Historically the home or property development market in Nigeria has been vibrant. Even so the current world economic slump begin to take be patient in September 2008, it drained the confidence associated with many investors and the actual marketplace nose-dived plus the general economic situation. But with the signs of economic recovery beginning to look at hold again, what prospects are there for an upsurge in the industrial property store?
When industrial and commercial property prices reached a fabulous low, it signaled a pair of things. Firstly that the market was severely depressed and was likely to stay that opportunity for several years, but additionally that the bottom of the trough was in fact reached and that the greatest out, was up. Is not market having stabilized at its new low, it meant that the glut of distressed properties that are already pouring in had stopped, and together with laws of supply and demand in operation, that's not a problem excess of supply far outstripping demand, prices remained depressed.
However, given out 12 months has seen the warning signs of recovery occurring in the commercial sector, and with property prices still artificially low, it has begun to stimulate demand, as property development speculators are one again sensing the opportunity of making good short to medium term returns on new investments.
Office properties in particular are certainly one of the current optimistic outlook on life. With economic forecasts being positive, albeit slow-moving, and prices being at only they are, now is an effective time purchaser. As confidence returns to the economy, the opportunity of new letting agreements is rising and properties are had been beginning to move, leading to a slow but steady rise in prices and rates. It is forecast until this trend continues slowly but surely, depleting the supply surplus which will eventually trigger a new bout of property development taking place.
Current thinking is that this may well lead to an industrial property boom in 2014/15. Certainly with this long gestation period for new developments to come to final fruition, the process needs staying kicked off now. Feasibility studies, surveys, finance - all of those things should be in place before actual construction can start to are held.
All for all this is already a very positive time for property development. Industrial property investors have every reason become cautiously optimistic, as the short to medium term prospects are looking very positive, and now is the time to speculate and kent ridge hill residences price make an investment.