Last week, news of the Banana Island property acquired by the Popular Nigerian Blogger, Linda Ikeji broke the internet. The property said to be worth over half a billion Naira brought about mixed reaction from home and abroad.
Here are 4 reasons why Linda Ikeji Banana Island property might be a wrong investment choice as written by Vincent Ogu and published on CODEWIT.
The popular blogger, Ms. Ikeji recently acquired a property well above N500 million in the expensive Banana Island, in Lagos State. While it is a great achievement for the young lady and motivated most Nigerian youths to be active and focused, I feel the choice of investment in Banana Island is wrong on the following grounds:
- Location: The cost of properties in Banana Island has been stagnant lately. With the emergence of Eko Atlantic, must investors are selling off their assets to acquire space at Eko Atlantic. With the speed at which Eko Atlantic is moving, Banana Island property would drop in value significantly in near future. Eko Atlantic is a better choice location than Banana Island.
- Resale value: the current economy trend shows there might be a drop in purchasing power and this inversely means the property may not accrue any significant higher value should she want to sell to buy another property elsewhere.
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You think there are other factors that may affect the property, kindly let us know in the comments section below.