Three leading lights in Nigeria’s bustling real property industry have been listed in the latest edition of the prestigious Forbes Magazine amid the nation’s inclement economic climate.
According to the magazine, the trio of Dr Ndubisi Charles Mba, Founder/CEO of CDV Properties and Development; Dr Murphy Osuala, CEO, MPL Empire Homes & Construction Ltd, and Dr. Harvey Igboanugo, Founder/CEO of Ziloc Homes, who are all in their 40s, had perfected the skill of going against the grain by investing in risky areas and remaining faithful, spurred on by their belief and passion for beautiful cityscapes and their marketing abilities that enable them to transform jungles into bespoke residential areas to attract premium A-list patronage to earn the recognition.
Mba for instance had told the Magazine that investment in the real estate sector in Nigeria is a business for “the thick-skinned.”
According to him, The Nigerian environment is tough for business and toughest for those whose business is to provide decent and comfortable living homes. “Our economy has been going through difficult cycles that seem unending, making it increasingly tough for people to spare the cash to invest in extra-comfortable homes”
“People are mostly thinking of surviving on the basic things; they have to feed themselves and their families and acquire basic accommodation before considering making plans for luxury living. It is that difficult for most people”. He added.
For his part, Osuala, one of the three Nigerian property Big Boys gave tips on the secrets to surviving in the nation’s real estate market, saying it was needful for prospective investors and operators to have extra grit to play in the sector.
“You need to understand the psychology of consumption and also a heart large enough to accommodate the vicissitudes of the economic redistribution of income. If you do not have any of these and more, you are an unwelcome player in the sector.”
Reinforcing this view, Igboanugo pointed out that Nigeria’s economic climate could be discouraging to feeble -minded investors in the real estate market, stressing that a more stable economy would have given stronger impetus to the country’s urban renewable Programme to boom .
“Some of us have remained in business because we have found ourselves in it and do not have other options than to remain. This is an industry with massive potential, but it has been hampered by the macro Nigerian economy. We appear to be the most directly impacted by adverse economic situations.
“People can only invest in homes when they have extra to spare from their disposable income. But these days, most households find it hard to save enough money to meet their basic family needs. Even when they want to invest in homes, urban luxury homes will very likely not appear in their table of preference,” says Igboanugo.
Despite the challenges, Forbes sees the Nigerian real estate market as huge with unrivalled potential. With Lagos, the country’s commercial capital, still opening up and areas such as Lekki, Abuja, Port Harcourt and the state capitals showing attractive opportunities, there are rewards for those with staying power. The magazine states: “Despite the debilitating challenges the Nigerian currency has faced over the years against major global currencies, the sector is still exciting and strong enough to attract hordes of investors.
“The truth is that investments in the Nigerian real estate sector have been decent, even though it could be better.”
