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Anti-graft laws effect on Nigeria’s property market

Anti-graft laws effect on Nigeria’s property market

Nigeria’s property market is being impacted by the government’s anti-graft laws. With the introduction of President Muhammadu Buhari’s administration there has been a massive offload of properties, especially in the high-end market.

According to Nigerian reports, the Independent Corrupt Practices and Other Related Offences Commission has reportedly confiscated some buildings said to have been owned by public servants whose earnings do not support ownership of such grand structures.

In response, public servants with such properties have been selling them to avoid losing this real estate to President Muhammadu Buhari’s anti-graft crusade and gain a profit.

Damola Akindolire, General Manager of Alphamaed Property Development said, what has been seen in the property space is higher vacancy ratios which have gone up about 10 per cent.

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