Northcourt Real Estate, the award-winning real estate brokerage, management, advisory and valuation firm is scheduled to host the first Lagos Property Auction of international scale on the 29th November, 2019 at Four Points by Sheraton Hotel Oniru, Lagos by 6pm.
The auction is being organized after careful consideration of the state of the Nigerian real estate market and overall economy says Northcourt Chief Executive Officer(CEO), Tayo Odunsi. He explained that seeing that the economy is in a slow state of recovery, there is a clear need for price correction.
Buyers and Sellers seem to be at an impasse as to the price of properties.
Buyers based on their reduced income (due to market conditions and currency devaluation) want to pay lower. Sellers on the other hand want to get higher prices, also based on their current realities of needing more cash. However, an auction allows the market to set the price to each auctioned property. As such we as a firm are keen to see how this all plays out.
Northcourt Chief Operating Officer (COO/Director, Advisory – Ayo Ibaru, chimed in to explain that the vacancy rates, development pipelines and real estate stock in Nigeria has only moved mildly in the last 18 months. This could reflect a period of stagnation or slow recovery and as such there is need for external stimulation to the market and this is what the Lagos Property Auction aims to do.
The event is free to attend to the general public, especially those looking to buy or invest in the auctioned properties. Developers or property owners who would like to list their properties in the auction can do so by sending an email to auctions@northcourtrealestate.com. Due diligence will be done on all listed properties to give buyers comfort as well as. Detailed investment profile will be made available to show the returns and other important information investors may require.
The Lagos property market remains the most vibrant in West Africa and one of the top investment destinations in Africa as such this auction is yet another laudable indicator of the rising maturity, transparency and activity-levels of the market.
Pension funds, investment managers, developers, real estate consultants and other market participants are billed to attend the auction both as property listers and prospects for some of the listed properties. The guardian
