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As the popular saying goes “wonders shall never cease” when I think I have seen and heard it all, something always crops up to surprise me. During the week I had a viewing request from an estate agent colleague for one of his clients. I agreed to meet them at the property, only to get there and he said the client was running late. After a few minutes, he rang to say the client had already viewed the property the day before and was in the process of negotiating with the estate managers!  He said his client was offering to send me phone recharge cards as an apology for wasting my time…Words failed me but I actually found it very funny! I did tell my colleague I had to write about it even though he begged me not to.

On Monday 30^th September 2013 six of the new private electricity investor companies and nine distribution companies were awarded certificates by the Federal Government to commence works immediately. What this potentially means for millions of Nigerians is “hope” that our homes, businesses and lives will be improved. In reality power generation has never been worse; most areas in Lagos have little or no electricity. The task ahead for these new private companies is daunting. I read that things will get worse (if that is possible) before we see any improvements. God help us all.

It will be interesting if an analysis is done on our property market from Independence to date, which is 53 years of market research. I am sure we will see major changes in the last thirty years and in particular in the last ten years. In Lagos alone where we have seen the population rise from 7million just fifteen years ago, to over 17 million today. Nowhere is it more evident that there is a shortage of affordable housing, than in Lagos State where prices are over inflated yet massively in demand. On the topic of demand, an International property internet company has set up shop in Lagos on the Island. Of course they know there is money to be minted in Lagos and there is a gap in our internet presence, so they have moved in. I visited their offices and was amazed at the set up, it was like being in Silicone Valley, rows and rows of people at desks in open plan offices, both Nigerian and foreign, running various online companies with head offices in France and Belgium. It brought to mind the incongruity of Nigeria importing oil when we already have oil...The property company is aiming to hit Nigeria and the world with a sledgehammer, they want property companies and owners to pay them vast sums of money to advertise their properties, the only problem is that property companies do not get paid by property owners to take on properties, so how can you justify paying an internet company thousands of naira to advertise properties that you have no guaranty of selling or letting out through your company, when everyone knows that property owners place their properties with as many agents as they can, to maximize coverage. So, as you can see there appears to be a loophole here. The Nigerian market unfortunately does not follow any laid down rules. They however seem to be doing a good job of advertising and getting good quality properties on their site. They have the money and the international backing to make a difference, something that a lot of small property companies in Lagos do not have, so, are we a dying breed?