How to Buy or Sell a Property in Nigeria with Ease and Confidence.
How a Real Estate Brokerage Company, Can Help You Succeed in the Nigerian Property Market.
The Nigerian property market is one of Africa’s most lucrative and competitive. Statista said the real estate sector contributed about 10.22% of the country’s GDP in 2022, equivalent to ?10.78 trillion, or $13.3 billion. However, the market is also complex and dynamic, with many challenges and opportunities for buyers and sellers.
If you plan to buy or sell a property in Nigeria, you might wonder if you need a real estate brokerage company. A real estate brokerage is a company that employs certified real estate agents who help clients buy, sell, or rent properties. They also offer other services such as property management, valuation, and consulting.
Using a real estate brokerage has many benefits that can help you achieve your property goals faster, easier, and safer. Here are some of the reasons why you should consider using a real estate brokerage in Nigeria:
Real estate brokers have the knowledge and skills to handle the complex and dynamic Nigerian property market. They know the legal requirements, market trends, best practices, and potential pitfalls of real estate transactions. They can advise you on the best locations, prices, and strategies to achieve your goals.
Real estate brokers also have years of experience dealing with different types of properties and clients. They have access to an extensive network of contacts and resources that can help you find the best deals and opportunities. They can also negotiate on your behalf and handle your paperwork and documentation.
According to a report by the National Bureau of Statistics (NBS), there are approximately 7,543 establishments that make up the real estate sector in Nigeria. Lagos State and the Federal Capital Territory (FCT), Abuja, dominate, with 2,342 and 1,677 establishments, respectively, comprising over 50% of all real estate establishments in Nigeria. This means you have many options for a reputable and reliable brokerage.
Using a real estate brokerage can save you time and hassle. You don’t have to spend hours searching for properties online, visiting them in person, or contacting multiple sellers or buyers. You can tell your broker what you are looking for, and they will do the rest for you. Real estate brokers can also speed up buying or selling a property. They can help you prepare the necessary documents and arrange inspections, appraisals, surveys, and title searches. They can also coordinate with other parties, such as lawyers, bankers, surveyors, and government agencies.
According to Statista, the average monthly rents in Lagos and Abuja in 2020 were ?3 million ($5,157) and ?5 million ($8,631) for a four-bedroom apartment. For a three-bedroom apartment, the average monthly rents were ?1.5 million ($3,105) and ?2 million ($3,842), respectively. These figures show that buying or selling a property in Nigeria can be a significant financial decision that requires careful planning and execution.
Using a real estate brokerage can also protect you from frauds and scams in the Nigerian property market. Real estate brokers are regulated by professional bodies such as the Nigerian Institution of Estate Surveyors and Valuers (NIESV) and the Estate Surveyors and Valuers Registration Board of Nigeria (ESVARBON). They are bound by ethical standards and codes of conduct that ensure they act in your best interest.
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Real estate brokers also have insurance and indemnity cover that can protect you from any losses or damages arising from their negligence or misconduct. They can also help you resolve disputes or complaints during or after the transaction.
According to Connect Nigeria, Nigeria has a housing deficit of about 20 million units. This means there is a high demand for residential properties in Nigeria, especially in urban areas. However, this also means that many unscrupulous individuals may try to exploit unsuspecting buyers or sellers.
Using a real estate brokerage in Nigeria can offer many advantages that make your property transaction easier, faster, and safer. However, not all real estate brokers are the same. You should research and choose a reputable and reliable brokerage company with a proven track record of delivering quality service to its clients.
If you are looking for a trusted and professional real estate brokerage in Nigeria, look no further than Brick & Click Realty. BCR is a leading real estate company that offers various services, such as property sales, rentals, management, development, investment, consultancy, and training. BCR has a team of qualified and experienced agents ready to help you with your property needs.
To learn more about BCR and how they can help you achieve your real estate goals, visit their website at?www.bcrealty.ng?or call them at +234 803 395 1945