Roots and Roofs: Diaspora Voices. Interview with George Finbar

 

Question: Can you share your thoughts on owning a home in Nigeria? Is this something you’re looking to do within the next 3 – 5 years?

Answer: Owning a home in Nigeria is a significant goal for me within the next 3-5 years. It represents not just a place of residence but a tangible investment in the country's growing real estate market.

Question: If you were to buy a home in Nigeria, What option would you use, Outright Purchase (Paying the full Amount), Developer Payment Plans (A structured payment plan with 0% interest but is usually short term), or Mortgages (Paying over a long period with interest)

Answer: I would consider Developer Payment Plans. While outright purchase seems financially efficient, structured payment plans offer flexibility without the burden of immediate full payment. Mortgages could be an option for a longer-term commitment.

Question: What are some obstacles or concerns you think exist or have heard diasporan Nigerians talk about when it comes to buying a house in Nigeria?

Answer: Concerns include unclear property titles, potential fraud, and reliability of developers. Diasporan Nigerians often worry about managing the home-buying process remotely, making transparency and trustworthy partnerships crucial.

Question: Describe your ideal journey towards owning a home in Nigeria. What would ease the process for you and make you feel confident and secure during the home purchase journey?

Answer: A streamlined process with clear legal frameworks, transparent transactions, and accessible information on developers and properties would boost confidence. Digital platforms facilitating remote engagement and reliable property management services would enhance the experience.

Question: What would be your motivation to buy a home in Nigeria? To live in, retire back home, or have something when visiting rather than using a hotel, or as an investment?

Answer: Motivations include having a permanent residence, a retirement home, and an investment for future visits. Owning offers a sense of belonging and eliminates recurring expenses on temporary accommodations like hotels.
 
 


Question: What specific locations do you find most appealing for purchasing a property? Are there regions or cities you believe offer better investment opportunities or living conditions?

Answer: Locations in Lagos, Abuja, and emerging hubs like Port Harcourt are appealing. Regions with infrastructural development, economic growth, and good security are prioritized for better living conditions and investment returns.

Question: When looking to buy a property, what are the top 3 things you consider before nodding your head to proceed with the transaction? For instance, some people will only buy properties in an estate.

Answer:

The first thing you will consider: Legal Status: Ensuring all legal requirements and documentation are clear.
The second thing you will consider: Location and Infrastructure: Proximity to essential amenities and quality of infrastructure.
The third thing you will consider: Developer Reputation: Track record and reputation of the developer or seller.

Question: In your opinion, how does the process of buying property in Nigeria compare to that in your current country of residence? Are there particular practices from abroad that you think could be implemented in Nigeria to improve the home-buying experience? 

Answer: The process in Nigeria can be perceived as more complex due to bureaucratic hurdles. Implementing streamlined online platforms, standardized processes, and efficient legal frameworks could enhance the Nigerian home-buying experience, drawing from best practices abroad.