At the recent Nigerian British Awards in London, Tunde Akande, the founder and CEO of Heritage Group, delivered an insightful presentation on the lucrative prospects for diaspora investment in Nigeria‘s thriving property sector.
Akande, who has over 30 years of experience in real estate and infrastructure development in Nigeria, highlighted the country’s remarkable population dynamics and urbanization trends as key drivers of demand. “Nigeria’s population has surpassed 200 million, making it the most populous African nation. The rapid growth of urban centers is fueling strong demand for housing and commercial spaces,” he explained.
One of the focal points of Akande’s presentation was the Coastview Meadows project, a large-scale development by Heritage Group. He shared impressive figures, noting that the initial phase saw all 138 plots sold out within a year, with prices quadrupling in just a few years. “The success of Coastview Meadows Phase 1 demonstrates the immense potential in the Nigerian property market,” he stated.
Moving forward, Akande outlined the company’s plans for Coastview Meadows Phase 2, which involves 5.3 acres of land acquired at 4.5 million naira per plot. “Currently, 500sqm is now selling at 35 million naira, and this price is projected to rise further in the coming months,” he revealed.
To help mitigate risks for diaspora investors, Akande emphasized the importance of due diligence, legal expertise, and professional property management. “Conducting thorough research on properties and developers, engaging local professionals, and partnering with reputable property managers are crucial steps to ensure successful investments,” he advised.
The presentation also highlighted Heritage Group’s commitment to corporate social responsibility, including initiatives like the HPF-Heritage Pacesetter Foundation, which supports community development, and the BMS-Building Maintenance Service, which provides training and job placement for artisans in the construction and maintenance sector.
Tunde Akande’s compelling insights on the Nigerian property market and the successful case study of Coastview Meadows have undoubtedly piqued the interest of diaspora investors seeking lucrative opportunities in the country’s rapidly evolving real estate landscape.
Regarding the Land Banking Scheme within the Coastview Meadows development, Akande notes, “The real success story lies in the remarkable appreciation of land values at Coastview Meadows. The initial plots in Phase 1 were sold for just 5 million naira per plot back in 2017, and today those same plots are valued at 50 million naira – a staggering 150% to 300% increase in just 18 to 24 months.”
He noted that this rapid appreciation underscores the immense value creation happening in the Nigerian property market, particularly in well-planned and strategically located developments like Coastview Meadows. “For diaspora investors, land banking in Coastview Meadows Phase 2 presents a unique opportunity to capitalize on this exponential growth and generate exceptional returns on their investment,” he stated.
According to Akande, there are only 12 plots remaining to be fully sold out in Coastview Meadows Phase 2, underscoring the limited availability and the urgency for interested investors to act quickly. “With the current price point and the projected increase in the coming months, this is a rare chance for diaspora investors to secure a foothold in Nigeria’s thriving property market and unlock substantial wealth in a relatively short time frame,” he concluded.
