Read on Twitter
A significant aspect of real estate in Nigeris is used as a store of value as opposed to a space people can live in. https://twitter.com/TamaraPosibi/status/1386631344705478660">https://twitter.com/TamaraPos...
So it makes sense to hike the property value to unrealistic heights and have that as the base price.
Whoever has cash - usually laundered money - can then & #39;clean it up& #39; by buying those properties.
The person buys when EFCC is on his neck, and sell when they give him space.
Whoever has cash - usually laundered money - can then & #39;clean it up& #39; by buying those properties.
The person buys when EFCC is on his neck, and sell when they give him space.
Such a person usually won& #39;t want to rent out the buildings to retain his anonymity and might not even sell until much later.
That& #39;s why despite the increasing number of empty apartments in areas like Ikoyi, more are coming up.
I wrote about it here https://medium.com/@ezekielbassey/the-financialization-of-housing-fc55759ec31d">https://medium.com/@ezekielb...
That& #39;s why despite the increasing number of empty apartments in areas like Ikoyi, more are coming up.
I wrote about it here https://medium.com/@ezekielbassey/the-financialization-of-housing-fc55759ec31d">https://medium.com/@ezekielb...
