in broker nominee accounts.
I tried explaining this to a friend who was desperately in need of cash and expected his shares to be sold within a week by his broker unfortunately he learnt that this isnt the case the hard way.
On the plus side, there is still retail capacity to accomodate further IPO's or rights issues and I suggest you accumulate for the long term.
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