Effect of Covid-19 on real estate Luxury market

Despite the Federal and State government policies to curb the spread and effect of Covid-19 on Nigerians, it is pathetic to reveal some alarming aftermath effect of the pandemic on every sectors in the country especially in Real Estate market.

The effects of Covid-19 was elucidated by the MD/CEO of Suru Worldwide ventures Nigeria’ LTD, Mr Edward Akinlade in a media chat held on 29th Sept 2020, the spread of Coronavirus (COVID-19) has obviously grounded economic activities on a global scale and the real estate sub sector was not spared.

Although Mr Edward Akinlade’s opinion differ as to how to get the industry back on track, the general consensus is that some adjustments and interventions are urgently needed by both private and public sector industry giants in order to stem the tide of housing deficits in the near future. These and more were the issues discussed recently at an interactive session between the real estate professional, Mr Edward and some selected journalists in Lagos.

According to Mr Edward, the huge financial losses recorded by the various sectors of the economy has forced investors to shift attention to investing more in the construction of housing units for low income earners units as against luxurious units, he also mentioned the exchange rate, hike of fuel price, inflation that is affecting general standard of living. In other climes, especially in America and Europe, their citizens were directly funded by their government to serve as a cushion against the effects of the pandemic.” He also used the forum to draw attention to what he described as the unlawful and illegal antics of Asset Management corporation of Nigeria (AMCON) over the company as it concerns a case that has protracted since 2010. He further stated that the illegality of this agency has not only taken away the jobs of innocent and hard working people since September, 2013, it also sets a bad and worrisome precedence,”. The big question is ‘ Nigeria will be 60 on 1st October 2020, what’s your stand or position as an individual?.

Read more at: https://www.vanguardngr.com/2020/09/effect-of-covid-19-on-real-estate-luxury-market/

Leave a Comment

Your email address will not be published. Required fields are marked *

Suru Express HotelYour ideal comfortable, top-quality guest accommodation at pocket-friendly prices with the best of amenities.

We offer comfortable, top-quality guest accommodation at pocket-friendly prices in four categories - the Suite, Deluxe, Standard and Express Gold rooms which are each fully air-conditioned and fitted with a king-sized bed and the best of modern room/bedroom accessories to make the guest as comfortable as could be desired.

Suru Express Limited currently have three hotels in different locations in Lagos State. The first is a 32-room budget hotel in the highbrow GRA Ikeja, another 21-room budget hotel in the heart of Surulere, Lagos and a 92 room’s hotel with conference facilities in Ikorodu, Lagos.

Suru Homes LimitedThe most preferred and proactive real estate company in Africa offering exceptional products and services to our customers.

HMK’s investment activities in real estate are creating value as the occupancy is continuously increasing as a lasting asset in the Company’s balance sheet. And even more important, the new housing units create a value for the population helping them to have a better live.

Suru Homes Limited plans to develop luxury residential properties and low cost housing in choice locations in Nigeria as well as chains of function halls throughout Nigeria. The company has expanded its scope of operations by launching serviced apartments for letting.

Scroll to Top