What real estate actually means
For many Nigerians, real estate begins and ends with buying a plot of land. For others, real estate means buying a plot of land, holding it for a few years and selling it at a higher price. For yet another group, real estate means buying a house to live in or constructing a building and collecting rent from tenants. All of these are correct, but they represent only a small part of a larger industry.
Real estate is more than the purchase and sales of land, it is an ecosystem involving land, buildings, housing, commercial spaces, investment, financial value, development, infrastructure, government policy and the people who live and work within these spaces.
Simply put, real estate refers to land and the permanent structures or improvements attached to it.
Why Nigerians are attracted to Land?
Long before land became an investment commodity, it was tied to identity, ancestry, family, livelihood, social status and continuity between generations. Families, clans and communities depended on land for farming, residence, hunting and other economic activities.
In those days, access to land was pertinent to a family’s ability to feed itself, build wealth and maintain its position within the community. It represented prestige.
For many traditional communities, ancestral land also carried a strong sense of heritage. A piece of land was associated with one’s ancestors, family history and obligations to future generations. It became valuable asset to be preserved and passed on.
This historical relationship helps explain why land continues to occupy such an important place in the Nigerian society today.
The modern Nigerian may acquire land for entirely different reasons but beneath the economic calculation is often a deeper ingrained consciousness: the ability and pride in owning something tangible that can outlive you and be transferred to the next generation.
Calista Ijeoma Njoku is a real estate investment adviser and development communication professional based in Abuja, Nigeria’s capital. Through Real Estate Lens, she explores property, investment, market trends and the forces shaping Nigeria’s built environment. She can be reached via : calistanjoku81@gmail.com or Whatsapp: +23481465066639