One of the strategies recently adopted by investors is the renting of apartments earlier put up for sale for easier up-takes. Consequently, the market is witnessing appreciable conversion of houses to apartments across major cities in Nigeria. The property market in the past years has been down with no serious activities as Nigerians become cash strapped. The advent of COVID-19 has also worsened the impact on real estate buyers.The effect is poor purchasing power of many Nigerians. A private developer, Emmanuel Onochie, who recently turned his buildings to rental apartments at Ajao Estate in Lagos, said the practice is growing at the city centres, business and industrial zones.

Source: The Guardian August 24, 2020 04:30 UTC