Property Market Records Gradual Recovery

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Mr Chima Ogbuehi, a property consultant and managing partner at  F and L Integrated Services Ltd., says the local property market is witnessing gradual recovery after the recent recession.

He made the assertion in an interview with newsmen in Lagos on Tuesday.

“Demand for property is on a gradual comeback and developers are building more unlike in the past few months.

“Although we still have a lot of vacant buildings around, the situation is different compared to the same period last year,” he said.

Ogbuehi said that this development might be due to increased cash in circulation, which he said, was making more people to look for areas to invest.

“I don’t know whether the recent increase of cash has to do with the political season we are in now, but the increase has boosted activities in the property market.

“More people are investing in property unlike before, especially sub-urban property, there have been a high number of transactions in this area of recent,” he said.

Ogbuehi said that the upsurge of activities in the property market cut across all aspects of property dealership, including agency.

“We have also witnessed increase in renting and leasing of properties by both foreigners and local investors.

“If the trend should continue at this pace, we are likely to experience a boom in the property market, which will have a positive impact on the national economy.

Ogbuehi said that this development was welcome as it would help to reduce the housing deficit in the country.