A year one Student of Estate Management knows better. Real Estate Investment with valid legal titles has a hedge against inflation & will never decrease in value. If you want to sell an investment to desperate folks, this kind of example is too unrealistic to deploy. #RealEstate https://twitter.com/eldivyn/status/1254000130065301505

Please take note Distinguished @Bolarinwaiyanu @seunonigbinde that value incineration as pertaining to real estate has nothing to do with impact on oil prices or even forced sale value. Lekki lands are gazetted even in the informal voidable market with land sharks.

I’ve done several transactions in the Lekki Axis for over 20years and monitor the trends in rental and capital values. You can’t possibly or realistically claim value incineration unless of course there is an unrest or spiritual causes claiming lives in torrents in the area.

In 2015/16, down Isawo in Ikorodu, the Ijaw boys waged war in the area when the new administration. Shut down the pipeline in the area due to bunkering activities. The marauders came into the streets and started a killing spree that claimed the lives of most of the landlords.

They started a chain of kidnappings and never left their victims alive even after collecting ransom. They wiped out the police at the station and almost declared a secession in the area. People were offering their properties for next to nothing just to leave the country.

Residents fled the area and all activities almost came to an end until there was an intervention by @SIAF_NG and the Minister of Interior Lt. GEJ Dambazzau in collaboration with @HQNigerianArmy which led to the creation of 2 army bases in the region and a wipeout of the threat.

I will have you know authoritatively that despite the chaos and loss of lives over a period close to one year, there was nothing like value incineration. The the informal market (which is 70% of all land transactions in Lagos) there was only a pause and business continued.

Landed property or housing may experience a glut or economic driven inactivity which may cause rental value to remain constant for a bit but capital values remain secure especially in areas like Lekki of which most of the land are under Govt’s gazette. Don’t let anyone dupe you.

Ask real estate surveyors and valuers conversant with the market with integrity and avoid spreading falsehood. The ones we bought at N400k per plot in Ogombo 15years ago is selling for tens of Millions today even if you go through informal omo Onile market with hungry souls.

You can ask my senior colleagues and leaders @NiesvNational @NIESVlagos for more information maybe we can organize a zoom conference for interested members of the public on this. Don’t let anyone lie to you about real estate matters when professionals are in the field.

Some years ago, my firm was part of a taskforce carrying out revaluation for banks on bad debts with collaterals. We found that most of the valuations were faulty & the value so certified were too abstract to be real. I believe the valuers were forced to buy the property.

They were made to buy the property so falsely valued at current market rate as projected from their padded valuation using the professional metrics as prescribed by the applicable method of valuation. I guessed this affected their integrity & business in the long run.

The field of Valuation thrives on the integrity of the professional. You can still go to jail years after you have eaten your valuation fees. So it is better to be truthful and professional because these things will haunt you in future. There are comparatives & U’ll be revealed.

I am interested in this case by the way if you will do me a favor by sending me more details of the property in question and the name of your valuer. Let’s make this a textbook case. I will foot the bills for the investigation & get you your money back. The children are watching.

You can read more on determinants of land values specifically Urban across uses. Location is the most significant and in this case we are looking at Lekki despite the occasional flooding it is still on the rise. Change in population & use, change in taste, political factors etc

Book me down for the online Conference.