The chairman of Maihomm, Eni Eniola has said that real estate investment lacks incremental value tracker, adding that the valuation of properties are not estimated based on specific incremental percentage but randomly.
He said this during a media parley, harping on the importance of incremental value tracker to measure the worth of property.
“Nigeria’s real estate is weird. You buy a property for N200 million today, you go there next week and they say it is N250 million but you don’t know where the rate increase is coming from. Is it actually relatable to real life work? The value of a property is actually in coherent with what somebody else is willing to pay for it.
“You know there is no database that says this is it; this is the difference with the foreign properties. You can’t just sell a property in an area, which is 100pounds and decide you want to sell it at 200pounds. It is not done like that,” he added.
He stressed that the fulcrum of his firm was centered at investing in real estate abroad, saying it helps generate foreign exchange and secure a place for you when you travel abroad.
“So for us, most things focusing abroad is for you to know that the value of your property can be tracked. Abroad, you can track the incremental value of your property at 5 per cent per annum for the last 20 years. This is what I put my money into,” he said.
He added that the firm ventured into securing properties abroad and sold in fractions to buyers.
“Once you bought into it, we tell the UK government, for example, that you have bought a certain stake from this property. The UK government will give us what they call a form M. You put in your name, upload, and within 60 to 90 days, you can go back to the UK website for that trust, and your name will come out as a beneficiary of that trust of that property,” he said.
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