Nigerians living abroad are fueling a fresh boom in the country’s property market, thanks to a weaker naira, according to Remi Oshinkalu, chief executive officer of real estate firm IFT Realty.
The recent wave, according to the lawyer turned developer, was due to ‘sentimental attachment’ to their ancestral country home and a cheap currency that have made property prices affordable to Nigerians in the diaspora.
“Today, if you look at most estates, the biggest investors, the biggest purchasers are people abroad,” Oshinkalu, whose firm is the developer of Ibeju-Lekki-based Shalom Park Estate, said at the launch of its condominiums.
