Northcourt to host Lagos Property Auction on November 29, 2019

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Friday, November 22, 2019 / 03:00PM / Northcourt Real Estate / Header Image Credit: Northcourt Real Estate

 

Northcourt Real Estate, the award-winning real estate brokerage, management, advisory and valuation firm is scheduled to host the first Lagos Property Auction of international scale on the 29th November, 2019 at Four Points by Sheraton Hotel Oniru, Lagos by 6pm.

 

The auction is the first of its kind and is being organised to bring together keen property sellers and buyers in an environment of trust. It aims to revisit, and possibly reset accepted property prices. Properties up for auction have gone through rigorous checks by a team of lawyers. Pictures on display are the most recent and accurate depictions of the property's true state.

 

CEO of Northcourt Real Estate, Tayo Odunsi discussed the need for price corrections in Nigeria's real estate market - amidst the recovering economy. He noted that an auction allows the market to set the price to each auctioned property.

 

Northcourt COO/Director, Advisory - Ayo Ibaru further explained that leading property market indicators - vacancy rates, development pipelines and real estate stock have not changed over the last 18 months. This could reflect a period of stagnation or slow recovery. There is need for external stimulation to the market and this is what the Lagos Property Auction aims to do.

 

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The event is free to attend to the general public, especially those looking to buy or invest in the auctioned properties. Developers or property owners who would like to list their properties in the auction can do so by sending an email to auctions@northcourtrealestate.com. Due diligence will be done on all listed properties to give buyers comfort as well as. Detailed investment profile will be made available to show the returns and other important information investors may require. 

 

The Lagos property market remains the most vibrant in West Africa and one of the top investment destinations in Africa as such this auction is yet another laudable indicator of the rising maturity, transparency and activity-levels of the market. 

 

Pension funds, investment managers, developers, real estate consultants and other market participants are billed to attend the auction both as property listers and prospects for some of the listed properties.

 

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What you need to Know

  1. To list your property for sale at the auction, kindly send an email to auctions@northcourtrealestate.com
  2. Properties will be pre-qualified before official listing for the auction
  3. A listing fee of N100,000 per property applies
  4. The Listing fee covers:
  1. Due Diligence on the property by Northcourt's Legal Partners
  2. Professional pictures of the property strictly for the auction
  3. Preparation of a concise & detailed investment profile of your property.
  4. Listing of your property in a high-quality print event brochure
  5. Hosting of scheduled inspections of the property with prospects before the auction.
  1. Buyers will be able to inspect the listed properties between 8th - 24th November, 2019.
  2. Bidding will take place on the auction date, winners will pay a deposit and the transaction closed within 7 days

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