“Buy Properties Because There Is Value Not Because Its Cheap” – Ajanaku

Managing Director of Blue grass properties, Mr. Adedeji Ajanaku, has said that in terms of property in Nigeria, you don’t buy because it is cheap, you buy because there is value for your money.

In an era where experts in the real estate industry are calling for affordable houses and ease of access to land, Ajanuku said that there is something called investment and real estate investment. There is a lot one stand to benefit when investing in real estate in Nigeria.

“A number of people don’t see where they should buy or where they should actually put their money in because there are so many fake estate agent. A real estate person who knows his job will tell you where to buy and where not to buy”, he said.

Siting an example, he explained: “somebody bought a land from me 2years ago. Recently he was in a distress and wanted to sell, then he realised that the land has appreciated to almost 300% so that gave him the guts to tell his friend to buy more.

“Real estate is a business that has so much opportunity.”

“In term of deficit in Nigeria, it’s so unbelievable. Our government is supposed to provide nothing less than 10million housing units yearly but now we have less than 2-3million even all the players put together”, he said.

“Everybody must create a niche and make sure there is property for everybody”

“When I hear the issue of the rich or the poor or the common man, we need to also understand that cement is not cheap. The only thing government can do is to create mortgage system whereby people can buy at a mortgaged rate, if not there is no way you are going to build a house of 10million and expect someone to come and pay 1 million for it. There is no free lunch anywhere.”

On Fashola being the Housing Minister and his expectations, he said, “I am so much in love with Fashola even before being giving the minister of Housing and he is one person I know that has the capacity to deliver beyond expectation. I am not from Lagos state but I know when somebody has the capacity. Lagos is the microscope of Nigeria, if you can deliver in Lagos, you can deliver anywhere. Whichever area they put you, you will excel. I believe he will do well and we won’t mind partnering with him to build more housing.