Nigerian real estate sector is growing rapidly, Whether itÃ¢â¬â¢s your first time buying, or just for conversation sake, it is important to know the words and phrases used in the industry to navigate through its complexities. today we will be looking at few terminologies.
1. Land use Act: A Nigerian law that governs the use and management of land in the country.
2.Real Estate Syndication: refers to the collective investment of funds by multiple investors in a real estate project.
3. Real Estate Speculation: Is the practice of buying a property with the expectation of making a profit through appreciation in its value.
4. A Real Estate Bubble: This is a market condition where property prices increase rapidly, followed by a sudden decline.
5.Real Estate Law : Are legal framework that regulates real estate transactions.
6. Property Management: Involves the management of a property by a third-party manager.
7.Property Valuation: is the process of determining the value of a property.
8. Property Rights: Refer to the legal rights of ownership and use of a property.
9. Commercial Real Estate Ã¢â¬â Real estate used for commercial purposes such as offices, retail, and industrial spaces.
10. Property Insurance: is insurance that protects a property owner from financial loss due to damage or loss of their property.