Sales of Luxury Apartments Drop Amid Recession

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The sale of luxury properties across the country has dropped significantly, stakeholders in the housing sector have said.

Real estate developers, who spoke with our correspondent, said most brokers, who used to sell as much as 10 high-end buildings in one year, ranging from N100m upwards, could hardly sell one presently.

The National General Secretary of the Real Estate Developers Association of Nigeria, Mr. Akintoye Adeoye, said the
stock of unoccupied luxury apartments in Lagos, Abuja and Port Harcourt had risen significantly in the last few months.

According to him, only the sale of regular houses with mortgages has been fairly consistent among first- time home buyers.

He said, “The sale of property within N5m to N25m bracket where people can still get mortgages or where developers have to come up with plans that include paying gradually are not doing badly, they still sell but the sale of high-end properties has been very slow since the onset of the economic downturn.

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