Historically the house and property development market in Nigeria has been vibrant. But when the current world economic slump started take restrain in September 2008, it drained the confidence involving many investors and the market nose-dived coupled with general economic situation. But with the signs of economic recovery beginning to look at hold again, what prospects are there for becoming bitten in the commercial property market?

When industrial and commercial property prices reached a new low, it signaled two things. Firstly that the market was severely depressed and was likely in which to stay that path for several years, but also that the bottom of the trough was in fact reached in which the only way out, was up. Is not market having stabilized at its new low, it meant how the glut of distressed properties that were being pouring in had stopped, and that isn’t laws of supply and demand in operation, with the excess of supply far outstripping demand, prices remained depressed.

However, explored 12 months has seen the signs and kent ridge hill residences price symptoms of recovery as far back as in industrial municipal debt market sector, by means of property prices still artificially low, this has begun to stimulate demand, as property development speculators are one again sensing the opportunity of making good short to medium term returns on new investments.

Office properties in particular are one among the current optimistic views. With economic forecasts being positive, albeit slow-moving, and costs being under they are, now constitutes a time purchaser. As confidence returns to the economy, the opportunity of new letting agreements is booming and properties are had been beginning to move, bringing about a slow but steady rise in prices and rates. Always be forecast that this trend continues slowly but surely, depleting the supply surplus may eventually trigger a new bout of property development taking place.

Current thinking is that this may well lead for industrial property boom in 2014/15. However with regarding long gestation period for first time developments to find final fruition, the process needs to get kicked off now. Feasibility studies, surveys, finance – all in the things end up being in place before actual construction can start to be fulfilled.

All in many this is already a very positive time for property development. Industrial property investors have every reason to cautiously optimistic, as of course to medium term prospects are looking very positive, and it is now time to speculate and make an investment.