As Nigerians prepare for the general election slated for February that will throw up the next president of the country after Muhammadu Buhari, the property market has remained unusually quiet.
This is because investors, developers and space occupiers have adopted a wait-and-see approach to the market as uncertainties heighten around election outcomes and what that will mean for the economy. Again, the usual activities arising from distressed sales by politicians are absent.
Usually, election cycles witness increased activities as politicians contesting for elective positions push assets, including land and houses, to the market intent on raising money to pursue their ambition.
But this year’s election appears to be significantly different because the market is yet to see such assets that are normally given away in distressed sales. Furthermore, because of the turn for the worse which the economy has taken, diaspora investors are being very careful.
Political analysts have described the forthcoming presidential election in the country as a watershed that will determine whether the country’s economy will continue its journey down the slope or someone will emerge from the election to stop the drift.
“All along we have been getting it wrong in our choice of political leaders. We can only hope that this time around we will get it right. So, it is understandable why investors are being mindful of where and when to invest in an uncertain environment,” Henry Eneh, a social commentator, said.
Commenting on the decision of the developers, investors and occupiers to adopt a wait-and-see attitude to the market, Ayo Ibaru, chief operating officer at Northcourt Real Estate, said it would have implications for the market.
He added that the inactivity in the market means that there is no demand even where there is supply. “This will lead to pent-up demand post-election and, from