Challenges of International Real Estate Investment Under Covid Experience: Nigeria as a Case Study

Nwabueze Christian Ozioko and Alexander Nnamdi Udobi
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Nwabueze Christian Ozioko: B.Sc., M.Sc., (Est. Man), Department of Estate Management, Nnamdi Azikiwe University, Awka-Nigeria
Alexander Nnamdi Udobi: B.Sc., M.Sc, Ph.D. (Est. Man), MBA (Project Management), Department of Estate Management, Nnamdi Azikiwe University, Awka-Nigeria

International Journal of Research and Innovation in Social Science, 2023, vol. 7, issue 6, 1786-1792

Abstract: This study examined the apparent effects and impacts of the COVID experience on international real estate investment, by making an assessment and understudy of administrative and media records. Crises and global effects of pandemics were described as an unpredicted event which has negatively affected project development in the real estate sector, sales operations of existing real estate, costs estimates, values and rates of return of existing real estate sector in general. The inception of new policy and precaution measures, especially travel bans and restrictions on domestic and foreign tourists impacts the tourism sector and causes its revenue to decrease, the narrowing of the volume of transactions in real estate such as retail facilities, office and residence transactions, increased vacancy rate in hotels, the additional measures taken due to the pandemic causes the significant increase in operating costs, decrease of rent collection creates losses due to declining in demand, net operating income and investment value also tends to decline. Change in business orientations, working and living conditions necessitates a review of planning, project development, marketing strategies, and use and management processes of settlements. This study has observed that real estate investment has been negatively affected as a result of the outbreak of this pandemic (COVID), and to revive the real estate markets require increase in sales of existing residences and businesses and tourism-oriented measures (such as a hygiene certificate), but it is clear that the measures taken for radical change in the long run are still inadequate. It should be emphasized that there is not yet enough work done to estimate how long the impact will continue and what its financial burden will be in the years to come, when the first case of the outbreak has been reported to have adversely affected real estate investment in Nigeria and other countries of the world.

Date: 2023
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