International Investment in Real Estate Market in Nigeria: Issues, Challenges, and Solutions.
Publication Date: 05/09/2024
Author(s): Uche Judith Chika, Ndeche Chinenye Blessing, Udobi Alexander Nnamdi.
Volume/Issue: Volume 4 , Issue 3 (2024)
Abstract:
The need for diversification of investment portfolio has led to increased investment in the real estate sector. Investors, both domestic and international, are always on the lookout for options that will provide optimum return but at less or no risks. Although the Nigerian real estate market is an attractive one due to its many untapped opportunities and potential, there are challenges faced by international investors who venture into this market. Issues such as political risks, bribery and corruption, lengthy land registration process, devaluation of the Naira, bureaucratic encumbrances among others, pose risks which may deter potential international investors from moving forward with such investment. This paper recommends that the government and relevant stakeholders address the political issues within the country, streamline and ease the land registration processes, invest in infrastructural development, and work towards stabilizing the Naira and the economic climate at large. Proffering these solutions is crucial in order to fully maximize the hidden investment potential in the Nigerian real estate market.
Keywords:
Challenges, international investors, real estate investment, Nigerian real estate market.
