If there is any business in Nigeria that is truly lucrative and extremely profitable, it has to be Real Estate business in Nigeria. Most of the top billionaires in Nigeria are real estate investors. The business is a money spinner to the highest level. Real Estate is currently booming in Nigeria and people are making millions in it. Today, we want to take a closer look at the business and see how you can invest in this sector of the economy (irrespective of how much you have) and make serious profit.
One thing very good about real estate business in Nigeria is that the investment opportunity is so diverse that there seem to be something for everyone. Anyone who wish to invest can invest whether he has thousands or billions of naira, you can even invest without a dime in your pocket. Let us see how it works.
Before we proceed, we want to look at the profit potential in real estate business in Nigeria. I bought a plot of land in Ikorodu area of Lagos State in 2011 where I had wanted to develop for small hotel. I paid ₦500,000 for the land excluding some minor egunje to the boys.
In 2013, I changed my mind and decided to sell it. When I asked the estate agents how much property was going in that area, they told me the current price as at then was two million naira. And that my own which is very close to the main road will go for between 2.5 to 3 million naira. If I had bought five plots that was offered to me for 2.5 million then, I would have made ₦10,000,000 from that single transaction!