THE IMPORTANCE OF INVESTING INTO PROPERTY IN NEW PLACES OR DEVELOPING
AREAS
A friend of mine told me a story last week about his behavior
in investing in real estate. He said; ‘I was once called to buy landed property
at Alake Idimu axis [Alimosho LGA, Lagos State] as at 2006 and a plot just cost
N600,000 but I declined and felt there was no need to invest in such sector
being that I had vast experience in
stock exchange market. However the market was booming and I felt I could raise
twice the amount in a month from the market, so there is no need to invest in
any landed property. Furthermore with much persuasion from this seller who is
also a friend, I decided to buy 2 plots. Before going to pay for the land, I
called a friend to confirm the worthiness of Land investment and the friend I
called refuted the idea and asked me to withdraw so as not to involve in diabolical
brawls with all these western people from Nigeria and he started telling me
stories of how young successful people had bought lands in the past and
eventually lost their lives. So with all these tales of fear, I was griped with
fear and doubts and I decided not to buy again.
Be that as it may, the fortunate buyer of that land then
still possess the land up till today and guess what? The Land now worth
N10,000,000 [Ten Million Naira]. Though it was painful but I learnt my lessons
not to trust people’s judgment and not to adhere to fear but trust in the
veracity of the Land, experts advise and the brighter future of real estate
sector in Nigeira. I truly regretted my actions and its one I will not want to
repeat. And the funny thing is that after the market crash, we were all looking
for other business and investment to hold onto but I later discovered that this
same friend who dissuaded me from buying already had properties in Igando and
ikorodu. I just felt like a fool, I mean a big fool!
.....To be continued
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