Many Nigerians are relocating abroad to escape economic hardship, commonly selling land to fund their emigration. This results in a cycle where those abroad earn money to buy land back home, leading to active land markets, particularly in urban areas. The diaspora’s remittances significantly contribute to the economy, influencing land prices that continue to rise amid inflation.
A significant trend among Nigerians is the choice to “japa,” or migrate abroad in search of better living conditions amid severe economic hardships at home. This phenomenon is so pronounced that many expatriates have sold their properties, often land, to finance their relocation. Families are increasingly prioritizing this move, which reflects a desperate attempt to escape difficult circumstances, leading to a cycle of land sales and purchases.
Nigerians currently residing abroad are working diligently to acquire land back home, despite having sold family properties to enable their emigrating. This creates a paradox where individuals sell land to move overseas, only to later work multiple jobs abroad to reclaim land in Nigeria. This continual movement underscores the centrality of land in this migratory trend, significantly influencing the real estate market, especially in urban areas.
The inflow of remittances from Nigerians living overseas has become increasingly important to the nation’s economy. Such financial contributions are vital and have drawn the attention of real estate developers who are increasingly targeting the diaspora market. The recent demolition of the WinHomes Estate in Lagos, where Nigerians abroad invested heavily, exemplifies the complexities and challenges within the real estate landscape regarding land acquisition.
The ongoing wave of Nigerians emigrating in search of better opportunities has initiated a cyclical pattern centered around land transactions. As expatriates strive to reclaim properties, the land market, particularly in bustling urban locales like Lagos, continues to thrive. This cycle of selling and repurchasing land accentuates the impact of economic challenges on real estate and the vital role of remittances in the national economy. Furthermore, inflationary pressures are pushing land prices to unprecedented levels, particularly in premium locations, indicating a growing market for real estate investment that remains resilient even amidst economic downturns.
Original Source: businessday.ng
