Africa

Enhancing property ownership in Nigeria through Auction – BuyLetLive.

A property auction is a sales event (whether online or offline) where potential buyers place competitive bids on a property. People use auctions for real estate sales for several reasons. The most common is that it provides an avenue to sell off assets to buyers with ready cash. Buyers prefer auctions because they provide access to a wide range of properties that in most cases are below market value. Auctions also make it easier to sell properties that may be difficult to sell through other methods.  

Across the world, auctions have helped countries in tackling major housing problems. Although the adoption of auctions is relatively low in emerging economies like Africa, it has the potential to curb major housing issues, especially the housing deficit in a country like Nigeria. In this article, we provide context to how auctions can be used as a veritable tool for enhancing home ownership in Nigeria. Before we dive in, let’s look at the global property auction market.