JOSEPHINE OGUNDEJI writes on the uncertainties in the real estate sector occasioned by the forthcoming general elections and the recurring trend of politicians selling off their property to fund campaigns
He said, “A lot of people are not going into joint ventures now because of policies that can affect the joint venture partnerships, like the relationship between the investors and property owners.
He said, “Many people want to sell to gather money to be able to fund their elections and that is why we call this period a buyers’ market. There are many sellers of assets but few buyers, so they have options, which is why you see distressed sales. The Managing Partner, Ubosi Eleh & Co, Chudi Ubosi, said reports that politicians were selling their property at 50 per cent of their value to raise money for electioneering were mostly exaggerated.
“This is how it works; when the election is near, because people need to raise money for campaigns among other things, what these politicians do is to amass property before the election period. These politicians buy property in unpopular locations, particularly places that need repairs, like road repairs. You will see that as soon as this election is over, some politicians will go to places like Opic in Ogun State, Lekki-Epe among others, to buy property.
In an interview with our correspondent, a well known politician from the ruling political party in the South-South part of the country, disclosed that he was on the ballot of the party and did not have enough funds.
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